FOS Letter re PPI from Lloyds TSB

Munchie

Hi everyone

I have been trying to reclaim the PPI on my Dad's loan since last year.

Lloyds TSB told me to go away basically so I got the FOS involved.

I received a letter on Saturday from FOS stating that following their involvement "Eisis Ltd" (which I presume is the insurance company that received the premiums) had agreed to make an offer in settlement.

However it goes on to say that the settlement will be based on the general approach that the FOS takes when deciding a consumer has been mis-sold a PPI policy.

It goes on to outline how they will work out the settlement depending on if the loan has run its course etc etc.

They have asked they we sign a settlement form to confirm our acceptance of the offer as full and final settlement and we have to do this before 29 September 2010.

My question is how can we sign a form accepting full and final settlement when we haven't been told how much we will get back?

Any advice as to what I should do now?

Thanks

robbedofmymoney

hi,

this is standard practice,
as they will be refunding in line with the FOS guidelines there is nothing to worry about.

once you sign the offer agreement, they will send you a full breakdown, and then shortly afterwards the money will be paid to you.

this is the way all Lloyds Group work on PPI refunds.

well done on your win:beer:

Munchie

Thanks for that - will get the form signed and sent off today

di3004

Munchie wrote: »

Hi everyone

I have been trying to reclaim the PPI on my Dad's loan since last year.

Lloyds TSB told me to go away basically so I got the FOS involved.

I received a letter on Saturday from FOS stating that following their involvement "Eisis Ltd" (which I presume is the insurance company that received the premiums) had agreed to make an offer in settlement.

However it goes on to say that the settlement will be based on the general approach that the FOS takes when deciding a consumer has been mis-sold a PPI policy.

It goes on to outline how they will work out the settlement depending on if the loan has run its course etc etc.

They have asked they we sign a settlement form to confirm our acceptance of the offer as full and final settlement and we have to do this before 29 September 2010.

My question is how can we sign a form accepting full and final settlement when we haven't been told how much we will get back?

Any advice as to what I should do now?

Thanks

Congratulations on your success.:T:beer::j

As Robbedofmymoney says, its how Lloyds works, and your able to request for a detailed breakdown of the account too.;)

davie1888

Hi this post was handy as I've just come on to search for information
I've just received the same letter as Munchie this morning, although my loan is with Blackhorse, could someone give me a idea on the timescale for settlement after signing form.

Thanks
Davie

di3004

davie1888 wrote: »

Hi this post was handy as I've just come on to search for information
I've just received the same letter as Munchie this morning, although my loan is with Blackhorse, could someone give me a idea on the timescale for settlement after signing form.

Thanks
Davie

Hiya Davie

If you hear nothing by say 4 weeks (month) then chase them up to ask of when you should be receiving your refund, sometimes it can be up to 45 days, but mostly they say about 21 working days after they receive your acception.
Well done.:beer:

mrs_skint

Hi guys

Received my letter today as well! It's a Barclays PPI claim on a mortgage. Anyone know how long it takes for Barclays to settle after I send in the acceptance form? Thanks to all who have helped me in the past xxxxx

davie1888

That's great Di thanks very much for the quick response

Davie

di3004

mrs_skint wrote: »

Hi guys

Received my letter today as well! It's a Barclays PPI claim on a mortgage. Anyone know how long it takes for Barclays to settle after I send in the acceptance form? Thanks to all who have helped me in the past xxxxx

Hi and well done to you too.:beer:

I would as I said in my above post, if you receive nothing by the month after they received your acceptance, give them a ring to chase them up.
Hope your not waiting too long, fingers crossed.;)XX

di3004

davie1888 wrote: »

That's great Di thanks very much for the quick response

Davie

Your very welcome Davie.;)

mrs_skint

Thanks Di you're a star! xxx