PPI Reclaiming Discussion part 4

robbedofmymoney

bugsy161 wrote: »

Thank you for that.
I know that Lloyds will give me a breakdown (choice use of words there as they nearly did give me a breakdown!!) but I want to have some idea of what they should be doing.
The FOS have told them to reimburse all my cc PPI payments for the last 23 years, averaging £40 per month, plus any charges incurred as a result of this. They have also told them to reconstruct my account by removing the PPI each month, and interest, and then deducting what I paid each month, reducing the balance by what had been removed with PPI and also with the extra payment that I made each month.
My belief is that they pay me back each £40 plus the monthly 1.527% interest and the interest is compounded onto the next monthly payment, 276 times.
Does the 8% then apply to each individual £40 but is only added to each month but not compounded or do they add the 8% onto every yearly total?
It could total a lot of money so I need to make sure they arent going to try and pull a fast one.

what are you like on xl spreadsheets.

i can send you one that you just need to input your monthly premiums into each month, it will calculate the interest exactly the same as the FOS stipulate.

the difficulty will be calculating the 8% simple as this is only applied if your credit card account goes into credit once the ppi figure and interest is refunded and then run along side your existing account.

have you got all the figures going back 23 years or are lloyds averaging it out for you.

cheers

amersall

Flamingo80 wrote: »

Have received a reply from Nationwide today saying that they are investigating my complaint and hope to get back to me by 1st September.

Fingers crossed. :undecided

Fingers,toes, legs, eyes and knees crossed :D and anything else you can cross for good luck :rotfl:

bugsy161

robbedofmymoney wrote: »

what are you like on xl spreadsheets.

i can send you one that you just need to input your monthly premiums into each month, it will calculate the interest exactly the same as the FOS stipulate.

the difficulty will be calculating the 8% simple as this is only applied if your credit card account goes into credit once the ppi figure and interest is refunded and then run along side your existing account.

have you got all the figures going back 23 years or are lloyds averaging it out for you.

cheers

I only have figures going back about 7 years so I dont know what Lloyds intend to do. I assume that they will have access to all of statements as they managed to produce a copy of my original signed agreement from 1987.
I used the calculation you gave me previously and came up with figures of £9,840 for the total of PPI paid and £18,541 in compounded interest, adding on the compounded interest each month at 1.527%.

redandwhiterob

Hi there,

Looking for a bit help if possible here. I paid off a Lloyds TSB credit card about 5 years ago but I threw all the paper work out once I paid it off.

I am hopefully looking at reclaiming my PPI on this credit card, has anybody any idea how I would go about getting the info/account details on this credit card so I can start looking in to recliaming the PPI.

Many thanks for any help

Flamingo80

amersall wrote: »

Fingers,toes, legs, eyes and knees crossed :D and anything else you can cross for good luck :rotfl:

Thanks, how long can you keep all that crossed??:rotfl::T

amersall

Flamingo80 wrote: »

Thanks, how long can you keep all that crossed??:rotfl::T

:p As long as it takes :rotfl::rotfl:

amersall

redandwhiterob wrote: »

Hi there,

Looking for a bit help if possible here. I paid off a Lloyds TSB credit card about 5 years ago but I threw all the paper work out once I paid it off.

I am hopefully looking at reclaiming my PPI on this credit card, has anybody any idea how I would go about getting the info/account details on this credit card so I can start looking in to recliaming the PPI.

Many thanks for any help

Hi there and welcome, you need to send a letter asking for credit agreement the charge is £1. Or you can request a sar for £10 and that will get you all the info they hold on you.

https://forums.moneysavingexpert.com/discussion/1475553

robbedofmymoney

bugsy161 wrote: »

I only have figures going back about 7 years so I dont know what Lloyds intend to do. I assume that they will have access to all of statements as they managed to produce a copy of my original signed agreement from 1987.
I used the calculation you gave me previously and came up with figures of £9,840 for the total of PPI paid and £18,541 in compounded interest, adding on the compounded interest each month at 1.527%.

it should be with you now,
i have just compared and re-run it like for like with my barclaycard refund and the numbers stacked up.
just follow the instructions on the e-mail, if you need any other help please shout.

cheers

redandwhiterob

amersall wrote: »

Hi there and welcome, you need to send a letter asking for credit agreement the charge is £1. Or you can request a sar for £10 and that will get you all the info they hold on you.

Would I just send that off to my local Lloyds TSB branch or is there a head office I need to send that to?

Flamingo80

amersall wrote: »

:p As long as it takes :rotfl::rotfl:

Well could you please keep them crossed til September 1st when they make a decision?? Ta