Lloyds TSB PPI Refund Payments - Help needed

whizzkid001

We've just had Lloyds PPI refund calculations through but disagree with a few things, I'd be very grateful if anone could clarify.

1) Despite the credit card being taken out in 1998, their statement has only calculated premiums paid since 2004. As they will not send us more than 6 years statements, is it normal for FOS themselves to calculate for missing years/amounts?

2) They have calculated that we are not entitled to ANY simple 8% interest as the statement shows we were not in a credit balance during this period. I was under the apprehension that 8% simple interest was paid irrespective of whether there is/was a credit/debit balance, but was based on restitution for being deprived of our money for all those years. Am I wrong?

sunandsailcat

whizzkid001 wrote: »

We've just had Lloyds PPI refund calculations through but disagree with a few things, I'd be very grateful if anone could clarify.

1) Despite the credit card being taken out in 1998, their statement has only calculated premiums paid since 2004. As they will not send us more than 6 years statements, is it normal for FOS themselves to calculate for missing years/amounts?

2) They have calculated that we are not entitled to ANY simple 8% interest as the statement shows we were not in a credit balance during this period. I was under the apprehension that 8% simple interest was paid irrespective of whether there is/was a credit/debit balance, but was based on restitution for being deprived of our money for all those years. Am I wrong?

Hi am interested to hear of your news from Lloyds TSB. I put in a claim 28th September for loan ppi misselling and have been told that
all claims are on hold pending the judicial review.

When did you pu your claim in?

whizzkid001

sunandsailcat wrote: »

Hi am interested to hear of your news from Lloyds TSB. I put in a claim 28th September for loan ppi misselling and have been told that
all claims are on hold pending the judicial review.

When did you pu your claim in?

It's only been dealt with now as it had been agreed prior to the news of the Judicial Review

Jalapee

I believe that they only have to keep details up to 6 years... which might be why they are only refunding you from 2004-2010

whizzkid001

Jalapee wrote: »

I believe that they only have to keep details up to 6 years... which might be why they are only refunding you from 2004-2010

Though I'm aware that some people have claimed more than the 6 years they provide statements for.

Anyone clarify the position on the 8% simple interest?

di3004

I think they may consider going back prior to 6 years if there is any paperwork in relation to that account going back that far, they may not hold details beyond the last 6 years as they are not obligated to, but should hold them for the last 6 years.
If you still have the data going back to 1998, you could forward them "copies" and ask if they will consider going back that far if you want to.

In regards of the 8% interest, I am aware this works out a little different from credit card to loan ppi, you could contact the FOS as a general query, and also check on how the FOS calculates refunds on the link below too, posted by Maxdp.
https://forums.moneysavingexpert.com/discussion/1596473

to contact the FOS just for a general query here:
http://www.financial-ombudsman.org.uk/contact/index.html

Good luck and well done anyway!:beer:

whizzkid001

di3004 wrote: »

I think they may consider going back prior to 6 years if there is any paperwork in relation to that account going back that far, they may not hold details beyond the last 6 years as they are not obligated to, but should hold them for the last 6 years.
If you still have the data going back to 1998, you could forward them "copies" and ask if they will consider going back that far if you want to.

In regards of the 8% interest, I am aware this works out a little different from credit card to loan ppi, you could contact the FOS as a general query, and also check on how the FOS calculates refunds on the link below too, posted by Maxdp.
https://forums.moneysavingexpert.com/discussion/1596473

to contact the FOS just for a general query here:
http://www.financial-ombudsman.org.uk/contact/index.html

Good luck and well done anyway!:beer:

Thanks for that Di. It just seems unfair if they only pay the 8% interest on balances that were in credit. You would have thought that it was irrelevent whether you were in credit or debit, the fact they've deprived you of your money for those 6 years should be enough to warrant the 8% interest.

kpwll

The section below is taken from a letter from the FOS, Sept 10, my complaint went to them in May 08. I have highlighted the parts that may be relevant to you.
LTSB will know when the policy started from and also know the credit limit on your card, therefore they should be able to work out the amount from the start of the policy. The interest that you should get back is the rate in which it was applied to the card. You can always ask the FOS to go over the figures for you. Hope this helps a little.


I am writing about your complaint concerning the payment protection insurance (PPI) policy you took out with Lloyds TSB. I am pleased to let you know that following our involvement, Lloyds TSB has now agreed to make an offer to settle your complaint.
Lloyds TSB has told us its offer will be based on the general approach that the Financial Ombudsman Service takes where we find that a PPI policy has been mis-sold. We have set out our typical approach to redress in a factsheei at the end of this letter.
When calculating redress, the business is generally seeking to place you back in the position you would have been in if you had not taken out the PPI policy (as far as possible).
There are some assumptions businesses need to make to achieve this (based on its understanding of what is fair and appropriate in the circumstances). In your complaint, we understand that Lloyds TSB has assumed either that:
You would have made the same repayment each month to your credit card account if PPI had not been added (so redress includes a refund of the additional interest paid at the credit card rate);

Or

You would have made a lower repayment each month to your credit card account, or would have continued to clear the full account balance (so redress includes an amount to reflect interest at 8% simple on the difference between the actual repayments and the repayments you would have made without PPI).
I should explain that Lloyds TSB is only able to follow our approach for the period your statement history is available. In your case, Lloyds TSB has told us its records only go back six years. For the period where it does not have a record of your repayments, it will calculate what you paid using an assumed value. It will assume you would have paid the same amount each month as the amount showing on the earliest available statement. It will assume you paid this amount from the start of your policy until when its records begin.
If you have records going back further than the last six years and you can provide a copy, Lloyds TSB can use this information instead. You might receive more or less compensation than the amount calculated using the assumed value.

Financial Ombudsman

whizzkid001

kpwll wrote: »

The section below is taken from a letter from the FOS, Sept 10, my complaint went to them in May 08. I have highlighted the parts that may be relevant to you.

LTSB will know when the policy started from and also know the credit limit on your card, therefore they should be able to work out the amount from the start of the policy. The interest that you should get back is the rate in which it was applied to the card. You can always ask the FOS to go over the figures for you. Hope this helps a little.

I am writing about your complaint concerning the payment protection insurance (PPI) policy you took out with Lloyds TSB. I am pleased to let you know that following our involvement, Lloyds TSB has now agreed to make an offer to settle your complaint.
Lloyds TSB has told us its offer will be based on the general approach that the Financial Ombudsman Service takes where we find that a PPI policy has been mis-sold. We have set out our typical approach to redress in a factsheei at the end of this letter.
When calculating redress, the business is generally seeking to place you back in the position you would have been in if you had not taken out the PPI policy (as far as possible).
There are some assumptions businesses need to make to achieve this (based on its understanding of what is fair and appropriate in the circumstances). In your complaint, we understand that Lloyds TSB has assumed either that:
You would have made the same repayment each month to your credit card account if PPI had not been added (so redress includes a refund of the additional interest paid at the credit card rate);
Or
You would have made a lower repayment each month to your credit card account, or would have continued to clear the full account balance (so redress includes an amount to reflect interest at 8% simple on the difference between the actual repayments and the repayments you would have made without PPI).
I should explain that Lloyds TSB is only able to follow our approach for the period your statement history is available. In your case, Lloyds TSB has told us its records only go back six years. For the period where it does not have a record of your repayments, it will calculate what you paid using an assumed value. It will assume you would have paid the same amount each month as the amount showing on the earliest available statement. It will assume you paid this amount from the start of your policy until when its records begin.
If you have records going back further than the last six years and you can provide a copy, Lloyds TSB can use this information instead. You might receive more or less compensation than the amount calculated using the assumed value.
Financial Ombudsman

Thanks very much for that, it seems to confirm that they should indeed have added 8% interest to the totals, also to have gone back further than the 6 years - even if they don't have the info (bet they do).

Anyone have a Lloyds TSB insurance email to reply to this offer they sent us?

di3004

whizzkid001 wrote: »

Thanks very much for that, it seems to confirm that they should indeed have added 8% interest to the totals, also to have gone back further than the 6 years - even if they don't have the info (bet they do).

Anyone have a Lloyds TSB insurance email to reply to this offer they sent us?

Hi there

Glad you checked this out then. Good one!:T

What about this email addy here:
[EMAIL="customer.care.insurance@lloydstsb.co.uk"]customer.care.insurance@lloydstsb.co.uk[/EMAIL]

kpwll

whizzkid001 wrote: »

Thanks very much for that, it seems to confirm that they should indeed have added 8% interest to the totals, also to have gone back further than the 6 years - even if they don't have the info (bet they do).

Anyone have a Lloyds TSB insurance email to reply to this offer they sent us?

I was told that the 8% interest is only payable if, (after you take off the PPI payment and relevant interest) your account would have been in credit.
The interest that should have been refunded is the interest that was on the card eg 17.99% or 21.99%, any statement should show the rate.