Roughly How Much?

Munchie

Lloyds TSB have finally agreed to pay my Dad his ppi payments back on a loan he took out in May 2005.

They have stipulated in a letter that the loan was for a certain amount and then another amount of approx £1,700 to purchase the ppi.

They have said that they will calculate a refund of the ppi monthly payments paid to date, calculate simple interest at 8% per annum on each of the monthly ppi payments that have been made and calculate simple interest at 8% per annum on the total amount of ppi paid.

The letter does not actually give the total amount that my dad will get but they want him to sign a copy of the letter as confirmation that he is happy with what he will get back.

Does anyone know approx how much he will get back as he wants to know before he signs and returns the letter.

Thanks

debt55

Munchie wrote: »

Lloyds TSB have finally agreed to pay my Dad his ppi payments back on a loan he took out in May 2005.

They have stipulated in a letter that the loan was for a certain amount and then another amount of approx £1,700 to purchase the ppi.

They have said that they will calculate a refund of the ppi monthly payments paid to date, calculate simple interest at 8% per annum on each of the monthly ppi payments that have been made and calculate simple interest at 8% per annum on the total amount of ppi paid.

The letter does not actually give the total amount that my dad will get but they want him to sign a copy of the letter as confirmation that he is happy with what he will get back.

Does anyone know approx how much he will get back as he wants to know before he signs and returns the letter.

Thanks

is the loan fully paid up?

di3004

Munchie wrote: »

Lloyds TSB have finally agreed to pay my Dad his ppi payments back on a loan he took out in May 2005.

They have stipulated in a letter that the loan was for a certain amount and then another amount of approx £1,700 to purchase the ppi.

They have said that they will calculate a refund of the ppi monthly payments paid to date, calculate simple interest at 8% per annum on each of the monthly ppi payments that have been made and calculate simple interest at 8% per annum on the total amount of ppi paid.

The letter does not actually give the total amount that my dad will get but they want him to sign a copy of the letter as confirmation that he is happy with what he will get back.

Does anyone know approx how much he will get back as he wants to know before he signs and returns the letter.

Thanks

Hiya

Well done on your dad's success.:beer:
And for your work gone into this too.;)

That is the thing with Lloyds, they never let you know the full refund amount, but the way they have worded it, its back to the position as if PPI was not taken out, he will receive all they have stated, in the same guidelines as the FOS (Financial ombudsman service).

You could ask them for a total, email the dept, remember to give the claim ref number.

[EMAIL="customer.care.insurance@lloydstsb.co.uk"]customer.care.insurance@lloydstsb.co.uk[/EMAIL]

I am not good at calculations, but others on here are, you are welcome to post the amount of loan, ppi, the date settled and so on, they will let you know if they require further details, and will work them out for you.;)

patricia50

I have been offered a settlement by Lloyds tsb of a refund of all my ppi payments to date plus 8%. |They have not given me a figure but are asking me to sign the form and send it back to get the money paid into my account. Can anyone tell me if they think this is a fair offer. They replied quickly after one letter and I would like to get this done and dusted asap:)

Munchie

debt55 wrote: »

is the loan fully paid up?

Yes the loan is fully paid up.

debt55

Munchie wrote: »

Yes the loan is fully paid up.

well on that basis he should get around the 1850-1900 mark.

i had two loans settled by lloyds and they do settle them correctly.

get it signed and sent back asap.

Munchie

di3004 wrote: »

Hiya

Well done on your dad's success.:beer:
And for your work gone into this too.;)

That is the thing with Lloyds, they never let you know the full refund amount, but the way they have worded it, its back to the position as if PPI was not taken out, he will receive all they have stated, in the same guidelines as the FOS (Financial ombudsman service).

You could ask them for a total, email the dept, remember to give the claim ref number.

[EMAIL="customer.care.insurance@lloydstsb.co.uk"]customer.care.insurance@lloydstsb.co.uk[/EMAIL]

I am not good at calculations, but others on here are, you are welcome to post the amount of loan, ppi, the date settled and so on, they will let you know if they require further details, and will work them out for you.;)

His loan was for £7,500, the ppi was £1,700. The loan was taken out in May 2005 and ended in May 2010. He would just like a rough idea as to what he should expect back.

Munchie

debt55 wrote: »

well on that basis he should get around the 1850-1900 mark.

i had two loans settled by lloyds and they do settle them correctly.

get it signed and sent back asap.

Thanks for that debt55 - we must have posted at the same time. He will be very pleased if this is the case, he thought he would only get about £200 back

debt55

Munchie wrote: »

Thanks for that debt55 - we must have posted at the same time. He will be very pleased if this is the case, he thought he would only get about £200 back

no chance, he will get back the 1700 plus interest as described.

well done to him :money: