Lloyds loan PPI - Help please!

liberty_lily

Hi there,

My OH and I each have a loan with Lloyds and are about to try to reclaim mis-sold PPI. At the time of taking out the loans I was a house-wife with no form of employment and we were both told we could only have the loans if we took out the PPI also.

I would like some help please with working out how much we can attempt to reclaim.

My loan was for £6000 and the PPI of £1685.19 was front-loaded.

The repayments for the loan are £144.08 per month of which £112.49 is the loan and £31.59 is PPI.

The loan term is 7 years and I have so far made 34 payments totalling £4898.72.

According to the loan agreement the monthly interest is 1.17% and the APR at the time was 14.9%.

On my husband's loan the figures are as follows -

Loan amount £10,000.

Front-loaded PPI £2591.91

The repayments are £217.86 per month of which £173.02 is the loan and £44.84 is PPI.

The loan term is 7 years and so far he has made 33 payments totalling £7189.38.

His monthly interest is 0.94% and the APR was 11.9%.

Many apologies for the long post but I am hoping someone out there can help me with this please!

Thank you,

Lily x

di3004

liberty_lily wrote: »

Hi there,

My OH and I each have a loan with Lloyds and are about to try to reclaim mis-sold PPI. At the time of taking out the loans I was a house-wife with no form of employment and we were both told we could only have the loans if we took out the PPI also.

I would like some help please with working out how much we can attempt to reclaim.

My loan was for £6000 and the PPI of £1685.19 was front-loaded.

The repayments for the loan are £144.08 per month of which £112.49 is the loan and £31.59 is PPI.

The loan term is 7 years and I have so far made 34 payments totalling £4898.72.

According to the loan agreement the monthly interest is 1.17% and the APR at the time was 14.9%.

On my husband's loan the figures are as follows -

Loan amount £10,000.

Front-loaded PPI £2591.91

The repayments are £217.86 per month of which £173.02 is the loan and £44.84 is PPI.

The loan term is 7 years and so far he has made 33 payments totalling £7189.38.

His monthly interest is 0.94% and the APR was 11.9%.

Many apologies for the long post but I am hoping someone out there can help me with this please!

Thank you,

Lily x

Hi Lily

You do have a case here as this would not have covered yourself, check this out here in regards of PPI reclaiming
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

There are other reasons as well, and a template letter you can use, but try to use your own words and add your reasons, check to make sure in case there are more reasons to add, they have 8 weeks to respond in full, post by recorded delivery for your proof of posting etc.

Another letter maybe required if fobbed off first time round, let us know and we can guide you through that as well.

In regards to your calculations, if you post on the reclaiming discusssion thread, top of the page, I am sure they will get checked over for you, Turbo posts on that thread and is good with working these out, and he should be able to take a look at them for you.

Good luck and let us know if you require any further help.;)

liberty_lily

Hi Di!

Thank you for your advice - I will definitely go ahead with the letters regarding mis-selling tomorrow.

I have found a PPI calculator and worked out what I believe we are owed, so I am more determined now than ever to go ahead!

Thanks again.

Regards,

Lily x

di3004

liberty_lily wrote: »

Hi Di!

Thank you for your advice - I will definitely go ahead with the letters regarding mis-selling tomorrow.

I have found a PPI calculator and worked out what I believe we are owed, so I am more determined now than ever to go ahead!

Thanks again.

Regards,

Lily x

Hi Lily

Well done :T and all the best with this.
Your well prepared then ?;)

If you do want any calculations looked at for you, just to double check if you post your figures on the above/top of the page on the discussion thread I'm sure Turbo will be happy to take a look for you, if you want to.;)

Please keep us posted, cheers.

Di
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