Lloyds loan ppi,decision, bank.

[pac man]

[ATTACH]52103[/ATTACH]Hello Everyone, I received a letter, back in April 14, telling me I may have been mis-sold a PPI product on my Lloyds Loan, Seeing as they had wrote to me, when I hadn't put a complaint in. I thought I'd fill in the questionaire, and see what happens.

 

This loan was taken out Dec 2005 for 3500 over 60mths, anyway in 2007 my partner was diagnosed with cancer of the lymph nodes. so we made a claim on the policy. which did pay the loan off , eventually!.

 

I really didn't expect to get very far with the complaint, and have received there decision today, and to be honest I do not understand it one bit, and was hoping that someone could glance over the documents, to see if it adds up? as I wouldn't trust them as far as i could throw them. I've attached a number of docs, agreement, statements etc. I just want to make sure that they are not thinking they can get one over on me, by sending me a letter that does nothing but confuse me, and that i will do nothing more.

If its correct then fine I just wanted to make sure.

 

any way I look forward to any replies, and thank you in advance, for your time to look and the letters.

 

 

Pauline (pac man)

 

Hope Ive uploaded docs right !

Edited July 9, 2014 by pac man
remove details

[ims21]

Attachments unapproved as personal details showing

[ims21]

They are saying that the amount paid out under the policy exceeds and redress you are due and therefore there is nothing further for them to pay.

 

The redress would be £1600 odd an the amount paid out by them under a claim is £4400 odd so you have had far more out than you paid in.

 

You can check whether the redress part is right by referring to No.1 in my signature and using the spreadsheets but it will only be worth pushing this if the redress figure exceeds the amount they have paid out.

[pac man]

more docs.

[ims21]

Attachments unapproved. Your personal details can still be seen through the scribbling out and your name is still showing on others.

[pac man]

Sorry if the files are a bit out of order and yes I understand partly what they are saying. But do the calculations add Up? how they have worked it out is that the correct way ?

 

that is what I'm asking

 

Thanks

[ims21]

Sorry, I have had to unapprove more attachments.

 

Please cleanse them properly.

[ims21]

But do the calculations add Up? how they have worked it out is that the correct way ?

 

that is what I'm asking

 

Thanks

 

Impossible to say whether the figures are correct. You would need to let us have the figures from the loan agreements and all of the repayments made in order to be able to work it out.

 

Simply put, they would work out what redress you would be due with the successful claim. They then look at what was paid out under the policy.

 

If what they paid out in claims exceeds what you paid them then there is no money to come back to you.

 

As I say, without the base data we cannot work out whether the values they have arrived are correct.

[pac man]

Hi i'm sorry, will redo the documents

 

here the credit agrreement.

[ims21]

Ok thanks.

 

What was the date of the first repayment and how many repayments were made before the PPI took over the payment of the loan?

[pac man]

Statements:

[ims21]

So were all of the repayments of £106.71 made by you and the lump sum payment of £3507 was made by the claim on the PPI?

 

If not, what was the timeline of the when the PPI kicked in?

[pac man]

ok, first repayment 16 jan 2006.

made 17 payments - after putting in claim, and waiting for a decision, they told me if my claim approved they would back date it to the date i first notified them - this was the beginning of june 2007.

[pac man]

I know im probably confusing matters but i paid 17 payments - for the 18th payment I missed the Direct Debit , but when the insurance paid out it should of been back dated and cover that

so where its says the 19th july 2007 - £3507.05 from insurance, I also had a letter to comfirm the loan was settled . but after some time i was notified that it was not settled because of the missed direct debit, and then see statements 3&4 it shows as being paid 17th Feb 2010 , after i got late charges and tring to take the june 2007 payment with out notifying me and sometime later aswell - 2010

[pac man]

statements.

[ims21]

Ok so your PPI repayments were £22.36 per month.

 

Use this spreadsheet and enter each payment of £22.36 you actually made.

 

Set the " claim to" date to today.

 

When done, let us know what figures the spreadsheet comes up with.

 

StatIntSheet v101.xls

[pac man]

Ok so your PPI repayments were £22.36 per month.

 

Use this spreadsheet and enter each payment of £22.36 you actually made.

 

Set the " claim to" date to today.

 

When done, let us know what figures the spreadsheet comes up with.

 

[ATTACH]52140[/ATTACH]

 

Hi & thank you, have done the sheet with last payment in may 2007 and the figure is 618.95? but if you look at my statements they took more money from me in 2010 and only

credited the lump sum then so should i include the 2010 payments also?.

 

thanks & got to go to work now so, will have to come back later.

[ims21]

Yes include all of the payments you actually made.

[pac man]

sorry , it took awhile, to get back but here's what the sheet came up with;

monthly payment of ppi 402.48

8% 246.81.

total 649.29?

[pac man]

I ve uploaded the reply from lloyds again also.

[ims21]

Ok so still under what Lloyds said you paid.

 

They are coming out at £1100 odd.

 

But since you have had £4000 odd in money paid out on the policy, on a premium of £928 at the outset, what you paid out is never going to exceed £4000.

 

Accordingly there will be no repayment due to you.

[pac man]

thanks for checking that, its greatly appreciated, just wondered why on appendix a it says i made 50 payments of PPI, when I only made 15 thus making the "how much i paid in monthly repayments wrong and price of ppi at the beginning ( 928.02) as this cost 413.58 for the finance of arranging the PPI

 

I thought they might of been trying to pull the wool over my eyes in some way with there calculations - would 'nt of put it past them. ( I'm Just a suspicious person

 

Anyway thanks again for your time,and checking it for me .

 

pacman.

Edited July 13, 2014 by pac man
adding