Lloyds tsb response letter help please

lilygirl

I have just received a four page final response letter from Lloyds TSB. Every one of my concerns has been rejected but on the very last page they say that as a gesture of goodwill that if I choose to cancel the ppi I would receive a rebate of £2326.53 but as I am a valued customer they are willing to back date my cancellation to March 09 when they first received my complaint & will refund me £3968.54 using the proportionate basis! They also go on to say that this amount will be credited to the loan account to pay off the arrears! The arrears are only for 1 months payment can they do this or can I request that they pay me back the money less the 1 month payment that is in arrears. Also if I cancel the PPI do I have to take out a new loan? I would be very grateful for any help on this

di3004

lilygirl wrote: »

I have just received a four page final response letter from Lloyds TSB. Every one of my concerns has been rejected but on the very last page they say that as a gesture of goodwill that if I choose to cancel the ppi I would receive a rebate of £2326.53 but as I am a valued customer they are willing to back date my cancellation to March 09 when they first received my complaint & will refund me £3968.54 using the proportionate basis! They also go on to say that this amount will be credited to the loan account to pay off the arrears! The arrears are only for 1 months payment can they do this or can I request that they pay me back the money less the 1 month payment that is in arrears. Also if I cancel the PPI do I have to take out a new loan? I would be very grateful for any help on this

Hi Lilygirl

Wow, so they are willing to deal with this then, that's good as its Lloyds TSB :T:T, if your happy with that amount depending if there are huge difference in the original amount etc...

If there is only one month in arrears then fair enough, but ask if they can pay your direct with a cheque with what is left of the refund, you have a right to ask for this, as its only a month that your in arrears.

Good luck and good one.:T:beer:

lilygirl

Thanks for the response Di I really appreciate your help - do you know if it is my right to ask them to refund me & not pay it back to the loan & also if I cancel the PPI do I have to take out a new loan - thanks

di3004

lilygirl wrote: »

Thanks for the response Di I really appreciate your help - do you know if it is my right to ask them to refund me & not pay it back to the loan & also if I cancel the PPI do I have to take out a new loan - thanks

With pleasure lilygirl.;)

Did they not suggest a new loan to pay off the existing one, and this new one will be without the PPI?
I would contact them direct to ask just to be sure as they all work differently.

But in my opinion, I think its fair for them to pay towards the arrears and I would definately ask if they can pay you the remainder of the refund directly to you.
Give it a go hun, there is no harm in asking.
Its your money and you have been out of pocket.;)
Good luck. X

lilygirl

No there is no mention of a new loan but I have read a lot of other posts that suggest this is what you have to do. I will send a letter by recored delivery on Monday saying I accept their offer but only if they pay me the balance after knocking off the arrears. I will let you know the outcome - thanks Di

di3004

lilygirl wrote: »

No there is no mention of a new loan but I have read a lot of other posts that suggest this is what you have to do. I will send a letter by recored delivery on Monday saying I accept their offer but only if they pay me the balance after knocking off the arrears. I will let you know the outcome - thanks Di

It seems they are not doing it this way with yours then or I think they would have said that in the letter, but if you want to make sure with them, if they do suggest a new loan, make sure the rate is equal to that of the first loan or better.;)X

lilygirl

thanks Di - will do I'll let you know the outcome - fingers crossed

di3004

lilygirl wrote: »

thanks Di - will do I'll let you know the outcome - fingers crossed

Your welcome lilygirl, fingers crossed for you and we look forward to hearing the outcome.;)X

jos004

lilygirl wrote: »

The arrears are only for 1 months payment can they do this or can I request that they pay me back the money less the 1 month payment that is in arrears.

If they told you, you had to take out PPI on the loan; you CAN get them to send you a cheque, based upon the fact, the PPI was unfair/un-necessary.

A contributor to this website, got back his PPI from Capital One, in form of a cheque; by argueing the PPI payments had pushed him into debt, on his credit card. Prior to this, Cap One were going to pay all the money to his debt collection company.