Lloyds Classic Plus 6% - is your interest correct this month?

Paul_Herring

She said that there was nothing recorded on my accounts to show what date the interest change was from

Did you not receive a confirmation letter through snail mail?

AP

lindos90 wrote: »

She said that there was nothing recorded on my accounts to show what date the interest change was from, or indeed what interest rate was currently being applied to the accounts, ...

Was your interest on 1st July correct? I also had mine changed on 11th June and my interest payment on 1st July was spot on to the penny with my spreadsheet based on 6% AER (5.84% gross less 20% tax).

Things started going wrong from the interest on 1st August and again on 1st September. I reckon that:-

August - No interest has been paid initially on the balance for the 1st 14 days in July but then correctly calculated at 5.84% for the remainder of the month. The interest adjustment on 15th August correctly reflected that.

Sept - Interest has been calculated at 0.1% for the whole month of August as if you have not paid in £1,000. It still has not been adjusted!

If they have not changed your interest rate, your interest on 1st July should be lower than expected and alarm bells should have started ringing at the time! I thought that since the interest on 1st July had been calculated correctly, everything would have been done and dusted regarding this interest rate change - turning into a saga like this is the last thing that I expected.

Update: Just spend another 10 minutes on the phone again via 0500 179050 to their customer service department. After the usual grovelling, she spoke to the manager and told me that this will be sorted out by the 20th of this month. I told her that if this is not done by then I will be closing my account as it is not acceptable that the interest is calculated incorrectly 2 months in a row.

Dagobert

I notice that we are, unsurprisingly, receiving mixed messages about when an underpayment takes effect.

Due to a holiday, I stupidly missed my July payment.

• I was told by TSB that I would receive 0.1% for July and back to normal in August.
• diygardener received a letter from Lloyds stating the reason I didn't get the full interest for July was because a regular monthly deposit of £1000 had not been made in June.

AP believes that the underpayment should impact on the July interest, see.

I received the full 6% for July and 0.1% for August.

Paul_Herring

she spoke to the manager and told me that this will be sorted out by the 20th of this month.

You got a date out of them? That surprises me.

My branch manager told me he couldn't (didn't want to) give a date out for fear of them not hitting it, but he did assure me it would get sorted.

I told her that if this is not done by then I will be closing my account as it is not acceptable that the interest is calculated incorrectly 2 months in a row.

I'm just waiting with anticipation of what's going to happen on the 1st October....

AP

Paul_Herring wrote: »

You got a date out of them? That surprises me.

My branch manager told me he couldn't (didn't want to) give a date out for fear of them not hitting it, but he did assure me it would get sorted.

....

I just realised that the 20th is a Saturday - which effectively means Monday the 22nd.

Paul_Herring

Well technically, if it must be sorted by the 20th, that's actually Friday 19th, not the following Monday.

lindos90

Paul_Herring wrote: »

Did you not receive a confirmation letter through snail mail?

No Paul, I did ask for one at the time, and they said they dont send them out. I know a few on here have pestered and eventually got the branch to send one.

My branch would not budge, they said at the time that they had done it and let me view the screen in branch where it displayed the interest rate of 6% applied to the two classic plus accounts and thats was all they do.

(interestingly they were not able to show me that screen again when I went in about the interest adjustments!!)

altocumulus

Excuse me guys, Lloyds Classic Plus paying 6% - I can only find it paying 4% , reduced with effect from 14/07/2008.... ?
Or am I missing something (as usual)

AP

Paul_Herring wrote: »

Well technically, if it must be sorted by the 20th, that's actually Friday 19th, not the following Monday.

The promised date of 20th (19th) has gone by and I still have not had the interest adjustment.

Paul_Herring

See what happens by the 23rd. I was promised by my 'branch manager' I'd be called by some subordinate or other in the past week while he was on holiday. They haven't. I'll be giving him grief over it when he gets back.

However, I'm more interested in what's going to happen for this month's interest, and whether I can wheedle the HBOS saga into why they can't perform a simple multiplication.