PPI Reclaiming Discussion part 4

tiggrae

supersaverg wrote: »

Bit of help require please.

Yesterday I recieved a letter from A&L confirming they were refunding me £2000, yay!

However, today I got a letter (miracle) from EGG regarding a cc I used to hold with them (cancelled about 1 year ago once paid off balance).

They have offered me 780.51 plus 238.47 interest totalling £1018.98, now this is a useful sum of money to have, however, before I accept, how do I know they arent under valuing my contributions? I do not have many paper statements and cannot access online account as I closed it.

Should I contest and ask for more?

They have included the FOS leaflet and made the presumtious statement that they are sending me the cheque in the next few days.....

Any advice appreciated.

just contact them and ask for a complete breakdown - the figures should ALWAYS be checked as they don't always get it right - in fact for nearly 70% of the claims I've had settled they have made mistakes

Jman316

Yes i agree...do the whole thing yourself...I was going to go through on of these so called companies...The cheapest i could find was one that charged 10% commission. I didnt go with them because they wanted me to do most of the legwork. In the end i did myself. Another lady from another company said their company only dealt in claims if it was over £5k. I didnt think mine was. She kindly advised that i should come to this site.

I used the letter from this website. I sent it recorded. They replied back but didnt include two accounts i was claiming against. I sent another letter. A few days later they replied and lo and behold had even offered me £5k.

So in the end it pays off!!!

I am now in the process of getting them to increase the sum. It may or may not work. But at least I have plently of options stiill open

nrawlins

pinknico wrote: »

Yes you do use the same templates, you go to who sold you the loan and PPI and yes you can go to the FOS if this was on or after January 2005.

Excellent, thanks pinknico!

Portofino_2

Bit of help require please.

Yesterday I recieved a letter from A&L confirming they were refunding me £2000, yay!

However, today I got a letter (miracle) from EGG regarding a cc I used to hold with them (cancelled about 1 year ago once paid off balance).

They have offered me 780.51 plus 238.47 interest totalling £1018.98, now this is a useful sum of money to have, however, before I accept, how do I know they arent under valuing my contributions? I do not have many paper statements and cannot access online account as I closed it.

Should I contest and ask for more?

They have included the FOS leaflet and made the presumtious statement that they are sending me the cheque in the next few days.....

Any advice appreciated.



Hi - what was the basis for your claim?

Portofino_2

with egg, i mean...

janey17

Hi everyone


My husband has had his complaint upheld and a refund is to be made. However, Lloyds TSB have asked my hubby to sign an acceptance form without any mention of the refund amount. After speaking to the FOS, I have ranf Lloyds and informed them, that he is reluctant to sign the form without a figure. I am awaiting a call from the refund team this afternoon. However, I would be grateful if anyone could help me work out a rough calculation so that I am prepared. So information as follows:

Loan 1 taken out 22 July 2003 apr 11.33% Loan protection insurance
£2, 654.50 on a £12000 loan over 60mths

A second loan - refinanced on 24th Feb 2004 he was given a rebate of £1923.43 on the above

Loan 2 24.2.2004 apr 10.43% loan protection £3,249.05 on loan of £15000 over 60mths

A third loan refinaced 7th Nov 2006 he was given a rebate of £651.62
Third Loan no protection, apr 9.96% on £12400 due to be paid off 1st Dec 2009 whoppeeeee!!!!


LLoyds TSB mention two methods how they will calculate, but I am unsure if the amounts are correct as i think the amounts transferred over to the new loans would have been incorrect as they included all the ppi and the interest. Not sure if I am right as never done this before.

Thanks in advance

Janey

di3004

janey17 wrote: »

Hi everyone


My husband has had his complaint upheld and a refund is to be made. However, Lloyds TSB have asked my hubby to sign an acceptance form without any mention of the refund amount. After speaking to the FOS, I have ranf Lloyds and informed them, that he is reluctant to sign the form without a figure. I am awaiting a call from the refund team this afternoon. However, I would be grateful if anyone could help me work out a rough calculation so that I am prepared. So information as follows:

Loan 1 taken out 22 July 2003 apr 11.33% Loan protection insurance
£2, 654.50 on a £12000 loan over 60mths

A second loan - refinanced on 24th Feb 2004 he was given a rebate of £1923.43 on the above

Loan 2 24.2.2004 apr 10.43% loan protection £3,249.05 on loan of £15000 over 60mths

A third loan refinaced 7th Nov 2006 he was given a rebate of £651.62
Third Loan no protection, apr 9.96% on £12400 due to be paid off 1st Dec 2009 whoppeeeee!!!!


LLoyds TSB mention two methods how they will calculate, but I am unsure if the amounts are correct as i think the amounts transferred over to the new loans would have been incorrect as they included all the ppi and the interest. Not sure if I am right as never done this before.

Thanks in advance

Janey

Tiggrae,

For when your here and have time, please do you think you could check this over for Janey please?:D
That will be cool, cheers hun.;)

di3004

supersaverg wrote: »

Bit of help require please.

Yesterday I recieved a letter from A&L confirming they were refunding me £2000, yay!

However, today I got a letter (miracle) from EGG regarding a cc I used to hold with them (cancelled about 1 year ago once paid off balance).

They have offered me 780.51 plus 238.47 interest totalling £1018.98, now this is a useful sum of money to have, however, before I accept, how do I know they arent under valuing my contributions? I do not have many paper statements and cannot access online account as I closed it.

Should I contest and ask for more?

They have included the FOS leaflet and made the presumtious statement that they are sending me the cheque in the next few days.....

Any advice appreciated.

Hi there
I would request that they send you a full detailed written breakdown, that your entitled to have.
Ask if they can post them out for you for as soon as possible, hope they will do this for you, good luck.;)

di3004

Thought I would post this here, this should be useful/interesting for anyone who also has Credit Card PPI cases with the FOS as well, this is the email response my hubby received this afternoon.;) (About Lloyds TSB).

Dear Mr

Thank you for your e-mail and apologies for the delay in replying, due to me trying to get to the bottom of what is happening with your case.

I can, however, advise you that due to the large number of similar complaints this service has received concerning the sale of credit card payment protection policies by Lloyds TSB we have been in dialogue with Lloyds TSB at a high managerial level with a view to having the business settle these claims without the need to issue individual decisions on each and every case, a time and labour intensive exercise for the ombudsman involved given the number of cases currently with this service. I understand that as part of this process we are issuing what is known as a 'lead' decision to Lloyds TSB; this should hopefully be issued today.

In essence this is a decision issued by the lead ombudsman covering all the concerns this service has regarding the business' credit card sales and, if it is accepted by Lloyds TSB, we should then be able to provide the business with details of all the complaints we have received, including your own, for which we require settlement to be made. If, however, Lloyds TSB rejects the lead decision it may then be necessary to issue all of the individual decisions, though this is something we would wish to avoid for the reasons I have just stated. Whilst, therefore, the ombudsman has not issued a decision solely addressing your complaint, you are represented by this lead decision,

As with all decisions issued by this service, Lloyds TSB has a month to respond to the lead decision. I, therefore, anticipate being able to provide you with a further update on your case by this time next month.

Once again, I would apologise for the delay in replying to your e-mail and to the overall delays you are experiencing in the resolution of your complaint. I trust, however, that this e-mail goes someway to explaining the reasons for the delays and reassures you that your complaint, along with all such similar complaints against Lloyds TSB, is being progressed at the highest levels of this service.

Yours sincerely,

FOS
Tel:
Fax:

janey17

Hi thanks as Di3004 mentioned I would be very grateful for any advice that you can give regarding these calculations? I feel as if we may have paid for the single ppi added on in loan 2 again on to loan 3 ( that didnt have ppi) because when we refinanced the balance transfers would have been incorrect.

have received the paperwork from LTSB on my return from work. They state the following in their letter:

Loan 1 they state they rebated 1923.43 it was in actual fact £1892
'Calculation 1

I will calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium not been added to your loan. The difference between these figures shows that the settlement figure should have been reduced by £392.71 We will then calculate an 8% interest payment on his sum from the day the loan was settled to the day the calculation is completed.

Calculation 2

I will then calculate the amount you have paid up to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid in respect of the insurance loan and then multiplying this figure by how many months the insurance was active for, which is calculated to be £348.99.

I will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

A further 8% simple interest will be calculated on this total amount from the date of early settlement of the loan to the present date.'

Total offer £1082.11

This first loan was therefore incorrectly refinanced into loan 2

Their calculations for loan 2 are as follows:
'Calculation 1

I will calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium not been added to your loan. The difference between these figures shows that the settlement figure should have been reduced by £1036.25. We will then calculate an 8% interest payment on his sum from the day the loan was settled to the day the calculation is completed.

Calculation 2

I will then calculate the amount you have paid up to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid in respect of the insurance loan and then multiplying this figure by how many months the insurance was active for, which is calculated to be £1464,72.

I will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

A further 8% simple interest will be calculated on this total amount from the date of early settlement of the loan to the present date.'



Total offer is £3293.66

As I mentioned yesterday I have disputed the figures with LTSB. I even had a call on moblie to ask if I had received these calculations today. The figures today dont seem to offer any consideration for the fact that both loan 2 and 3 have been refinaced incorrectly- I am probably been short changed by quite a bit more than I said yesterday?


Doing some calculations myself with spreadsheets available I get the following:
OK, for Loan 1 LTSB intially quoted me £1982.11 last tues, then on Fri £1082.11 though nothing in writing as yet. I imputed the data and the raw figure before stat interest was

No. of Years5
Actual Costs (So far)Monthly Payment £ 321.11
Monthly PPI Int. £ 25.06 (B )
No. of Months Paid to Date6
PPI Interest Paid to date £ 150.38
Settlement (If applicable)Settlement Figure £ 11,759.96
PPI Kept by Lender £ 827.90
Settlement PPI Rebate £ 1,826.60
Actual Settlement £ 13,586.56
What should be refunded* £ 2,654.50

Then with interest £4295.77

Loan 2 was just about right what LLoyds quoted me £3296.66 with stat interest £5096.33
Please could anyone let me know if these look about right as I want to put these in writing and ask for immediate payment otherwise I will take legal action as its going on too long now and getting so much conflicting info from LTSB.