PPI Reclaiming Discussion part 4

moneyangel22

Can someone please help me understand if this is correct?

Had an email from Lloyds about 2 PPI claims on old loans I am claiming.

The first loan was settled after 17 months when I took out a bigger loan with them. The second loan was settled after 13 months when I took out another larger loan with them. They have not provided me with a breakdown of the settlement figure and cash advance figures like I asked. They said they included a partial rebate when working out the settlement figure but I am confused as it seems to be a proportion of the premium before interest was added on, even though the premium was added to the loan and interest added accordingly. Also their rebate figures dont seem to be on a pro rata basis, they have some system for what the insurer may have to pay basis....here is their direct quote:

"I can confirm that you took out personal loan account number xxxxxx on 24 January 2005 the loan was covered by insurance and the cost of the insurance was £1790.38 the term of your loan was 60 months. You settled the loan on 24 August 2006 and your loan insurance rebate of £779.64 was deducted from the total amount you would need to pay to settle your loan.

You took out personal loan account number xxxxxxx on 24 August 2006 the loan was covered by insurance and the cost of the insurance was £3114.80 the term of your loan was 84 Months. You settled the loan on 26 October 2007and your loan insurance rebate of £2138.79 was deducted from the total amount you would need to pay to settle your loan.

Your rebate was based on the amount an insurer might have to pay in the event of a claim being greater at the beginning of a loan than at the end. This explains why a refund is not made on a pro-rata basis. I have enclosed a table which provides an example of what the refund figure is based on (the figures below are rounded to the nearest whole number).


36 60 84 loan term

After 12 repayments 46% 65% 74%
After 18 repayments 25% 49% 62%
After 24 repayments 11% 34% 51%
After 36 repayments 0% 14% 31%
After 48 repayments 0% 4% 16%
After 60 repayments 0% 0% 7%

I would like to advise that we are currently awaiting documents to enable us to make a fair assessment of your complaint. We will respond to your complaint as soon as possible, and in any event within sixteen weeks from the date we received your complaint. This is in line with the specific requirements that the FSA has published for the handling of PPI complaints. "


Can anyone tell me if this seems right???

Thanks

cappo

moneyangel22 wrote: »

Can someone please help me understand if this is correct?

Had an email from Lloyds about 2 PPI claims on old loans I am claiming.

The first loan was settled after 17 months when I took out a bigger loan with them. The second loan was settled after 13 months when I took out another larger loan with them. They have not provided me with a breakdown of the settlement figure and cash advance figures like I asked. They said they included a partial rebate when working out the settlement figure but I am confused as it seems to be a proportion of the premium before interest was added on, even though the premium was added to the loan and interest added accordingly. Also their rebate figures dont seem to be on a pro rata basis, they have some system for what the insurer may have to pay basis....here is their direct quote:

"I can confirm that you took out personal loan account number xxxxxx on 24 January 2005 the loan was covered by insurance and the cost of the insurance was £1790.38 the term of your loan was 60 months. You settled the loan on 24 August 2006 and your loan insurance rebate of £779.64 was deducted from the total amount you would need to pay to settle your loan.

You took out personal loan account number xxxxxxx on 24 August 2006 the loan was covered by insurance and the cost of the insurance was £3114.80 the term of your loan was 84 Months. You settled the loan on 26 October 2007and your loan insurance rebate of £2138.79 was deducted from the total amount you would need to pay to settle your loan.

Your rebate was based on the amount an insurer might have to pay in the event of a claim being greater at the beginning of a loan than at the end. This explains why a refund is not made on a pro-rata basis. I have enclosed a table which provides an example of what the refund figure is based on (the figures below are rounded to the nearest whole number).


36 60 84 loan term

After 12 repayments 46% 65% 74%
After 18 repayments 25% 49% 62%
After 24 repayments 11% 34% 51%
After 36 repayments 0% 14% 31%
After 48 repayments 0% 4% 16%
After 60 repayments 0% 0% 7%

I would like to advise that we are currently awaiting documents to enable us to make a fair assessment of your complaint. We will respond to your complaint as soon as possible, and in any event within sixteen weeks from the date we received your complaint. This is in line with the specific requirements that the FSA has published for the handling of PPI complaints. "


Can anyone tell me if this seems right???

Thanks

Hi moneyangel,stick with us ian will be on here soon with lorraine (amersall) and Di these defenders of the oppressed should have a better idea than i,good luck:)

ImmortalQueen

ImmortalQueen wrote: »

My friend getting irate at the bank telling him "there is no problem", contacted FOS and they received a letter saying it had gone back to the bank and a reply should be forthcoming shortly.

Hi Everyone,

Hope you're all well

I had really hoped to get this sorted, but my friend is becoming quite despondent with the lackadaisical attitude of LloydsTSB (and my daily nagging as to whether they’ve heard anything).

As you know my friend received a letter on 08/07/2011 from FOS saying it had gone back to the bank and a reply should be forthcoming shortly. Well we’ve given the bank 3 wks grace and not heard a bean.

1.Is it actually worth emailing the CEO [EMAIL="antonio.osorio@lloydsbanking.com"]antonio.osorio@lloydsbanking.com[/EMAIL] and cc’ing it to [EMAIL="Customer.Care.Insurance@lloydsTsb.co.uk"]Customer.Care.Insurance@lloydsTsb.co.uk[/EMAIL] and should we include the account numbers (bearing in mind that my friend has got a very common name and it might be impossible to track if we don’t provide the account numbers)? Are there certain things we can/can’t mention when emailing these people?

2.Or do we just complete the FOS questionnaire and complaint form and with all the supporting documents send a copy to both FOS & LloydsTSB saying we’ve sent it to the other party.

3.Because we’ve not heard anything back from the bank, would our complaint be treated as a new and have to wait forever how long it takes, or would the clock have already started for the complaint bearing in mind my friend has been on the phone trying to get the bank to see sense?

Can we also claim against the banks for photocopying & printing charges

STYS

Niggly_2

moneyangel22 wrote: »

Can someone please help me understand if this is correct?

Had an email from Lloyds about 2 PPI claims on old loans I am claiming.

The first loan was settled after 17 months when I took out a bigger loan with them. The second loan was settled after 13 months when I took out another larger loan with them. They have not provided me with a breakdown of the settlement figure and cash advance figures like I asked. They said they included a partial rebate when working out the settlement figure but I am confused as it seems to be a proportion of the premium before interest was added on, even though the premium was added to the loan and interest added accordingly. Also their rebate figures dont seem to be on a pro rata basis, they have some system for what the insurer may have to pay basis....here is their direct quote:

"I can confirm that you took out personal loan account number xxxxxx on 24 January 2005 the loan was covered by insurance and the cost of the insurance was £1790.38 the term of your loan was 60 months. You settled the loan on 24 August 2006 and your loan insurance rebate of £779.64 was deducted from the total amount you would need to pay to settle your loan.

You took out personal loan account number xxxxxxx on 24 August 2006 the loan was covered by insurance and the cost of the insurance was £3114.80 the term of your loan was 84 Months. You settled the loan on 26 October 2007and your loan insurance rebate of £2138.79 was deducted from the total amount you would need to pay to settle your loan.

Your rebate was based on the amount an insurer might have to pay in the event of a claim being greater at the beginning of a loan than at the end. This explains why a refund is not made on a pro-rata basis. I have enclosed a table which provides an example of what the refund figure is based on (the figures below are rounded to the nearest whole number).


36 60 84 loan term

After 12 repayments 46% 65% 74%
After 18 repayments 25% 49% 62%
After 24 repayments 11% 34% 51%
After 36 repayments 0% 14% 31%
After 48 repayments 0% 4% 16%
After 60 repayments 0% 0% 7%

I would like to advise that we are currently awaiting documents to enable us to make a fair assessment of your complaint. We will respond to your complaint as soon as possible, and in any event within sixteen weeks from the date we received your complaint. This is in line with the specific requirements that the FSA has published for the handling of PPI complaints. "


Can anyone tell me if this seems right???

Thanks

First loan ppi loan is was £1790.38 the term of your loan was 60 months. You settled the loan on 24 August 2006 thats 19 months so rebate is
779.64/1790.38 x 100 = 44% (49% at 18 payments)


Second loan £3114.80 the term of your loan was 84 Months. Settled 26th October after 13 payments 2138.79/3114.80 x 100 = 69% (74% after 12 payments)

So yeah seems okay.

So they owe you the difference between the ppi and rebate on each loan plus 8% until they settle the claim, the interest premiums paid towards the ppi and 8 % on these until settlement. Should be a tidy sum.

N

Niggly_2

Niggly wrote: »

First loan ppi loan is was £1790.38 the term of your loan was 60 months. You settled the loan on 24 August 2006 thats 19 months so rebate is
779.64/1790.38 x 100 = 44% (49% at 18 payments)


Second loan £3114.80 the term of your loan was 84 Months. Settled 26th October after 13 payments 2138.79/3114.80 x 100 = 69% (74% after 12 payments)

So yeah seems okay.

So they owe you the difference between the ppi and rebate on each loan plus 8% until they settle the claim, the interest premiums paid towards the ppi and 8 % on these until settlement. Should be a tidy sum.

N

Sorry not as clear as I could be on that

First loan ppi loan is was £1790.38 less the rebate they gave you back on early settlement £779.64 = £1010.74 owed to you. Then have to pay interest 8% simple on this from Oct 2006 until July 2011 which is 4 years 10 months or 58 months. So 1010.74 x 8%/12 x 58 = £390.82. They then have to pay the monthly contributions you paid towards the ppi which I havent got, and then 8% simple interest on this.

The same happens with the second loan too.

I can calculate a rough figure if you know how much you paid towards ppi each month on each loan

n

moneyangel22

Niggly wrote: »

First loan ppi loan is was £1790.38 the term of your loan was 60 months. You settled the loan on 24 August 2006 thats 19 months so rebate is
779.64/1790.38 x 100 = 44% (49% at 18 payments)


Second loan £3114.80 the term of your loan was 84 Months. Settled 26th October after 13 payments 2138.79/3114.80 x 100 = 69% (74% after 12 payments)

So yeah seems okay.

So they owe you the difference between the ppi and rebate on each loan plus 8% until they settle the claim, the interest premiums paid towards the ppi and 8 % on these until settlement. Should be a tidy sum.

N

Thanks for that!

Can anyone tell me how I calculate the interest they charged on the ppi for the duration that I had it please? Thanks.

di3004

ImmortalQueen wrote: »

Hi Everyone,

Hope you're all well

I had really hoped to get this sorted, but my friend is becoming quite despondent with the lackadaisical attitude of LloydsTSB (and my daily nagging as to whether they’ve heard anything).

As you know my friend received a letter on 08/07/2011 from FOS saying it had gone back to the bank and a reply should be forthcoming shortly. Well we’ve given the bank 3 wks grace and not heard a bean.

1.Is it actually worth emailing the CEO [EMAIL="antonio.osorio@lloydsbanking.com"]antonio.osorio@lloydsbanking.com[/EMAIL] and cc’ing it to [EMAIL="Customer.Care.Insurance@lloydsTsb.co.uk"]Customer.Care.Insurance@lloydsTsb.co.uk[/EMAIL] and should we include the account numbers (bearing in mind that my friend has got a very common name and it might be impossible to track if we don’t provide the account numbers)? Are there certain things we can/can’t mention when emailing these people?

2.Or do we just complete the FOS questionnaire and complaint form and with all the supporting documents send a copy to both FOS & LloydsTSB saying we’ve sent it to the other party.

3.Because we’ve not heard anything back from the bank, would our complaint be treated as a new and have to wait forever how long it takes, or would the clock have already started for the complaint bearing in mind my friend has been on the phone trying to get the bank to see sense?

Can we also claim against the banks for photocopying & printing charges

STYS

Hello there

Firstly, I would email both the CEO and copy it to the customer team to ensure a quicker feedback. Give them as many details as possible, if they've suppled a complaint ref number use that.

Secondly, if you've not made a start on the reclaiming just yet, then yes complete the reclaim questionnaires, keep copies in case they do end up going as far as the FOS, for example, if your not happy with the final outcome, the final decision letter normally comes with enclosed details and the leaflet of the FOS on how to complain to them.

If you've only just recently made the complaint, then they will have or should have wrote back to confirm receipt of the complaints and give a timescale, the norm is that of 8 weeks, but the FSA have given so many banks extra time such as in this case 16 weeks to deal with these complaints due to a backlog.

But if you have already made the complaints and have not heard anything at all, chase them up for an update.

Hope this helps and good luck.;)

Niggly_2

moneyangel22 wrote: »

Thanks for that!

Can anyone tell me how I calculate the interest they charged on the ppi for the duration that I had it please? Thanks.

You need to post up the ppi payments you made each month for each loan. Or the total loan payments you made each month on each loan I can extrapolate the monthly ppi from these.

N

moneyangel22

I was paying 42.49 towards the ppi part of the loan each month. The total loan interest was £758.99, so do I just work out 19/60 of that??

Loan 2 was £58.39 per month and total £1789.96.

I have asked them for settlement calculations to confirm they actually did rebate part of it when I took out a bigger loan each time. To complicate it even more I have a 3rd loan which is still current and I believe had PPI originally but since cancelled, only I dont have the original paperwork for this one anymore. If I mention this loan to them do you think they will tie it in with the other 2 or make me do a sar to get the paperwork then have to do a brand new claim for this one?

Thanks for your help.

Niggly_2

moneyangel22 wrote: »

I was paying 42.49 towards the ppi part of the loan each month. The total loan interest was £758.99, so do I just work out 19/60 of that??

Loan 2 was £58.39 per month and total £1789.96.

Loan 1

PPI overpayments = £42.49 x 19 = £807.31
8% simple interest on each payment over 79 months = £716.38
PPI £1790.38-rebate £779.64 is £1010.74
£1010.74 x 8%/12 x 59 = £397.56

Total loan 1 is £2931.99

Loan 2

PPI overpayments = £58.39 x 14 = £817.46
8% simple interest on each payment over 60 months = £699.51
PPI £3114.80-rebate £2138.79 = £976.01
£976.01 x 8%/12 x 46 = £299.31

Total loan 2 = £2792.29

The tax liability of 20% for Basic Rate payer on £716.38+£397.56 +£699.51+£299.31 = £422.55

Net claim is £2931.99 + £2792.29 - £422.55 = £5301.73

:beer: n