Lloyds FRISA 6.5% Start Date disputes thread

Jocky10

derrick wrote: »

I have posted the info below on the other Lloyds thread, but as this is specifically about the "opening/maturity date" I will post here as well.



I received the letter today re the maturity date, and it appears that they are now adhering to the original T&Cs, i.e. from the application form; - "2. Your FRISA will start from the date of your first deposit which must be accompanied by a valid application form. Applications cannot be backdated."

Just checking but is everybody who has received this letter so far someone who has complained in the past about the "start date" or is this going to apply to everyone? Haven't received mine yet (haven't complained) although of course unlikely they would all arrive on the same day.

humfer

Both myself and my wife received these letters today, and I only complained last night, so don't worry it looks like they have admited fault and are sending the letters to everyone

boobbby

info_addict wrote: »

Yep, I have also just got the same letter, as has my wife.

Hopefully everyone will receive their letter

I also received the same letter plus another giving me an additional sum to cover the interest between the time Lloyds received my cheque and depositing it in my ISA account. So the full 12 months at 6.5% and a little extra. Good job they didn't explain this 12 months ago or we wouldn't have been able to moan on this thread.

MiserlyMartin

I haven't received my letter. I phoned them up about it, and as usual they didn't not have a clue about it nor the existence of these letters which are going out apparently. In every dealing with them they keep confusing the issue of the start date with the issue of backdating interest on transfers in. It takes lots of conversation, transfers to managers etc before you get anywhere. They had no record of any letter being sent to me personally. I then got told I should have got a letter, perhaps my post is slow.

In any case even if the letter does arrive it will disagree with the new fixed rate deal offer which states my maturity date is nearly a month sooner than it should be. In expectation of another rate cut tomorrow , I concede, the 3.75% rate is good.

I'm glad you guys and girls got your letters, I hope mine does arrive.

MiserlyMartin

derrick wrote: »

.....

Now if they could have just done that originally, none of us would have had the messing about phoning, e-mailing, writing etc, to get different answers each time.

My timings where; -

11th April 2008; - open acc in branch, without deposit just 2 transfer requests.
19th May 2008; - first transfer arrives at Lloyds.
22nd May 2008; - second transfer arrives at Lloyds.

Therefore as I and lots of others have/had said, the account opening as per their T&Cs was from the 19th May in my case.

Not sure how my arrangement with them will now go on, as it had been calculated to take account of the difference in interest from the old banks to Lloyds.

I have a letter from Lloyds,(dated 3rd June 2008), stating that my FRISA was opened on 11th April 2008, the one received today states, it will mature on 19th May 2009, as that was "the anniversary of the date that your first deposit was made into your account."

The left hand really does not know what the right hand is doing!

Thanks Derrick for posting this. I think they are only doing this because so many of us are holding them to the T's & C's and not budging to get the full 12 months. It is so crucial now as rates have plummeted so much it is a big deal even for a few days interest. Perhaps they were hoping nobody would notice the small print and they will get away with it but if this goes further it would paint Lloyds in another negative light in the media so they have caved in. I think if it went to a small claims pursuit, they would not have a leg to stand on, they know this. I will/would have take it all the way, still not treating it as resolved until I get the correct maturity date in writing.


Your case is an interesting one. As you have been already been compensated in a different way, perhaps you ought to keep quiet about it.

sheslookinhot

Can you please advise on my expectation when it comes to calculating interest.


4th April 2008; - open acc in branch, arranged transfer fof ISA from IF
11th April 2008; - deposit of £3,600 from current account (lower interest I think for sums below £9,000).
28th April;- IF account closed
28th May 2008; - transfer (£13,200) arrives at Lloyds.

1. Am I right in thinking lower interest (3% ?) on deposit until 6.5% kicks in on 28 May.
2. Interest on £13,200 only applies from 28 May (TSB allowed 30 days to transfer (28 Apr-28 May).

Thanks

Fella

Hang on, if I understand this correctly isn't the situation that:

- Some of us have received a letter saying our account matures on the anniversary of account opening (bad) but offering us the new fixed-rate deal (good). I have had this letter

but also

- Some of us have received a letter saying our account matures on the anniversary of first deposit (good) but NOT offering them the fixed-rate deal & saying it'll revert to a variable ISA (bad). My g/f has had that letter.

Has anyone managed to get 6.5% interest up until the anniversary of first deposit AND an offer to switch into the fixed-rate ISA?

whu

Fella wrote: »

Hang on, if I understand this correctly isn't the situation that:

- Some of us have received a letter saying our account matures on the anniversary of account opening (bad) but offering us the new fixed-rate deal (good). I have had this letter

but also

- Some of us have received a letter saying our account matures on the anniversary of first deposit (good) but NOT offering them the fixed-rate deal & saying it'll revert to a variable ISA (bad). My g/f has had that letter.

Has anyone managed to get 6.5% interest up until the anniversary of first deposit AND an offer to switch into the fixed-rate ISA?

Yes my wife has - 6.5%- 12 months from date of first deposit and new ISA fixed rate to start from then

Lopo

Received the letter today - its clear cut corrective action on their part and corrected in a favourable manner as one would rightly expect it to be...

In short - it clarifies the 2008-09 FRISA was for 12 months from date of actual FIRST deposit. (So that 6.5% for me upto mid June 09).

It also then adds that if you recently applied/accepted their recent offer of maturing the existing FRISA into the new FRISA for 2009-10 of upto 3.75% then the new rate will favourably start from the same corrected maturity date. (Unless of course interest rates go up and new offers appear, then we're a bit stuffed!!)


Lloyds really need to be sent some dot-to-dot drawing to practice on!! Even the recent FRISA maturity offering is deemed to have stipulated somewhat misleading info having now received todays letter...

Fella

whu wrote: »

Yes my wife has - 6.5%- 12 months from date of first deposit and new ISA fixed rate to start from then

Bizarrely I received a letter about 15 minutes after posting confirming my 6.5% rate lasts until the anniversary of deposit (over 2 months after I opened the ISA) & that I'm still eligible for the new FRISA which will kick in at that point.