gary68 v TSB PPI

[GARY68]

Hi All
Ive been waiting for loyds to send my Subject access request for a month now and im about to send a "non conformance" letter off,
the reason I wanted this amongst other charges were the ppi I had paid on a loan I had back in 2001 for £5000 with £915 upfront ppi, this was taken out to refinance a existing overdraft and pay off a loan which didnt have ppi on it,
Today strangely enough I have recieved a single page letter as a statement from the loan as a statement, I say strange because I have requested this in my Subject access request and didnt think it would come separetly anyone else had this?
Im chomping at the bit with this and want to sent it off but it doesnt include my ppi payments just a monthy loan payment although it does state that I have ppi at £915 upfront and has stated that the interest rate is 13.92% throughout the period
I have my letter but could do with help working this out, using the correct calculator

[pompeyfaith]

Hiya Gary,

You have a PM

Regards

PF

[GARY68]

WEHEY
Hi Pf many thanks for quick response

[GARY68]

Bit reluctant to post up but here is a breif detail
loan over 4years to pay off existing loan+overdraft march 2001 payed off 2003 (2 years early and recieved £29.27 in refund)
borrowed £5000
ppi 915.99
13.92%

[pompeyfaith]

Is ok gary i have everything needed to work this out for you.

It is getting late now so this will be my first to do tomorrow evening ok.

There is a reply in your inbox.

Regards

Leon

[GARY68]

Thanks PF
your a star,
this is my letter proposal





Dear Sir/Madam,
Re: Personal Loan reference xxxxxxxxxxxxxx


I purchased the above PPI policy from you on 13/03/2001 in connection with the Loan agreement referenced above.
This was after a appointment with a TSB employee xxxxxxxxx after he reduced my overdraft facility and was talked into refinancing my current loan, this was putting me under financial stress and I was persuaded to commit to a new loan.

I believe that I was mis-sold this policy for the reasons given below, and wish you to investigate my complaint according to your normal complaint procedures.

I was not told that the insurance was optional and that I could purchase this else where I was led to believe that my application for credit would be rejected if I did not take out the insurance.

It was not explained to me that the policy premium would be paid upfront as a single premium and would be added to my debt and attract interest from the outset.

The insurance would have expired before my loan agreement ended which means we would have been paying interest on a policy which is no longer in force. This was not made clear to me at the time the policy was sold to me.

Furthermore there would have been a period of 24 months in which I would not have been covered at all.

I now believe also that there were commission built in on selling PPI policys after researching.
I expect my complaint to be upheld and require a refund of all premiums paid to the policy, plus any additional interest charged to the account because of the PPI. I would also like to claim statutory interest compensation in view of the fact that I have been deprived of the cash over that period.

The original premium was £915.99 debited to my Loan account on 13th March 2001. You refunded £29.27 on 6th March 2003 this being interest as the Loan was settled 24 months early.

I require the £915.99 policy premium charge refunded plus the interest paid to you over the term of £xxxxxxxx

As I have been denied this money over a considerable period of time I also require interest on this amount at 8% simple this being the statutory judicial rate.

Therefore I also require £xxxxxxx being 8% simple

The total claim is therefore £xxxxxxxx.


I have calculated the above at 13.92% APR.save where as I’ve added statutory interest which was your APR at the time of us taking out the Loan and reflecting the principal of mutuality and reciprocity. I am sure you will advise me if the APR at the time was different. Alternatively I will ask the Court to allow me statutory interest at 8% under S69 of the Count Court Act as I have been deprived of this money.
.
I trust you can resolve this complaint in the 8 weeks you are obliged to allow as I’m sure you do not want me to escalate this complaint further to the Financial Ombudsman Service and/or the Civil Courts.



Yours faithfully
Gary68



any thoughts on the above,
AA if your looking in do you have the address for ppi claims or is it andover?

[alanalana]

Full address:

Lloyds TSB Bank Plc
DSAR Team
Customer Service
Recovery Centre
Charlton Place C57
Andover
Hampshire
SP10 1RE

[GARY68]

CHEERS AA
But is that not for Subject access request's this is for ppi,
may be I should address it to complaints or just customer service and leave

[alanalana]

The fact it is customer service recovery centre may do the trick. I sent a Subject access request to London and it was sent of the the DSAR team at Andover.

They have so many addresses and it all goes into slowing down the process.

I will see if I can turn anything more up later.

[pompeyfaith]

Right,

Working this out they have done you like a kipper, firstly that £29.27 was not a rebate but a refund because you paid to much.

The Balance of the Loan was £3488.54 but you paid £3517.81.

Secondly as this Loan only ran for 24 months and not the contracted 48 months you should of had a settlement of the PPI paid back into the Loan to reduce the balance but you did not.

You have paid the PPI for the full 48 month term.

I will now get on and finish the work sheet.

Regards

PF

[alanalana]

Originally Posted by pompeyfaith

Right,

Working this out they have done you like a kipper, firstly that £29.27 was not a rebate but a refund because you paid to much.

The Balance of the Loan was £3488.54 but you paid £3517.81.

Secondly as this Loan only ran for 24 months and not the contracted 48 months you should of had a settlement of the PPI paid back into the Loan to reduce the balance but you did not.

You have paid the PPI for the full 48 month term.

I will now get on and finish the work sheet.

Regards

PF

You could have probably got me three times what I settled for

aa

[pompeyfaith]

Hiya Alan,

I hope you are well, and yup maybe but on a side note i love doing the maths side of claims as due to the stroke i had it keeps my brain working luckily my stroke did not affect that part of my brain.

Regards

PF

[alanalana]

Originally Posted by pompeyfaith

Hiya Alan,

I hope you are well, and yup maybe but on a side note i love doing the maths side of claims as due to the stroke i had it keeps my brain working luckily my stroke did not affect that part of my brain.

Regards

PF

Way to go mate.

[pompeyfaith]

Anyway thats another one done NEXT

PF

[GARY68]

sorry for not replying earlier PF,
many thanks for your much appreciated work once again,

Ive just been going through your figures and the £29, has now made me even more mad, I thought it was a rebate but as you pointed out it was a overpayment , what a rip off, but no surprise really.
looking at your figures it would be well worth claiming the contractual but I dont know if they will be more inclined to pay out on the statuary interest-if any- as there is nearly a 2 grand difference,
whats your veiws on this guys and do you think I would have any success at all with the Lloyds as this loan was finished in 2003 I wonder if they would consider it to late to claim,
Im going for the claim anyway just wanted to know which you would think would be a more clear cut claim,

[GARY68]

ok amended now this is for statutory int
this is my letter proposal

Dear Sir/Madam,
Re: Personal Loan reference xxxxxxxxxxxxxx


I purchased the above PPI policy from you on 13/03/2001 in connection with the Loan agreement referenced above.
This was after a appointment with a TSB employee xxxxxxxxx after he reduced my overdraft facility and was talked into refinancing my current loan, this was putting me under financial stress and I was persuaded to commit to a new loan.

I believe that I was mis-sold this policy for the reasons given below, and wish you to investigate my complaint according to your normal complaint procedures.

I was not told that the insurance was optional and that I could purchase this else where I was led to believe that my application for credit would be rejected if I did not take out the insurance.

It was not explained to me that the policy premium would be paid upfront as a single premium and would be added to my debt and attract interest from the outset.

The insurance would have expired before my loan agreement ended which means we would have been paying interest on a policy which is no longer in force. This was not made clear to me at the time the policy was sold to me.

Furthermore there would have been a period of 24 months in which I would not have been covered at all.

I now believe also that there were commission built in on selling PPI policys after researching

I expect my complaint to be upheld and require a refund of all premiums paid to the policy, plus any additional interest charged to the account because of the PPI. I would also like to claim statutory interest compensation in view of the fact that I have been deprived of the cash over that period.

The original premium was £915.99 debited to my Loan account on 13th March 2001. You refunded £29.27 on 6th March 2003 this being a overpayment on the policy interest as the Loan was settled 24 months early.

I require the £915.99 policy premium charge refunded plus the interest paid to you over the term of £229.64

As I have been denied this money over a considerable period of time I also require interest on this amount at 8% simple this being the statutory judicial rate.

Therefore I also require £741.11 being 8% simple

The total claim is therefore £1,886.64


I have calculated the above at 13.92% APR.save where as I’ve added statutory interest which was your APR at the time of us taking out the Loan and reflecting the principal of mutuality and reciprocity. I am sure you will advise me if the APR at the time was different. Alternatively I will ask the Court to allow me statutory interest at 8% under S69 of the Count Court Act as I have been deprived of this money.
.
I trust you can resolve this complaint in the 8 weeks you are obliged to allow as I’m sure you do not want me to escalate this complaint further to the Financial Ombudsman Service and/or the Civil Courts.



Yours faithfully
Gary68

any extra bits would be appreciated guys

[landy_alert]

Originally Posted by GARY68

sorry for not replying earlier PF,
many thanks for your much appreciated work once again,

Ive just been going through your figures and the £29, has now made me even more mad, I thought it was a rebate but as you pointed out it was a overpayment , what a rip off, but no surprise really.
looking at your figures it would be well worth claiming the contractual but I dont know if they will be more inclined to pay out on the statuary interest-if any- as there is nearly a 2 grand difference,
whats your veiws on this guys and do you think I would have any success at all with the Lloyds as this loan was finished in 2003 I wonder if they would consider it to late to claim,
Im going for the claim anyway just wanted to know which you would think would be a more clear cut claim,

Hi Gary

We are currently in the process of claiming back PPI on 6 loans from LTSB (some current and some settled, the oldest having been settled in 2002) and I have to say LTSB are absolutely awful to deal with.

I assumed that with all of the loans they would put a fight rather than just pay up, but they are proving very difficult indeed.

On our oldest loans, they have returned the paperwork we sent them stating that the account numbers are not recognised, even though we sent them proof that these accounts did exist. We have the original CCAs so I think they are just trying to pull a fast one in implying that these loans are so old and that because they no longer have the original agreements, they don't have an obligation to refund us - which is a load of hogwash.

On the slightly more recent loans, they have not even had the courtesy to acknowledge the letters we have sent!

The current loans are still being investigated by them - so at least they are doing something.

I'm not trying to put you off at all, but do be prepared for an uphill struggle - it's certainly worth it though, particularly as you'll get plenty of support and assistance from everyone here!

We have asked initially for contractual interest, btw, because you can always accept less that way.

Good luck,

Landy x

[pompeyfaith]

Gary,

You go for the contractual interest rate at 13.92% as this is what you have paid on each payment.

Then quiet rightly add on the 8% statutory judicial rate as they have Loaned that money from you.

The 13.92% goes on for each payment where as the 8% is applied from 13/03/2001 until time of payment.

If you would like me to work out exactly what you are due let me know and ill work it out.

Because it is getting late now and i need my bed I cannot do this though until tomorrow evening.

Regards

PF

[GARY68]

Hi Landy
ive been looking at your threads recently,and I know that Lloyds wont be bending over for this claim and I may have to go fos or court route, I think I will be claiming for the contractual interest, like you say I could except a lower offer later-if any-,
Im going to amend and post off and see what happens and I think I will include this quote:

Firstly, I understand that at the time I entered into the contract with you your bank was running an incentive scheme to encourage your employees to sell PPI schemes, as were several other High Street banks. A former employee of yours has posted the following on a public website in September 2006:

I worked for Lloyds TSB up to 4 1/2 years ago - the points system you state is being used by RBS was used by Lloyds TSB more than 5 years ago.

Bosses and Regional Managers turn a blind eye to 'mis-selling' because they get bigger cash bonuses (or foreign holidays) than the staff selling the products. Even worse, Lloyds TSB use the disciplinary procedure to threaten staff with dismissal for failing to reach targets.

I was personally threatened in this way and in the end left, after 25 years service, to find much more fulfilling employment elsewhere.

Failing to hit targets was a bigger crime than mis-selling, which in my experience was brushed under the carpet.


I was not aware of this and even if it is untrue, I consider that there was a clear conflict of interest between your fiduciary responsibilities to me and the direct selling by your employees of PPI schemes, given the very large profit margins they generate.

[GARY68]

Originally Posted by pompeyfaith

Gary,

You go for the contractual interest rate at 13.92% as this is what you have paid on each payment.

Then quiet rightly add on the 8% statutory judicial rate as they have Loaned that money from you.

The 13.92% goes on for each payment where as the 8% is applied from 13/03/2001 until time of payment.

If you would like me to work out exactly what you are due let me know and ill work it out.

Because it is getting late now and i need my bed I cannot do this though until tomorrow evening.

Regards

PF

thanks PF
I can work from your spread sheet on that I think