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  • #31
    Re: Lloyds

    This is a question I am going to ask Paul for the legal take?

    If you signed an agreement to pay a certain amount for a certain amount of mths do the banks have any right to revoke that contract signed by both parties if no clauses of the contract have been broken.

    Surely for that to happen there must be agreement on both sides for the contract to end

    I will claify this point with paul as it does crop up a lot in PPI Claims

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    • #32
      Re: Lloyds

      I am all up to date and have never missed or been late with a payment. When I had my accident, I didn't even claim on the PPI as I didn't feel I should. The woman from customer services said she had to send the money to the loan dept as the loan is still open. If they try to use it towards the loan, I will be straight on here for your help.
      Thank you all again.

      Mick

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      • #33
        Re: Lloyds

        In that case that is a big fat NO it is not for them to dictate they need your permission to do that

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        • #34
          Re: Lloyds

          Originally posted by pompeyfaith View Post
          In that case that is a big fat NO it is not for them to dictate they need your permission to do that

          Agreed!

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          • #35
            Re: Lloyds

            Agree with above, but many lenders seem to be recalculating the outstanding loan minus the PPI - some even asking you to sign a new agreement..

            I know some lenders have said they cant "just remove" the ppi form the loan agreement.

            I can see it makes sense really ..... if they refunded the premiums directly to you, your loan payment stays the same. If they dont, your loan term and monthly payment gets reduced.

            Swings and roundabouts (to me personally) really unless you need the money.
            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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            • #36
              Re: Lloyds

              But the banks ultimate goal as per FOS Guideance is to put the consumer back to the point at signing the agreement less the PPI.

              So if a new agreement has to be signed it has to be on the same terms and APR.
              Last edited by pompeyfaith; 11 January 2012, 23:37.

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              • #37
                Re: Lloyds

                Originally posted by pompeyfaith View Post
                So if a new agreement has to be signed it has to be on the same terms and APR.
                Correct. I should have put this in my post above - and has been my experience for myself and others that I have helped (off forum)
                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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                • #38
                  Re: Lloyds

                  Originally posted by pompeyfaith View Post
                  But the banks ultimate goal as per FOS Guideance is to put the consumer back to the point at signing the agreement less the PPI.
                  I claimed PPI back from Lloyds in 2010, for a loan taken out in 2004.

                  I will have to check the paperwork but I know I recieved a cash lump sum payment straight into my bank account, plus they paid quite a bit into my loan account. I was expecting them to pay the money into my loan account so was very suprised when I realised they had done both!

                  I will check the paperwork and update this tomorrow with actual figures, but I think from memory they have to pay you the statutory 8% interest back and not the loan account as you have lost out on the actual interest, ie you have been deprived of the money you would have had if it were not for the PPI.

                  Then the PPI payments have to come off the loan so the loan appears as if PPI was never taken out. Hope that makes sense!

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