Help with Lloyds loan PPI

diamond_mum

We sent off our first letter asking for a refund on the PPI on the loan we have with them. This is our first claim for PPI.

Had a reply this morning and not sure what to do next?

Our loan which we took out in July 2007 was for £3,300 and the PPI over the 5 years would be £1,147.96 plus interest.

Here is what Lloyds have offered us.....

we will calculate the amount of your rebate on the pro-rata basis if you do decide to cancel your policy early, meaning it will be calculated on the actual amount of time you will have had the policy.

If you choose to cancel your loan protection insurance you would currently receive a rebate of approximately £177.93. However, as you are a valued customer of Lloyds TSB I am willing to back date your cancellation to the date we first received your complaint and offer you a proportionate rebate on this policy. Should you wish to cancel your policy, I am prepared to backdate the cancellation of your policy to 8th March 2010 when we first received your complaint. You will receive a rebate of approximately £533.74 using the pro-rata basis we are prepared to offer.

not sure what to do now? They also said this it there final response. Should we go to the fos now?

di3004

diamond_mum wrote: »

We sent off our first letter asking for a refund on the PPI on the loan we have with them. This is our first claim for PPI.

Had a reply this morning and not sure what to do next?

Our loan which we took out in July 2007 was for £3,300 and the PPI over the 5 years would be £1,147.96 plus interest.

Here is what Lloyds have offered us.....

we will calculate the amount of your rebate on the pro-rata basis if you do decide to cancel your policy early, meaning it will be calculated on the actual amount of time you will have had the policy.

If you choose to cancel your loan protection insurance you would currently receive a rebate of approximately £177.93. However, as you are a valued customer of Lloyds TSB I am willing to back date your cancellation to the date we first received your complaint and offer you a proportionate rebate on this policy. Should you wish to cancel your policy, I am prepared to backdate the cancellation of your policy to 8th March 2010 when we first received your complaint. You will receive a rebate of approximately £533.74 using the pro-rata basis we are prepared to offer.

not sure what to do now? They also said this it there final response. Should we go to the fos now?

Hi there

This can be a little tricky but of course if this was not the final response, you can always write again to ask them to reconsider a higher amount, or still claim you were mis sold and request to be refunded ALL you have paid in PPI, plus interest, and 8% interest of what a court would award for being deprived of your money.

So this then was an offer I take it?

diamond_mum

Yeah this is there offer.

di3004

diamond_mum wrote: »

Yeah this is there offer.

Hi hun

I have also wrote this on other posts as well, but we complained of a few loan ppi's against LLoyds TSB, they came back with offers in Jan this year, but we noted they missed most of the findings and it was like most people's fob off standard decisions.
However they made a few mistakes as well on dates.

Even though it was final I had taken a chance by giving them 14 days to let me know, as I wrote back and mentioned about the findings, and they missed most of them, and asked them to reconsider, even though they given the final response.
They did reconsider then upheld in our favour, still waiting for the payouts though.

So its is up to you, if you think they have overlooked and missed anything you could also write to them and ask them to take another look despite being given the final response, make your points to them and contact them before the 14 days are out to ask if they are reviewing your complaint for you, or email the Customer Care dept to make them aware your waiting to hear from the After care refunds team about a review decision, if they confirm they are not reviewing then move on to the FOS.
[EMAIL="Customer.Care.Insurance@lloydsTsb.co.uk"]Customer.Care.Insurance@lloydsTsb.co.uk[/EMAIL]

So of course its up to you here, depending if your satisfied with the decision or not, either way, the best of luck.:beer: