About to claim from LloydsTSB **WON +£3k**

[Dave66]

I've received and appreciated some great advice in my other 2 threads, and this is the final piece of the jigsaw that hopefully ends my 7 year financial nightmare.!

 

I've completed my FOS PPI questionnaire to send to LloydsTSB, but I have some queries before I send it off. As it's worth about £3500 I want to try and cover all bases so there's no surprises.

 

First obstacle is that it's from a loan taken out in 2002, and paid early in 2004.

 

However, even if the bank claims not to have the records - I do.

 

In fact for some reason it's the only pre-2005 financial data I've got.

 

If they insist they don't have the info, and can't move forward despite the info I'm sending with the questionnaire,

should I ask for a 'Proof of Destruction' letter (or whatever its called)?

 

Next,

I've just had an old TSB default that was sold to Lowells become statute-barred.

Presumably as TSB sold it, they have no claims on using the PPI refund to 'set off' the now statute barred default.

 

Finally, in my covering letter, should I provide a breakdown of what I think I'm due,

or should I let them come up with a figure first? Oh, and should I send it RD?

 

Is there anything else I should be aware of?

[dx100uk]

I've received and appreciated some great advice in my other 2 threads, and this is the final piece of the jigsaw that hopefully ends my 7 year financial nightmare.!

 

I've completed my FOS PPI questionnaire to send to LloydsTSB, but I have some queries before I send it off. As it's worth about £3500 I want to try and cover all bases so there's no surprises.

 

First obstacle is that it's from a loan taken out in 2002, and paid early in 2004.

 

However, even if the bank claims not to have the records - I do.

 

In fact for some reason it's the only pre-2005 financial data I've got.

 

If they insist they don't have the info, and can't move forward despite the info I'm sending with the questionnaire,

should I ask for a 'Proof of Destruction' letter (or whatever its called)? - no send copies of everything you have. inc your spread sheet

Next,

I've just had an old TSB default that was sold to Lowells become statute-barred.

Presumably as TSB sold it, they have no claims on using the PPI refund to 'set off' the now statute barred default. - correct

Finally, in my covering letter, should I provide a breakdown of what I think I'm due, - no the covering letter should be VERY basic.

the fos CQ and your spread sheet detail all the info.

 

or should I let them come up with a figure first? - no

Oh, and should I send it RD? - up to you, pers I use 2nd class postage but obtain proof of postage from PO counter

Is there anything else I should be aware of?

 

a sample covering letter....

 

 

Dear Sir or Madam,

Re:

 

I am writing in relation to the above payment protection (PPI) policy which i believe was mis-sold to me in relation to my

I believe you have not treated me fairly for the following reasons;

· The PPI was added without my knowledge..

· You have been punished by the Financial Services Authority for failing to treat customers fairly and I do not believe that the PPI I bought was sold in my best interest.

Unless you can prove that the policy was fair and reasonable and that I was treated fairly when I was sold the insurance, I demand a full refund of all premiums, and subsequent interest on these payments, that I have paid in relation to this policy. I also expect 8% interest to be added to each payment I have made as this is the statutory amount a court would pay.

I look forward to your full and prompt response to this letter. If this matter is not settled within eight weeks of this letter I shall be contacting the Financial Ombudsman to investigate my complaint.

This letter is in respect of the above account that was issued by

Yours faithfully

.

.

.

or

.

.

.

.

The Complaints Department

[Lender’s address]

[Date]

Dear Sir/Madam,

Ref – policy number

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £xxx loan/credit card at your [branch name] branch on [date] and also bought a payment protection policy which would cost me an extra £xxx over the life of the loan. [The name of the salesperson who sold me the policy is …] The total amount of my premiums plus interest is £ xxxx.

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

Possible additional paragraphs – include any which apply to you

[i also told your salesperson that I had adequate insurance cover through a separate income protection policy.]

 

[i said I did not need the PPI as my employer provides a generous illness and redundancy package.]

[You are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in the quoted interest rate, which you did not do.]

[in forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.]

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.

I am requesting a full refund of all my insurance payments, plus interest, which total [£ xxx].

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

Yours faithfully,

 

dx

[Dave66]

Thanks very much.

 

At the time, I had a mortgage and two other credit cards, none of which had PPI because I have recurring bouts of anxiety and depression

and as its the only time I have off work, I knew they were pointless having.

 

For me to have it on the TSB loan can only mean I was 'forced' - which I was.

 

Wish me luck! ... and thank-you again!

[Dave66]

Well that was unexpected!!!

 

For some reason it occured to me that TSB would want some kind of proof of ID in order to process my claim

- as my current address is different to the address I had when I had the loan.

 

rang the PPI number to see if I should send something like a copy of my passport or if I should maybe go into the local branch and get them to copy and send it internally.

 

To my surprise the women took all of my details and I'm now in the system being processed.

 

When I gave her the loan number, I jokingly mentioned that they probably haven't got the details as it was over 10 years ago,

but she said, "No, we have all the information here." !!!

My 8 week wait has begun.

[Dave66]

Just got back from a break to find a cheque for £3370 - which is about the right amount according to my figures.

 

After my initial call I received a follow-up call to confirm some details and that was it!

Edited July 31, 2013 by Dave66

[dx100uk]

hey great news!!

 

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