Lloyds PPI - do I take offer or...?

wren_jt

Hi there,

I’ve lurked on this website for quite a while but never actually posted anything so... here goes...

Ok so, long story short, I was with Lloyds TSB for 10 years, towards the end of which I was earning very little and ended up getting in some debt. This was made worse by the ridiculously high charges imposed by Lloyds meaning that even once I was earning more, the amount of ‘charges incurred’ for initially going over my overdraft by a few pounds, ended up that they were charging me so much each month that it pushed me back over my overdraft time and time again. Not to mention the huge cost of phone bills by the time they had passed me around 4 or 5 different departments before I could speak to somebody who would look at my queries each time they made a !!!! up or I got behind in my repayments. All in all they've been an absolute nightmare and have caused huge amounts of stress. In the end I changed bank and have since been simply paying off the debt each month.

One of the debts I took out was a loan with them, for which I was told I had to have PPI, which of course I now know that I didn’t. I have written to them to reclaim it, and have received a letter saying that they are willing to pay back the payments I have made on it plus 8% interest to put me back in the same position as if I hadn’t taken the insurance out.

Part of me is thinking I should just take this offer but the other part of me is thinking that given they charged me such huge amounts for going over my overdraft (an argument I read somewhere was that if somebody had stolen some money or an item, they would not get away with it by simply giving the item / money back) – should they get away with simply giving the money back? And would I even be able to push for further compensation? It seems unfair that, as ever with these big organisations, it is one rule for them and another rule for the customer. Or would it be so much hassle chasing for this that I might as well cut my losses and take the money?

Has anyone got any thoughts on this?

Thanks for reading

x

di3004

wren_jt wrote: »

Hi there,

I’ve lurked on this website for quite a while but never actually posted anything so... here goes...

Ok so, long story short, I was with Lloyds TSB for 10 years, towards the end of which I was earning very little and ended up getting in some debt. This was made worse by the ridiculously high charges imposed by Lloyds meaning that even once I was earning more, the amount of ‘charges incurred’ for initially going over my overdraft by a few pounds, ended up that they were charging me so much each month that it pushed me back over my overdraft time and time again. Not to mention the huge cost of phone bills by the time they had passed me around 4 or 5 different departments before I could speak to somebody who would look at my queries each time they made a !!!! up or I got behind in my repayments. All in all they've been an absolute nightmare and have caused huge amounts of stress. In the end I changed bank and have since been simply paying off the debt each month.

One of the debts I took out was a loan with them, for which I was told I had to have PPI, which of course I now know that I didn’t. I have written to them to reclaim it, and have received a letter saying that they are willing to pay back the payments I have made on it plus 8% interest to put me back in the same position as if I hadn’t taken the insurance out.

Part of me is thinking I should just take this offer but the other part of me is thinking that given they charged me such huge amounts for going over my overdraft (an argument I read somewhere was that if somebody had stolen some money or an item, they would not get away with it by simply giving the item / money back) – should they get away with simply giving the money back? And would I even be able to push for further compensation? It seems unfair that, as ever with these big organisations, it is one rule for them and another rule for the customer. Or would it be so much hassle chasing for this that I might as well cut my losses and take the money?

Has anyone got any thoughts on this?

Thanks for reading

x

Hi and welcome

Well done on your PPI success.:beer:

Personally I would keep all the other matters, via overdraft separate to that of the ppi.
And maybe post on the banking thread and ask for help on there in regards of charges and the interest, see what they suggest in regards of this matter.
http://forums.moneysavingexpert.com/forumdisplay.php?f=102

Hope this sorts out for you, good luck with this.;)

wren_jt

thanks di3004 - i'll check out the other threads x

di3004

wren_jt wrote: »

thanks di3004 - i'll check out the other threads x

Your very welcome.
Good luck.;)X