Lloyds offer a total insult

live4dogs

:mad: Hi everyone, well after two years Ive just had an offer regarding my mis sold credit card PPI, I'm so annoyed I could weep.
They have offered me a measly £1200 after been sold PPI whilst on incapacity benefit. I've been paying PPI for 11 years.
According to there calculations they have only gone back to 2004 not 1998 when the card began.
I've just rang them and told them that I,m not happy with the figure and I,m waiting for them to ring me back, not sure what the next step is now, I shall see if they increase the offer or I may have to go back to the FOS, any advice appreciated. thanks

Jalapee

i believe they only have to go back 6 years? maybe wrong!

di3004

live4dogs wrote: »

:mad: Hi everyone, well after two years Ive just had an offer regarding my mis sold credit card PPI, I'm so annoyed I could weep.
They have offered me a measly £1200 after been sold PPI whilst on incapacity benefit. I've been paying PPI for 11 years.
According to there calculations they have only gone back to 2004 not 1998 when the card began.
I've just rang them and told them that I,m not happy with the figure and I,m waiting for them to ring me back, not sure what the next step is now, I shall see if they increase the offer or I may have to go back to the FOS, any advice appreciated. thanks

Hi there

That is bad considering the policy was worthless to you however, they do seem to offer "offers" at first with the main of them from what I have read, but I agree that your right in challenging this further.
I would also write to them and not just ring, so you have a copy of this to keep as well, in case you need to refer to this again.

Or email them here as well, tell them as in regards of being on IB the policy was/is worthless to you and your never going to be making a claim anyway, so you believe your in your right to receive ALL you have paid in PPI, plus interest etc.
Keep at them, I have a feeling they will come round, good luck.
[EMAIL="customer.care.insurance@lloydstsb.co.uk"]customer.care.insurance@lloydstsb.co.uk[/EMAIL]

If you email, remember to give them your ref claim number details.;)

live4dogs

Hi all,
Lloyds have just returned my call, and according to them they have calculated an average from 1999 ? I was completally confused on the phone when she was explaining the calculations, you know what they say "bull***t baffles brains well I was baffled, Im not very assertive on the phone. She did explain it but it went right over my head.
I have put in an exerpt of the letter and a breakdown of the offer so all you brainy folk out there may be able to explain things to me in laymens terms, here goes :

In your case, the results in the following:

A) we have reconstructed your account which you can see on attached form

the difference between the actual current balance and the revised balance is £1008.98

C) in reconstructing your account, a credit balance was produced in some months which means that we have applied credit interest on that balance for the period in which the account was in credit at a rate of 8% simple.

This amount is £25.38

Your total redress is £1034.36

You will recieve a redress amount of £1234.36 as we have also added a payment of £200.00 for distress and inconvenience.

---

BREAKDOWN OF CALCULATIONS:

calculations of start date sept 99
data start date may 04
account closed date N/A
refund date dec 10

actual balance £1,647.20
reconstructed balance £638.22
difference between actual and reconstructed balances £1,008.98
8% simple interest for any months in credit £25.38
8% simple interest from date account closed to refund date £0.00
TOTAL REDRESS £1,034.36

TOTAL AMOUNT OF PPI PREMIUMS PAID £513.60

average monthly interest rate 1.57%

Any advice is very much appreciated as I'm totally confused, thanks:(

donotpassgo_2

Hi live4dogs
I'm sorry I cant help with the above calculations but I know you will get the help needed.

Sorry if being helpful and encouraging upsets one of the posters on here but I am extremely grateful for those who post a speedy reply even if it just words of encouragement ..I am sure that not many of us would suggest that they are a hindrance... and saying thank-you I would commend it to everybody.

live4dogs

Im also very greatful for the advice and support I have been given, its nice to know that theres always someone to turn to, thanks

donotpassgo_2

live4dogs wrote: »

Im also very greatful for the advice and support I have been given, its nice to know that theres always someone to turn to, thanks

Thank you live4dogs:T:T:T

I would encourage you to ask for advice and follow this up I dont believe that the banks can do there sums correctly or indeed can follow instructions: so they may not have followed FOS advice as to how to calculate your settlement.

Thanking you in advance of your thank-you. :rotfl:

live4dogs

I will see if anyone on this board can work out the calculations, then maybe get back to the FOS, but even then the FOS may still try and explain the same way as Lloyds which will still make it no clearer to me, Ive never been great with maths LOL.

donotpassgo_2

live4dogs wrote: »

I will see if anyone on this board can work out the calculations, then maybe get back to the FOS, but even then the FOS may still try and explain the same way as Lloyds which will still make it no clearer to me, Ive never been great with maths LOL.

Me neither.. I think I get a handle on it then no something else complicates it...robbedofmymoney and marshalka are very good so hopefully they will be able to help.

di3004

Hi amersall

Don't worry hun, I'm not worried, by all means.;)

Thanks for your concern though.:AXX

amersall

di3004 wrote: »

Hi amersall

Don't worry hun, I'm not worried, by all means.;)

Thanks for your concern though.:AXX

It has been removed!!!!!!!!!