Single premium ppi on consolidated loans lloyds

[Stuyy]

Hi,

 

Hopefully someone here can help or give me some advice regarding ppi and this single premium ppi.

 

since 1999 my partner has had several loans with lloydstsb including credit cards.

 

The first loan she took out in 1999 (struggling to find details except for policy number),

the next in 2001, 2003, 2004, 2005.

 

Each of the these policies had ppi on them,

paid for as 'premium advanced as part of loan', I believe also known as single premium ppi.

 

Each loan from 2001 was a consolidation of debts (2001-£2500, 2003-£5500, 2004-£8000, 2005-£16000),

and thus none of these loans ever reached its full term,

though if I understand correctly,

with premium advance as part of loan,

she would have paid for the whole ppi cost upfront on the loan,

which was then added on each loan thereafter as well as the interest they charge.

 

I'm told that these single premiums are part of mis selling?!

 

The final loan in 2005 was paid off early in whole,

would this therefore have included all the ppi too?

 

If so surely this should be refunded also.

 

Digging through old paperwork we have found three of the personal loan agreements

Which we have been trying to get our heads around.

 

Two of the agreements show cash loan to you,

optional loan protection insurance loan,

loan for repayment of existing debts owed by you and

total loan ( e.g. 2004 consolidation loan, cash loan to you £2000,

optional loan protection insurance loan £1800,

loan for repaying of existing debts owed by you £6500,

total loan £10000.

 

Under those headings the monthly premium £42, £37, £135, total £215.

 

The loan protection monthly payment is almost as much as the cash loan of 2k)

 

Only one of them actually states the interest on the loan protection loan giving the total price of the loan protection, the others dont.

 

(Seperate to the fact that she was advised to have ppi from what she can remember when she took out the policies in the branch,

it was recommended even though she had an income protection plan already running from 1997

which was also purchased through lloydstsb which she is still paying to date?!,

 

why would someone take out ppi when u already have some cover in place should illness or accident become an issue)

 

Sorry this maybe slightly long (and hopefully am in the right area in the forum), but just wanted to try and explain as well as I could.

 

Am I right that this is indeed miselling?

 

When speaking to Lloyd's over the phone they requested a questionnaire be completed and returned to them. We have a lot of the details but not all of them.

 

What concerns me is wording the complaint in the right way,

 

I'm told its crucial,

 

can anyone offer any advice or who would be best to speak ref this.

 

Any help or already worded paragraphs would be greatly appreciated

 

Many thanks

[dx100uk]

link 1 below oulines the process

 

Lloyds cough quite nicely if you get things right

 

it might be an idea to send LLoyds an SAR

 

to see what info they do have

 

I did this for a neighbour ant all the statement & all the agreements back to his first one in 2001.

 

sounds like a good windfall coming.

 

dx

[Stuyy]

Hi dx and thank you for responding.

 

A couple of questions if you don't mind.

 

I will send Lloyd's a SAR today, which I understand they have 40 days to respond to,

what is it exactly that I would be hoping to get from them. (Sorry if this sounds stupid)

 

You mention about getting things right,

which of course is what I'm aiming to do,

could you elaborate a bit further on this please if you don't mind thanks.

 

I'm just concerned that I won't explain things right when filling out the paperwork

and get rejected (not always the best at explaining things), or say the wrong things.

 

They ask for the main reason why u feel you have been missold,

how would you word this based on what you've seen on my post.

 

A couple of people I have spoken to briefly were like just go to one of these ppi companies,

however looking at this their charges seem crazy and to me it seems lazy if you can do it yourself,

and I feel I could certainly have a go myself should I get the right pointers

(one thing i suppose the companies would do is word it in the right way, which is a concern of mine)

I've had a read of your link, a lot of good information thanks

 

Your help is so appreciated so thank you.

[dx100uk]

a CMC has no more clout than you or I.

 

the reason for the SAr is to get all the statements.

 

Lloyds sar tend to be very good

and they hold them all as well as all of the agreements.

 

for these you will see the PPI

 

the rebates

 

the rollover figures.

 

I've done 3 rollover mass LLoyds claim

go them right each time.

 

the very best thing I can suggest to you

is read this forum

 

as many PPI posts/threads as you can

 

the more you read the stronger we become

 

you have 40 days to kill

 

dx

[Stuyy]

Hi dx,

 

Got the template letter for the sar, which I will send off by Monday.

 

Have also typed up a letter to the bank, explaining why I feel have been mis sold, was going to see what u think of the letter. Also have the completed questionnaire. Have all the loan policy numbers, loan amounts including the ppi, policy first and last payments, along with a couple of the original loan agreement

 

Was thinking of sending the letter and questionnaire at same time as sar request (Seperate posted), so as to get the complaint logged and start being looked at seeing as they have 8weeks to look at it and respond.

[dx100uk]

I would pers hit them with accurate spreadsheets as well

 

your letter should be a very simple cover note only

the FOS CQ is where the complaint details are contained.

 

dx

[Stuyy]

I would pers hit them with accurate spreadsheets as well

 

your letter should be a very simple cover note only

the FOS CQ is where the complaint details are contained.

 

dx

 

Hi dx and thank you once again for your feedback and help.

 

Going through the figures and credit agreements we have,

looking at one of the loans,

 

where I have consolidated (approx 3rd time consolidating),

the existing debt was about £6500,

the additional lending was £2000 and

the ppi paid via single premium was £1800 not including interest,

 

so the ppi paid is the same as the actual extra lending.....its criminal!

 

I have consolidated about 5 times and each time paid upfront,

no loan has run its length,

just a new loan,

new ppi.

I understand the obusman classes this as successive loans, a chain.

 

Was wondering how people worded the complaint about the single premium in their letter/ questionnaire?????

 

Have you any suggestions for wording this?

 

Rather than try to squeeze the policy details in the final part of the questionnaire

I have listed all loans, amounts, ppi amounts in the complaint letter,

 

where I have outlined mis sell reasons:-

- Told I needed it to get loan (have a letter from them of loan rejection then acceptance of a loan following better account management)

plus a letter confirming ppi on loan

 

- had an IPI in place (paying it 2yrs before 1st loan, still pay it to this date,

it covers accident illness disability through to term, 2030,

this policy sold by Lloyd's rep, paid from Lloyd's account so advisor should of seen this and that ppi wasn't needed

 

- single premium ppi, paid for 5 loans as part of a chain, on each consolidated loan, new ppi amount paid in full single premium

 

Thank you again and your advice would be greatly received and appreciated

 

THANKS

[dx100uk]

they made a nice commission out of you each time

 

the fact that they didn't rebate the PPI each time

is the only excuse for reclaimyou need

bar the initial PPI was not needed because.

 

don't do sheets of confusing 'excuses'

in your letter

nor the FOS cQ

 

i'm a firm believer of ONE reason of

rather than scattergun.

 

if it goes to the FOS, then they will ask for more info.

 

how to calc things is below in no.1.

 

dx

[Stuyy]

Just an update. Had an offer in relation to the single premium, this is without them even reading our letter and completed questionnaire, as they state in their investigation they had no information from us. Looks like they've sent this offer just as they received our complaint questionnaire and letter.

Time to give them a ring

 

Thanks again for your advice