numerous refinanced lloyds loans, wont refund rolled over PPI ?

[Pat-Uk]

Hi Guys

 

Long winded but will cut it down best I can, will start with the numbers

 

loan 1 July 98 for £3000 PPI single policy of £443 added to loan (paid 46/60 payments) £144 of ppi refinanced by loan 3

loan 2 Dec 98 for £1400 PPI single policy of £198 added to loan (paid 39/48 payments) £50 of ppi refinanced by loan 3

loan 3 April 02 for £5000 PPI single policy of £1174 added to loan (paid 13/60 payments) £980 of ppi refinanced by loan 4

loan 4 may 03 for £7500 PPI single policy of £1762 added to loan (paid 11/60 payments) £1500 of ppi refinanced by loan 5

loan 5 may 03 for £11000 PPI single policy of £2383 added to loan (paid 12/60 payments) £2032 of ppi refinanced by loan 6

loan 6 may 08 for £10000 PPI NO PPI added to loan still paying

 

Now we had a decision letter from Lloyd's stating they upheld all of the complaints

offering refund of the ppi part of the loan that was paid in installments plus interest,

which worked out about £7,700 according to their workings out,

 

 

I had it in my head from working it out that it should have been nearer 10k

but at first glance of their workings it looked OK but I still couldn't get it out of my head that something was wrong.

 

It then clicked that they had calculated all their figures ONLY on the installments made

and had completely ignored the bits that were left on refinancing which by itself without adding interest is about £4700,

this amount is still being paid off on loan 6.

 

I phoned them as the offer letter tells me to do and explained why I felt it was wrong,

the guy said that I am not entitled to that bit back as the loan was refinanced,

I argued and tried to speak to a manager but was brickwalled,

 

 

he insisted I was wrong and that the payment of £7700 was going to be sent,

I told him at this point that I DO NOT ACCEPT the offer,

and under no circumstances are they to consider the matter closed,

I even got him to repeat it back to me several time, as they supposedly record the calls.

 

what I would like to know is am I wrong,

am I not able to reclaim the bits that were refinanced by the new loans,

or are Lloyd's trying it on

 

Many Thanks

[dx100uk]

http://www.consumeractiongroup.co.uk/forum/showthread.php?318646-PPI-Single-Premium-Your-questions-answered(1-Viewing)-nbsp

 

 

have you all the statements...

if you can prove there was no rebate on refinance

you are correct

[Pat-Uk]

There was one rebate of £664 relating to loan 3 in may 2003

we still have the letter and original bank statements going back to 1998 (OH saves everything),

 

 

funny enough even though they upheld the complaint for loan 3,

they gave an amount of £0.00 as what we would receive,

 

 

the policy was 1174.84,

we made 13 out of 60 payments

but were only refunded £664

I cant understand where the other £500 went.

[dx100uk]

follow the guide

don't think you are calculating things properly

[Pat-Uk]

follow the guide

don't think you are calculating things properly

 

Hi again

 

Sorry I think I didn't make myself clear. the bank refunded part of the PPI when one of the loans was refinanced in 2003, the £664 refund was nothing to do with the claim I am making, it was just the refund they gave as the as the loan was ended early.

 

The issue that I am not clear about in relation to this is that loan 3 had a PPi policy equating to £1174.84 of additional borrowing added to the loan of £5000, this was a 60 month loan which was refinanced by loan 4, 13 months later.

 

This is the awkward bit, Loan 4 was for the closing balance of loan 3 which included the remaining PPI £984 without the interest added as the 13 payments equated to £190.09 less interest.

 

So the total amount borrowed in loan 4 was increased by £1100 due to the PPI from loan 3 , but what the bank then did a few days later was refund £664 into our bank account as a refund of the unused part of the PPI on loan 3, the problem with this, is that loan 4 was already costing more as the amount borrowed was £1100 higher to cover the ppi on loan 3.

 

The refund into the bank account of £664 did nothing to reduce the amount of interest being paid on the loan account, interest on loan 4 was @ 14.9%.

 

But because of this refund to our bank in 2003 Lloyds have decided that there is no refund due for any of the ppi on loan 3, I can't quite understand their point of view.

 

 

So to my workings.

 

I assumed that the 13 payments plus bank charged interest which worked out at £27.35 each were then put on the spreadsheet, first payment on 11/05/2002 last payment on 11/05/2003 this gave a simple interest calculation of £383.82.

That bit i'm fine with, its the next bit I can't quite get my head round,

 

I worked out that the remaining PPi portion of the settlement figure which was about 19%, so after interest for the year became about £1100, this was moved onto Loan 4 @ 14.9%. now part of this £1100 (£664) was refunded into my bank, not into the loan account so i'm still paying 14% interest, on that £1100 for 12 months, this is then moved to loan 5 @10.9% for 12 months, and is now currently on loan 6 or 7 for where its been since.

 

So should I claim the interest for the full £1100 based on the various interest rates up to now as that's what I was actually charged, and then just minus the £664 from that total, or can I only claim the interest based on the difference, even though in reality it cost me more, and i am still paying interest on that £1100 as another loan.

 

Your guide does say that "Luckily there is a spreadsheet that can do that for you." to help sort this all out, but I cant find it.

[dx100uk]

you use ONE copy of the statint sheet

[which is at the end of that PPI workout thread]

 

 

in regard to the rebate

 

 

you simply enter it as a minus figure in the PPI col

on the date of the rebate

and blank the resultant interest figure in the next col

 

 

the sheet does the rest

you put EVER LOAN IN THE CHAIN on that sheet

[Pat-Uk]

Right I see i think, so even though the remainder of the PPi part of the loan (which after reworking out was a bit less) £985 was moved to another loan at 14.9%, the spread sheet says i'm only entitled to £75 rebate is this correct ? as I can't see that it is as i'm still so far out of pocket

 

Again my workings

The repayments on the £985 part of the new loan worked out at £23.38 a month this was on this loan for 12 months so a total of £280 still leaving a balance of £853 with interest before it was refinanced again.

 

I have attached the spreadsheet with my interpretation of what the guide and your help has asked me to put in, I have also shown the calculations of how I got to the balance of ppi remaining.

StatIntSheet loan 3.xls

Can you advise if this is right and that the £75 is still right.

[dx100uk]

then that was carried over into the next loan.

same calc.

[Pat-Uk]

then that was carried over into the next loan.

same calc.

 

What was added to the next loan

[dx100uk]

not sure you are understanding the process of multi refinanced loan calc.

 

 

can you scan up all the agreements please?