Lloyds TSB want to pay PPI back on to loan.

chrisl426

Hi all ,

I'm new on here and new to the whole PPI reclaim, i followed the advice given out here using the templates provided and LLoyds TSB have offered to pay back the PPI. This was sold as a lump sum and added to the start of the loan, however although they have offered to pay it back they want to take it off the loan amount and not send a cheque out as i thought was the norm. Is this normal and are they allowed to do this?

Thanks

Chris

di3004

chrisl426 wrote: »

Hi all ,

I'm new on here and new to the whole PPI reclaim, i followed the advice given out here using the templates provided and LLoyds TSB have offered to pay back the PPI. This was sold as a lump sum and added to the start of the loan, however although they have offered to pay it back they want to take it off the loan amount and not send a cheque out as i thought was the norm. Is this normal and are they allowed to do this?

Thanks

Chris

Hi Chris and welcome.

May I ask if you have any arrears?

If not you can try by requesting that they refund this directly to you.

Did they admit liability to mis selling, or was this an offer?

Well done though.......:beer:

marshallka

chrisl426 wrote: »

Hi all ,

I'm new on here and new to the whole PPI reclaim, i followed the advice given out here using the templates provided and LLoyds TSB have offered to pay back the PPI. This was sold as a lump sum and added to the start of the loan, however although they have offered to pay it back they want to take it off the loan amount and not send a cheque out as i thought was the norm. Is this normal and are they allowed to do this?

Thanks

Chris

Hi, the only time redressing is done like this usually is if there are arrears (or have ever been arrears) on the loan. Have you any arrears at the moment? If you have not then it is fair to ask that Lloyds pay the amount over to you as you have been deprived of the monies in the first place (and also ask for 8% statutory interest too).;)

chrisl426

Thanks for your replies, i have got some arrears on the loan, but as i was deprived of the money in the first place and the addition of the ppi increased the premium i pay every month am i still within my rights to request that they pay the money to me? i've got some other reclaims going on so will keep you posted.

Thanks

marshallka

chrisl426 wrote: »

Thanks for your replies, i have got some arrears on the loan, but as i was deprived of the money in the first place and the addition of the ppi increased the premium i pay every month am i still within my rights to request that they pay the money to me? i've got some other reclaims going on so will keep you posted.

Thanks

You can certainly try that way but I would think they would still take the arrears from it. Hope you get it sorted and keep us posted.;)

di3004

Sometimes as well once the arrears are cleared the remaining comes back to you if any left from the refund.;)

But yes as Marshallka also says, give it a go, good luck.

sharon666

hi di

wanted to ask a question, i paid ppi up front on one of my loans, 6,000 then interest on that, a monthly payment of £93 pounds per month, if they take the ppi off do they also give you back, all the money you have paid also? the 93 pounds a month i mean?
sharon666

di3004

sharon666 wrote: »

hi di

wanted to ask a question, i paid ppi up front on one of my loans, 6,000 then interest on that, a monthly payment of £93 pounds per month, if they take the ppi off do they also give you back, all the money you have paid also?
sharon666

Hi Sharon hunni, hope your well.;)

Right they should refund ALL what you have paid in PPI, and interest, and you can also request the 8% of what a court would award.

If the loan is still running, they will then reduce your monthly loan repayments, as if you did not have PPI.;)

Hope this helps hun.:D

Di
Xxx

di3004

Sharon this link below is useful as well, its how the FOS works out refunds.
http://forums.moneysavingexpert.com/showthread.html?t=1596473

Di
XXx

sharon666

hi di

good morning, to you, thanks for your reply, great advice has alwaysxxxi understand , thanks for making it clear, if i get any new news today, i will post up,
sharon:A:A:A:A:A:A:A:A

mangle101

Hi Sharon hunni, hope your well.;)

Right they should refund ALL what you have paid in PPI, and interest, and you can also request the 8% of what a court would award.

If the loan is still running, they will then reduce your monthly loan repayments, as if you did not have PPI.



Don't forget to arrange alternative cover, just to be on the safe side!