Lloyds TSB PPI Refund Payments - Help needed

whizzkid001

kpwll wrote: »

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.

Oh, confused now, as their calculation statement does not show me as being in credit nearly the whole 6 years worth of statements. So I won't get 8% simple on their refund of premiums?

amersall

kpwll wrote: »

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.

Hi there, this is how i think it works as well.

kpwll

whizzkid001 wrote: »

Oh, confused now, as their calculation statement does not show me as being in credit nearly the whole 6 years worth of statements. So I won't get 8% simple on their refund of premiums?

Not that I can see, but make sure you get the contractual interest included.
(I know I won't get the 8% either )

You can always call the FOS and double check what LTSB have stated to you, particularly if they are only paying out for 6 years.

roonaldo

whizzkid001 wrote: »

is it normal for FOS themselves to calculate for missing years/amounts?

FOS actually dont do any calculations. They would ask the firm to refund premiums paid and 8% interest.

The problem you have is that the firm doesnt have to hold records for over 6 years like di3004 said, if you want refunds to go back further unfortunetley you would have to provide the evidence of the PPI premiums to the firm in order for it to refund it to you.

Big_Man_2

I got a Lloyds TSB PPI refund on a Lloyds Credit Card right back to 1998, without any statements to back it up. that was earlier this year.

You have to be careful with the !!!!!!s though, when they sent the first offer, £1700, it was an estimated amount but they wanted me to sign for acceptance before a final figure was agreed. Of course I said get stuffed, tell me what I getting and I will sign if I agree.

After a few curt e-mails to Eric Daniels I got a new offer of £ 2600, strange that !

Basically if you have a figure in mind and you know what you would be happy then try a stick out for it, however trying to ensure you have every penny of entitlement can be mind boggling and maybe not worth getting stressed out for.

Big Man

di3004

Big_Man wrote: »

I got a Lloyds TSB PPI refund on a Lloyds Credit Card right back to 1998, without any statements to back it up. that was earlier this year.

You have to be careful with the !!!!!!s though, when they sent the first offer, £1700, it was an estimated amount but they wanted me to sign for acceptance before a final figure was agreed. Of course I said get stuffed, tell me what I getting and I will sign if I agree.

After a few curt e-mails to Eric Daniels I got a new offer of £ 2600, strange that !

Basically if you have a figure in mind and you know what you would be happy then try a stick out for it, however trying to ensure you have every penny of entitlement can be mind boggling and maybe not worth getting stressed out for.

Big Man

Wow well done to you on this!:beer:

I'm sure this will be a great help for reclaimers on here, thank you.