Lloyds ppi offer

chrisguy_2

sorry for the long post but im very confused

back in sep 08 i took out a £2000 loan i got told i had to take out the ppi or else i couldnt have it
the repayments were over 57 months were £56.11 without ppi or £74.71 a month with ppi
in sep 2009 i canceled the ppi
they redone the loan over the phone and they have said they have taken £375 that the ppi cost me off the new loan
i am now paying £60 a month for 45 months which is more than the origanal amount i would have had to pay without ppi


i have just had a letter it says
they will calculate the diffrence between the settlement balance i have paid and what it would have been had the ppi premium had not been added to the loan
they will then calculate an 8%intrest payment on this sum from the day the loan was settled to the day the calculation is completer

they will then calculate the amount i have paid up to the date of cancellation and refund back to me ( that was £375 that they took off the new loan )

they will then add 8% simple intrest per annum to each monthly payment i had made to the date the loan was settled

less the £375 they refunded but they took it off the refinaced loan

my questions are
should they have refunded me £375 instead of taking it off the new loan

should i sign the letter and send it back

also i notice that on the orignal loan paperwork someone at lloyds have dated where i should have on the ppi signature strip
.
if i didnt date it are they allowed to ? or should they have sent it back for me to date ?? or not put ppi on it at all ?

im confused and dont know what to do

di3004

chrisguy wrote: »

sorry for the long post but im very confused

back in sep 08 i took out a £2000 loan i got told i had to take out the ppi or else i couldnt have it
the repayments were over 57 months were £56.11 without ppi or £74.71 a month with ppi
in sep 2009 i canceled the ppi
they redone the loan over the phone and they have said they have taken £375 that the ppi cost me off the new loan
i am now paying £60 a month for 45 months which is more than the origanal amount i would have had to pay without ppi


i have just had a letter it says
they will calculate the diffrence between the settlement balance i have paid and what it would have been had the ppi premium had not been added to the loan
they will then calculate an 8%intrest payment on this sum from the day the loan was settled to the day the calculation is completer

they will then calculate the amount i have paid up to the date of cancellation and refund back to me ( that was £375 that they took off the new loan )

they will then add 8% simple intrest per annum to each monthly payment i had made to the date the loan was settled

less the £375 they refunded but they took it off the refinaced loan

my questions are
should they have refunded me £375 instead of taking it off the new loan

should i sign the letter and send it back

also i notice that on the orignal loan paperwork someone at lloyds have dated where i should have on the ppi signature strip
.
if i didnt date it are they allowed to ? or should they have sent it back for me to date ?? or not put ppi on it at all ?

im confused and dont know what to do

Hi there

First of all well done on your success.:beer:

When you settle one loan for another, they normally give a reduced balance by rebating so much from the previous loan, you don't actually see it but it reduces the balance (so the loan balance is less).
Then they refund you back the remainder of the PPI, plus the interest etc they have confirmed, minus the £375.
This is normally the correct procedures.

Remember as you were given a new loan without PPI, they include all the ppi in the settlement, then reduce it on settlement.

Hope this sort of helps.

And everything else in calculations are correct in the way they are refunding.
Well done.;)