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Lloyds LPI Reclaim Update
Mikey40
Posts: 15 Forumite
It's been a while since I've posted on here as I have been waiting for Lloyds TSB to get back to me regarding my claim of missold LPi on loans I've had over last 8 years with them. Please see the details below, I've started with a recap of my loans andthe details on them, then highlight Lloyds response to them and their findings, I then finish with some queries of my own! I would be massively grateful for any help or advice anyone can give before I sit down and draft a response to them and looking likely the FOS too, especially with the figures I've given and the ones they've replied with...
Right, 4 days before the deadline for Lloyds to reply I've had a letter back! I'm going to list my loan details and then move onto Lloyds findings, the highlights only! Any thoughts or help would be most appreciated, especially with the maths and what I should be looking for, it's not me strong point! Well if you are sitting comfortably, here goes...!
Loan A (************)
Loan £10,000. LPI advance of £2,143.03
Period covered - 19th October 2001 - 31st July 2002
Interest Rate - 9.96% per annum, applied throughout period of statement
Terms of Agreement - 60 months
Paid in 9 payments of £257.76 per month. Interest payments 10
Final payment when loan updated - £10,689.54 31/7/2002
Loan B (***********)
Loan £11.100.00. LPI advance £2,455.59
Period covered - 26th July 2002 to 15th May 2003
Interest Rate - 11.34% per annum
Terms of Agreement: 60 months
Loan rebate when settled: £1643.77
Paid in 9 payments of £297.04. Interest charged 10 payments
Loan updated 15/5/2003. Bal Transferred £12,054.76
Loan C (***********)
Loan £15,000. LPI advance £3,249.95
Period covered - 15th May 2003 to 15th April 2005
Interest Rate - 10.43%
Terms of Agreement: 60 months
Loan rebate when settled: £1,181.36
Paid in 23 payments of £391.67. Interest payments 24
Loan updated 15/4/2005. Bal transferred £11,130.19
Loan D (***********)
Personal Loan £15,000. LPI advance £3,341.58
Period covered - 15th April 2005 to 13th February 2007
Interest Rate - 10.43%
Terms of Agreement: 60 months
Loan rebate when settled - £1,257.55
Loan updated 13/02/2007. Bal transferred £11,660.08
Paid in 22 payments of £393.63. Interest charged 23 payments
Loan E (************)
Cashback Loan £15,000. LPI advance of £4,580.92
Period covered - 13th February 2007 to present
Interest Rate - 11.33%
Terms of Agreement - 84 months
Paid in so far - 23 payments of £338.77. Interest 23 payments
Phew! There’s more… Lloyds findings in brief…
Loans A-C
Have rejected my complaints
My Concerns (Across the 3 loans, A-C)
Sales person failed to advise the optional nature of loan, felt obliged to take as part of loan
Not made aware that alternative policies were available elsewhere
Sales person had no proper financial background to recommend the best policies and information
No discussions took place about any alternative products I may have had
Lloyds Findings
They did not lead customers to believe that the insurance was compulsory or that the application for credit would be compromised in the absence of cover. See Consumer Credit Agreement…
The single premium insurance policy was the only policy of its nature available through Lloyds to protect loans sold by our sellers at the time of the policies were sold. Lloyds TSB are only authorised and regulated to offer advice and information on products so by them
Lloyds TSB provide training to all sellers of PPI. Issued with general Insurance Standards Council (GISC) Code which set out guidelines and workbook to complete… etc… Lloyds TSB sellers clearly had a finacial background and were trained to recommend LPI in the event that it matched a customer’s requirements
Decision
Loan A. pro-rata rebate would have amounted to £1,804.84. They would like to offer the difference of £370.30. Their final response…
Loan B. pro-rata would have amounted to £2057.31. They would like to offer difference of £413.54. Their final response…
Loan C. pro-rata would have amounted to £1,998.74. They would like to offer the difference of £817.38. Their final response…
Loans D & E
Have Upheld my complaint…
They propose to for Loan E:
A) calculate a refund of the PPI monthly payments that you have paid to date and
calculate simple interest at 8% per annum on each of the PPI monthly payments
They add the redress remedy that an adjudicator at the fos would make in your favour…
Propose for Loan D
Do two calculations:
One
1) 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
2) will then calculate an 8% interest payment on this sum from the day the loan was settled to the day the calculation is completed
Two
They will then calculate the amount you have paid up to the date of the cancellation and refund this back you…
The partial rebate in respect of the insurance of £1,257.55 on 14th February 2007, will be taken into consideration when calculating refund.
For the above two loans, it’s their final offer…
Think that just about covers their response in brief…
Immediate Questions and Queries
*Why have they only upheld my claim on two of the most recent loans, when the reasons for making the claim for all the loans are the same across the board?
* No settlement figure for the upheld loans
* Aside issue, I started an IPP plan in 2001 with Scottish Widows, connected to Lloyds, in their response they are saying they have no record of this even though I gave them the policy number. Surely this comes under the claim of not being aware of other similar policies I may have had?
* How can they say the people are qualified in the field of selling LPI when all they are doing is selling their own products!
I’m sure there are more queries, hopefully you good people can highlight any for me, and also help with dissecting the figures as this is where I am really struggling. Would like to go back to them with a really good response and with the intention of asking the fos to investigate the claims on all the loans, and not settle for what they are currently offering.
Any help much appreciated…
Mikey40:(
Right, 4 days before the deadline for Lloyds to reply I've had a letter back! I'm going to list my loan details and then move onto Lloyds findings, the highlights only! Any thoughts or help would be most appreciated, especially with the maths and what I should be looking for, it's not me strong point! Well if you are sitting comfortably, here goes...!
Loan A (************)
Loan £10,000. LPI advance of £2,143.03
Period covered - 19th October 2001 - 31st July 2002
Interest Rate - 9.96% per annum, applied throughout period of statement
Terms of Agreement - 60 months
Paid in 9 payments of £257.76 per month. Interest payments 10
Final payment when loan updated - £10,689.54 31/7/2002
Loan B (***********)
Loan £11.100.00. LPI advance £2,455.59
Period covered - 26th July 2002 to 15th May 2003
Interest Rate - 11.34% per annum
Terms of Agreement: 60 months
Loan rebate when settled: £1643.77
Paid in 9 payments of £297.04. Interest charged 10 payments
Loan updated 15/5/2003. Bal Transferred £12,054.76
Loan C (***********)
Loan £15,000. LPI advance £3,249.95
Period covered - 15th May 2003 to 15th April 2005
Interest Rate - 10.43%
Terms of Agreement: 60 months
Loan rebate when settled: £1,181.36
Paid in 23 payments of £391.67. Interest payments 24
Loan updated 15/4/2005. Bal transferred £11,130.19
Loan D (***********)
Personal Loan £15,000. LPI advance £3,341.58
Period covered - 15th April 2005 to 13th February 2007
Interest Rate - 10.43%
Terms of Agreement: 60 months
Loan rebate when settled - £1,257.55
Loan updated 13/02/2007. Bal transferred £11,660.08
Paid in 22 payments of £393.63. Interest charged 23 payments
Loan E (************)
Cashback Loan £15,000. LPI advance of £4,580.92
Period covered - 13th February 2007 to present
Interest Rate - 11.33%
Terms of Agreement - 84 months
Paid in so far - 23 payments of £338.77. Interest 23 payments
Phew! There’s more… Lloyds findings in brief…
Loans A-C
Have rejected my complaints
My Concerns (Across the 3 loans, A-C)
Sales person failed to advise the optional nature of loan, felt obliged to take as part of loan
Not made aware that alternative policies were available elsewhere
Sales person had no proper financial background to recommend the best policies and information
No discussions took place about any alternative products I may have had
Lloyds Findings
They did not lead customers to believe that the insurance was compulsory or that the application for credit would be compromised in the absence of cover. See Consumer Credit Agreement…
The single premium insurance policy was the only policy of its nature available through Lloyds to protect loans sold by our sellers at the time of the policies were sold. Lloyds TSB are only authorised and regulated to offer advice and information on products so by them
Lloyds TSB provide training to all sellers of PPI. Issued with general Insurance Standards Council (GISC) Code which set out guidelines and workbook to complete… etc… Lloyds TSB sellers clearly had a finacial background and were trained to recommend LPI in the event that it matched a customer’s requirements
Decision
Loan A. pro-rata rebate would have amounted to £1,804.84. They would like to offer the difference of £370.30. Their final response…
Loan B. pro-rata would have amounted to £2057.31. They would like to offer difference of £413.54. Their final response…
Loan C. pro-rata would have amounted to £1,998.74. They would like to offer the difference of £817.38. Their final response…
Loans D & E
Have Upheld my complaint…
They propose to for Loan E:
A) calculate a refund of the PPI monthly payments that you have paid to date and
calculate simple interest at 8% per annum on each of the PPI monthly paymentsThey add the redress remedy that an adjudicator at the fos would make in your favour…
Propose for Loan D
Do two calculations:
One
1) 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
2) will then calculate an 8% interest payment on this sum from the day the loan was settled to the day the calculation is completed
Two
They will then calculate the amount you have paid up to the date of the cancellation and refund this back you…
The partial rebate in respect of the insurance of £1,257.55 on 14th February 2007, will be taken into consideration when calculating refund.
For the above two loans, it’s their final offer…
Think that just about covers their response in brief…
Immediate Questions and Queries
*Why have they only upheld my claim on two of the most recent loans, when the reasons for making the claim for all the loans are the same across the board?
* No settlement figure for the upheld loans
* Aside issue, I started an IPP plan in 2001 with Scottish Widows, connected to Lloyds, in their response they are saying they have no record of this even though I gave them the policy number. Surely this comes under the claim of not being aware of other similar policies I may have had?
* How can they say the people are qualified in the field of selling LPI when all they are doing is selling their own products!
I’m sure there are more queries, hopefully you good people can highlight any for me, and also help with dissecting the figures as this is where I am really struggling. Would like to go back to them with a really good response and with the intention of asking the fos to investigate the claims on all the loans, and not settle for what they are currently offering.
Any help much appreciated…
Mikey40:(
0
Comments
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Hi Mikey
I'm sure someone will be here at some point to take a look at these for you.
Were all these the final decisions?
May I ask if they dealt with these separately, even though you have one account number for each one, did they investigate them under one ref number where the offer of acceptance is all on one form sort of thing?
Good luck, will keep a check on your post, and hopefully someone will be here soon.;)
I was going to mention if this was not the final response, then on the ones they rejected write back to them again if they have given you the chance to do so, but I bet they put them on on one acceptance form with offers and not holding any liability?The one and only "Dizzy Di"
0 -
di3004
Many thanks for the reply, was getting a little desperate no one was going to reply, can't blame them it is a little long! ha! Answering each of your queries... all five loans have their own account numbers, were dealt individually on the reply, i.e. complaint, finding and decision, basically had a long letter explaining each loan. They put the last two loans together, the ones where they upheld my compaint and then separated the other three. They are all final offers. Suppose the next thing is to write back to them asking them for figures for the upheld loans, I'm not signing anything until I know a bit more! And as for the three other loans, maybe get in touch with the FOS? Or would it be better to keep them all together and procede from there? Hope some other posters will come on help, it's all the maths that's confusing me!! Thanks for posting.
Mikey40:)0 -
di3004
Many thanks for the reply, was getting a little desperate no one was going to reply, can't blame them it is a little long! ha! Answering each of your queries... all five loans have their own account numbers, were dealt individually on the reply, i.e. complaint, finding and decision, basically had a long letter explaining each loan. They put the last two loans together, the ones where they upheld my compaint and then separated the other three. They are all final offers. Suppose the next thing is to write back to them asking them for figures for the upheld loans, I'm not signing anything until I know a bit more! And as for the three other loans, maybe get in touch with the FOS? Or would it be better to keep them all together and procede from there? Hope some other posters will come on help, it's all the maths that's confusing me!! Thanks for posting.
Mikey40:)
Lol, your welcome Mike, and its always best to make sure on each one of them in case something is amiss.
On the ones they have not upheld and given final decisions for maybe you could take these ones to the FOS, as they dealt with them as several ones.
I am hopeless at maths to be honest
:D, but someone will I'm sure check them for you hopefully sometime today.
Good luck with this Mikey, you will get there in the end.:)
DiThe one and only "Dizzy Di"0 -
Hi all i have recieved a letter today off barclays,saying that they are looking into my misselling case.They have enclosed a questionaire for me to fill in and return to them.i was just wondering is this standard procedure and do i write another letter with this questionaire?Or do i fill in the questionaire and send it alone?
Also are they trying to trip me up with the questions as they are complaint details,point of sale details and some questions which i believe are sort of yes/no.would yes/no be appropriate as answers?
Any help would be great.
thanks Darren.0 -
Hi all i have recieved a letter today off barclays,saying that they are looking into my misselling case.They have enclosed a questionaire for me to fill in and return to them.i was just wondering is this standard procedure and do i write another letter with this questionaire?Or do i fill in the questionaire and send it alone?
Also are they trying to trip me up with the questions as they are complaint details,point of sale details and some questions which i believe are sort of yes/no.would yes/no be appropriate as answers?
Any help would be great.
thanks Darren.
Hi darrenk, this is standard procedure we got one too, filled it in to the best of my knowledge, the questions I was unsure of asked them to refer to original letter (i enclosed a copy of this) and asked them to refer also to their own records. This worked we got a refund. Good luck:)0 -
Ah thank you donotpassgo,i was abit dumbfounded when asked to fill a questionaire in.lol.i shall get that filled out right away with a copy of my original letter,
Thanks again for your advice.
darren.0 -
-
Hi all just finished my questionaire for barclays and i must say it looks rather naff.
It looks like im no help to there investigations at all as ive basically put (please refer to your own records or please refer to my original letter )on nearly all questions.will this be ok or shall i try and add more?
Any help please.
Darren.0 -
Hi all just finished my questionaire for barclays and i must say it looks rather naff.
It looks like im no help to there investigations at all as ive basically put (please refer to your own records or please refer to my original letter )on nearly all questions.will this be ok or shall i try and add more?
Any help please.
Darren.
Hi Darren, I am aware aware most does this, afterall they should still hold your details on your account, so if they need to check anything in regards of the sale, all they have to do is check your records.;)The one and only "Dizzy Di"0 -
Hi all just finished my questionaire for barclays and i must say it looks rather naff.
It looks like im no help to there investigations at all as ive basically put (please refer to your own records or please refer to my original letter )on nearly all questions.will this be ok or shall i try and add more?
Any help please.
Darren.[/QUOT
Hi i got one of these Darren i just filled in what i could remember mine looked naff too lol but i recieved £1800 back after a 5 month wait .Barclaycard are behind so you will have to wait after 8 weeks i rang up weekly to chase them up Good Luck Sunny0
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