Lloyds ppi offer

pafrrak

Hi
New to the forum so hope someone can help.
I took out a loan and paid PPI which i was unaware off. I have contacted lloyds who recently wrote to me to say that they would like to make me an ex-gratia offer to bring the matter to a speedy conclusions. They will ensure that I am put back to the same position I would have been in, had the single premium PPI not been included with the loan.
They also said that I had a partial rebate in respect of my insurance as I paid off my loan early.
I contacted them as they did not give a figure to their ex-gratia offer and when I contacted them they stated that they could not give me a figure until they received the signed document:(.
My concern is that if I sign this document and return it to them what is to say that they will not only give me a £1.
Has anyone else come across this and if so what action did you take.
I look forward to a reply.
Cheers
AM

di3004

pafrrak wrote: »

Hi
New to the forum so hope someone can help.
I took out a loan and paid PPI which i was unaware off. I have contacted lloyds who recently wrote to me to say that they would like to make me an ex-gratia offer to bring the matter to a speedy conclusions. They will ensure that I am put back to the same position I would have been in, had the single premium PPI not been included with the loan.
They also said that I had a partial rebate in respect of my insurance as I paid off my loan early.
I contacted them as they did not give a figure to their ex-gratia offer and when I contacted them they stated that they could not give me a figure until they received the signed document:(.
My concern is that if I sign this document and return it to them what is to say that they will not only give me a £1.
Has anyone else come across this and if so what action did you take.
I look forward to a reply.
Cheers
AM

Hi and welcome

Well done on your success!:beer:

They must award you as they confirmed in their letter, when this is resolved make sure you keep the letter in case you may be able to challenge this later on, or even complain to the FOS about any underpayment if any afterwards (if the bank will not deal with it).

This is how they work, and other banks seem to work the same way too.

I had a few with lloyds upheld and there was one they did actually underpay but fair enough to them they did send on a follow on cheque.

So basically, what you have paid in ppi plus interest is what you should be awarded, and I assume they did also confirm they calculate inline with the FOS?
Check the link below posted by Maxdp on how the FOS calculates refunds, this may give you an idea, good luck.
http://forums.moneysavingexpert.com/showthread.php?t=1596473