Lloyds PPI - Settlement offer - not the amount I expected - help!

clairey22

Hello all,

I went through the FOS and they found in my favour. I completed the acceptance slip and sent it off a month ago. I have just received a letter from Lloyds to say they will be paying in my settlement to my current account within 21 days.

They have said there were "60 monthly installments totalling £2312.40" which is what they are paying me plus 8% simple interest (£2016.24) plus the FOS goodwill (£200).

However, my loans (there were 2 in the complaint not 1!!) had insurance added as lump sums not monthly payments! The first loan taken out in early 1998 had a PPI payment of £1221.12 added on to it. This was consolidated into another loan later in 1998 and PPI of £1836.16 was added again to the loan amount.

Therefore, should they not be paying me the two lump sum payments of £1221.12 and £1836.16 back plus the 8% interest and £200?

Thanks for your advice!
Claire

di3004

clairey22 wrote: »

Hello all,

I went through the FOS and they found in my favour. I completed the acceptance slip and sent it off a month ago. I have just received a letter from Lloyds to say they will be paying in my settlement to my current account within 21 days.

They have said there were "60 monthly installments totalling £2312.40" which is what they are paying me plus 8% simple interest (£2016.24) plus the FOS goodwill (£200).

However, my loans (there were 2 in the complaint not 1!!) had insurance added as lump sums not monthly payments! The first loan taken out in early 1998 had a PPI payment of £1221.12 added on to it. This was consolidated into another loan later in 1998 and PPI of £1836.16 was added again to the loan amount.

Therefore, should they not be paying me the two lump sum payments of £1221.12 and £1836.16 back plus the 8% interest and £200?

Thanks for your advice!
Claire

Hi Claire

Well done and Congratulations.:beer::T:beer:

As the FOS been dealing with this I would contact the adjudicator working on your case to check this out for you, they should be able to do this for you.
If not they may suggest this has to be done separately.
Good luck and please keep us informed X

di3004

Claire

Check this link out here as well, its how the FOS calculate refunds, hope this helps.;)
http://forums.moneysavingexpert.com/showthread.html?t=1596473

marshallka

clairey22 wrote: »

Hello all,

I went through the FOS and they found in my favour. I completed the acceptance slip and sent it off a month ago. I have just received a letter from Lloyds to say they will be paying in my settlement to my current account within 21 days.

They have said there were "60 monthly installments totalling £2312.40" which is what they are paying me plus 8% simple interest (£2016.24) plus the FOS goodwill (£200).

However, my loans (there were 2 in the complaint not 1!!) had insurance added as lump sums not monthly payments! The first loan taken out in early 1998 had a PPI payment of £1221.12 added on to it. This was consolidated into another loan later in 1998 and PPI of £1836.16 was added again to the loan amount.

Therefore, should they not be paying me the two lump sum payments of £1221.12 and £1836.16 back plus the 8% interest and £200?

Thanks for your advice!
Claire

That depends if you actually paid all the two amounts. When you settled the first loan to consolidate it into the next one you would have had a rebate against the insurance. You need a complete breakdown of the settlement of the first loan before you can really get the figures checked and see what amount they rebated for the insurance.