lindsay v lloydstsb **WON**

[lindsay22]

rang lloyds a couple of weeks ago asking why they had put ppi on my loan when i never asked for it, i was told they would look into my complaint and it would take 8 weeks to resolve. so i thought ok let them have there 8 weeks then they will fob me off with some excuse.

well this morning out of the blue i got a call from the complaints dept saying that they are refunding the full abount of ppi, they are gonna deduct it from my loan and adjust the interest.

i could not believe it after reading on here the difficultys people are having with lloyds.

[hellhasnofury]

rang lloyds a couple of weeks ago asking why they had put ppi on my loan when i never asked for it, i was told they would look into my complaint and it would take 8 weeks to resolve. so i thought ok let them have there 8 weeks then they will fob me off with some excuse.

well this morning out of the blue i got a call from the complaints dept saying that they are refunding the full abount of ppi, they are gonna deduct it from my loan and adjust the interest.

i could not believe it after reading on here the difficultys people are having with lloyds.

 

Hello Lindsay,

 

Good for you

 

Please read this thread before you decide what to do.

 

debtfreemummy v lloyds tsb loan ppi

 

Sorry I am very suspicious of any offer they first come up with. but hopefully I may be wrong.

Read the advise from Reidnet as he is an expert with lloyds

[lindsay22]

thanks for the advice hellhasnofury, very interesting read i have now wondered if they are trying the same tactic with me, seems to good to be true.

loan amount £2600

ppi £754.24

monthly repayment £85.78

over 60 months

apr 19.9%

total loan £5146.80

 

they said on the phone they will refund £754.24 from my loan but will not reduce the payments, which i am not really bothered about as it means the loan will be payed off earlier.

 

does it sound right?

 

plus another thing when i asked for a copy of my credit agreement they said they probably did not have a copy??? very strange...

[hellhasnofury]

thanks for the advice hellhasnofury, very interesting read i have now wondered if they are trying the same tactic with me, seems to good to be true.

loan amount £2600

ppi £754.24

monthly repayment £85.78

over 60 months

apr 19.9%

total loan £5146.80

 

they said on the phone they will refund £754.24 from my loan but will not reduce the payments, which i am not really bothered about as it means the loan will be payed off earlier.

 

does it sound right?

 

plus another thing when i asked for a copy of my credit agreement they said they probably did not have a copy??? very strange...

 

Hello,

 

Most loans that they apply ppi to are single premium charged up front with interest added on.

 

If you are happy to have it knocked of your loan, thats fine, but what about the interest you have paid.

 

Also make sure that they don't change and increase the apr of the current loan and it would mean you actually pay them more and they have not really refunded the ppi.

 

Oh how untrustworthy am I:eek:

 

Very interesting that they cannot find or don't think they have your credit agreement. Maybe use that to your advantage:D

 

How long ago was the loan?

[hellhasnofury]

Hello,

 

Sorry back again, I'm a stickler when it comes to figures

 

Your figures

 

loan amount £2600

ppi £754.24

monthly repayment £85.78

over 60 months

apr 19.9%

total loan £5146.80

 

Your loan for £2,600, interest at 19.9% is £1.524.37 equals £4,124.37. Add on Your ppi of £754.24 equals £4,878.81

 

Your total balance is £5,146.80. The interest on the ppi cost you £267.99

 

I do hope you are going to ask for that back as well:D

[reidnet]

Go for the Interest.. You will get it back too, Just mention my name to them..lol ( Only joking about mentioning my name..) Long story bout me and Lloyds..

 

Call them up and tell them you will accept their offer as part settlement and that you will be claiming the Interest via the Courts if they do not refund it.

 

Ian

[lindsay22]

i took the loan out august 05, never missed a payment etc

they said they will send me everything in writing so when it comes i will have a look and if they have not refunded the interest i will get back onto them.

[hellhasnofury]

i took the loan out august 05, never missed a payment etc

they said they will send me everything in writing so when it comes i will have a look and if they have not refunded the interest i will get back onto them.

 

 

Hello Lindsay22,

 

They have charged you £1,022.23 for the ppi on a loan of £2,600(plus interest) how can they justify that:eek:

 

Tell them that you want the whole amount plus interest from August 2005 or you will pursue the matter further via the fos or court.

[lindsay22]

i got my letter this morning very fast seen as i only spoke whith them yesterday...

 

dear lindsay

further to our telephone conversation in relation to your loan protection insurance policy. i am writing to confirm the details of our resolution as agreed on a recorded telephone call in full and final settlement of your complaint.

as a gesture of goodwill i have agreed to cancel your policy from the start date and to refund the full premium of £754.24 to your loan account. your monthly loan instalment will remain the same £85.78 but the refund will result in your loan being repaid approximately 8 months earlier than originally agreed. an interest adjustment will also be applied to your loan to reflect the reduction in the amount borrowed.

the refund process takes approximately 21 days to complete. i am unable to confirm the amount of the intersest adjustment at present but should you wish to know this figure please feel free to call me after 21 days.

 

does the above sound ok? or have i messed up by accepting it as final settlement over the phone?

[reidnet]

MMM very interesting, Firstly they have not stated what the new Interest rate will be, This could be dodgey to say the least, The Interest rate could Increase.. Normally you pay a higher Interest rate on smaller loans from the likes of Lloyds.

 

Before you accept any offer.. Get them to Confirm what the New Interest Rate will Be. And also ask for the Interest paid on the PPI to be refunded as well.

 

I would consider asking for the refund to be repaid to you by way of cheque, Plus you are entitled to the Interest that you have also paid on the PPI.

[lindsay22]

thanks reidnet, i have just called them and they said the interest rate will stay the same and that i will get another refund of the interest i have paid while the ppi has been on my loan so it all seems ok i hope.

[reidnet]

That sounds like a good result to me..

 

Well Done

 

Ian

[the big g]

Hi Lindsay,

 

Never let your guard down, but maybe just maybe Lloyds Bank could just be looking for an end to all the reclaims, and have already started looking for new ways to over charge us, i think we all know what some of these will be!

 

Still it's great news for you, well done:):)

 

The Big G.

[hellhasnofury]

thanks reidnet, i have just called them and they said the interest rate will stay the same and that i will get another refund of the interest i have paid while the ppi has been on my loan so it all seems ok i hope.

 

Hello,

 

We are old cynical b**gers, aren't we? but its better to be sure of what you are letting yourself in for than to regret it later.

 

I do hope they are as good as their word and refund the total amount to you.

 

It is nice to hear of good outcomes:-D

[lindsay22]

thanks again hellhasnofery and reidnet u have helped me enormously.

 

i had a better nites sleep last nite knowing it was all done and dusted.

[Nathan003]

hi team

received offer of £7k for ppi on 3 loans dating back to 1997 but other 3 loans rejected saying no ppi unless i can prove otherwise decided to do sar hopeful might find some useful information

thanks to the team on here

[maroondevo52]

Hi, Nathan003.

 

Good luck with that, maybe better starting a new thread as this one is very old.

 

Regards.

 

Scott.