Lloyds offer a total insult

di3004

LOL i do tend to get a little carried away on the thanks button, but still that's my name "dizzy"
And not only that it may give others a boost too, its good to welcome newbies on the site and it must take some posting for some who do not like always asking for help.

And also with being a member on not just this site but others as well, its a habit to post and help out where i can, but of course i appreciate if others come in and post with their own opinions, its a free site for all, as i may not always be right, and do not or will not take it personal if i was corrected if I'm wrong.;)

di3004

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.

I will see if i can nab Robbedofmymoney for you, sorry was about to post this to you earlier, he is also very good at workings out and sure he will be happy to help, so with a bit of luck he will be along soon, the best of luck.

live4dogs

thanks Di, My brain feels like its going to explode, aarrgg

di3004

live4dogs wrote: »

thanks Di, My brain feels like its going to explode, aarrgg

Aww, don't worry now, I have sent a pm to Robbed as stated in my above post, and when he comes back he should receive it, and take a look for you.
Not a problem.;)

fedupbutfeisty

not sure if this is the correct forum - hubby has been 1 month behind on Lloyds cc and been chased relentless. today received letter stating that they have adjusted conditions of card and he is no longer in arrears. How weird should we celebrate or be worried?

di3004

fedupbutfeisty wrote: »

not sure if this is the correct forum - hubby has been 1 month behind on Lloyds cc and been chased relentless. today received letter stating that they have adjusted conditions of card and he is no longer in arrears. How weird should we celebrate or be worried?

Hi and welcome

You could post about this on the CC forum as above, but maybe it was some kind of clerical error, although worrying for you at the time, so i can understand your concern.
Post on the link below as well for some opinions on this, good luck.
http://forums.moneysavingexpert.com/forumdisplay.php?f=11

roonaldo

Like others have said, Banks are only obliged to keep record for 6 years.

If you want the refund to go back further, YOU will have to supply the statements showing the PPI premiums.

robbedofmymoney

live4dogs wrote: »

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:(

hi,

in your posting you have mentioned Lloyds have averaged out the previous years from 1999 to 2004, and then averaged out the interest to 1.57. Lloyds are obliged to send you a full statement breakdown listing each and every months ppi premium (not just supply you a summery in a letter).

i would ask them for the figure they used as the average f0r the time pre 2004, i can then work out what this element of the refund should be, then you need to request a full breakdown from Lloyds for the last 6 years, they will have this already on a spreadsheet.

credit card refunds for ppi are always difficult to do, the biggest uncertainty when calculating the refund is the 8% simple (as we take their word for it). what we can be certain about is the last 6 years premiums and associated interst and working out a figure for the years they are averaging out.

so write to Lloyds and politely ask them for a full breakdown as you want to get the offer figures checked before you make a final decision. otherwise you may have to refer the details of the refund to the FOS.

once they let you know the average figure pre 2004 and the details of the post 2004 ppi just shout and i can then help a bit more.

once you get the breakdown it may make the offer a lot clearer as sometimes the offer letters and explanations can be very confusing.

are you able to post up the ful contents of rht offer letter so i can get my head around the wording.

robbedofmymoney

live4dogs wrote: »

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:(

having looked at everything you have sent me the calculation they have used is correct.

it does appear that they have not given you anything for the period sept-99 to May-04,

i would have a chat with your case worker at the FOS and ask them for advice. the ususla agreement for redress on credit cards when the information is over 6 years is to average out the ppi based on the information known.

in you case the average known is £8.80 per month, therefore you would expect to get a further £8.80 for every month between sept99 and may04. so another 55 x £8.80 = £484

once the FOS have advised you what the offer should consist of you can make an informaed decision as to wether or not its worth waiting another year or so for this extra payment.

or you could collect the money offered and then complain again about the previous years.

live4dogs

thanks robbedofmymoney, I shall ring the FOS next week and keep you all informed, thanks again