Question Regarding Successful PPI Reclaim With Lloyds

Roon101

Hi all. I'll start by saying a massive thanks. I frequently read these forum's and after following the advice on here, i reclaimed the PPI i had been mis-sold on 2 loans with Lloyds TSB.

Thank was about 7-8 weeks ago, and today i have had a letter from lloyds saying that they have agreed to pay back what i am owed with interest etc... I haven't yet sat down and worked it all out as its quite complicated!

My question is that in the letter they have stated that the money that they pay me back will be used to reduce a loan that i still have with Lloyds. I have managed to get myself quite stable financially and i am comfortable with my monthly payment on this loan, so i would much rather have the money put into my account so that i can pay off a credit card i have (clearing it totally meaning less debt) and leave me some in my account.

Is it compulsory that they just use the re-payment to reduce the loan, or can i request to have it paid into my account? After all they took the money illegally in the first place, and i always pay my monthly payment on the existing loan anyway?

Any help greatly appreciated.

Thanks.

Derwent

They can only offset against any arrears on the loan. If your loan payments are up to date then they have no legal right to offset it as the balance of the loan has not become, in the words of the FOS, "due and payable".

Roon101

Thanks Derwent. My payments are totally up to date. I have never missed a payment. So i should be totally within my rights to ask for re-payment to my account so i can pay off my credit card.

Thanks for the swift reply and help.

amersall

:j:jWell done on your win :j:j
Tell them you want the money back to you as Derwent says.

Roon101

Thanks Amersall. Its only down to all the advice on here though, so thankyou all!

amersall

You are very welcome,get it sorted asap :rotfl::rotfl::rotfl:

di3004

Well done on your success!:T Congratulations!:beer:

Powersmurfuk

I have been propper screwed over my lloyds. Back in July I got a letter saying that they accepted my PPI and that they will pay back £6089. There was a break down of the payments. (half was the 8% interest as the loan was taken out back in 2003).

I was very happy of course, to be getting back £6k and that would have paid off most of my debt.

I have come back from holiday and found a credit of £2756. When I rang Lloyds the women at first could not understand because she saw that they were ment to pay £6089. She put me on hold, and then came back and said that they got it wrong, and I was only owed £2756. WHAT??? How can that be? How can I have a written letter from them, with a breakdown, clearly showing how much is owed, and then they change their mind on the amount?

I have since passed this information over to the FO so hopefully they can sort this out.

Roon101

I called them last night and they assured me that the money would be going into my account as my loan has never been in arrears.

r.e. the post above, i must admit i am finding Lloyds hard work and am still dubious that i will receive the full amount i am owed. On my letter it said that if i wanted to find out what my settlement figure is before i send my acceptance letter away, i need to ring a certain number. So i called them and after being put on hold for 10 minutes was told that they cannot tell me!

I am going to make sure i work out what i am owed before i send back my acceptance letter.

Hope it all works out for you PowersmurfUK. Thats terrible how you've been treated!

tifosi

Powersmurfuk wrote: »

I have been propper screwed over my lloyds. Back in July I got a letter saying that they accepted my PPI and that they will pay back £6089. There was a break down of the payments. (half was the 8% interest as the loan was taken out back in 2003).

I was very happy of course, to be getting back £6k and that would have paid off most of my debt.

I have come back from holiday and found a credit of £2756. When I rang Lloyds the women at first could not understand because she saw that they were ment to pay £6089. She put me on hold, and then came back and said that they got it wrong, and I was only owed £2756. WHAT??? How can that be? How can I have a written letter from them, with a breakdown, clearly showing how much is owed, and then they change their mind on the amount?

I have since passed this information over to the FO so hopefully they can sort this out.

Power -

are you prepared to put the amounts and calculations up here so we can scrutinise them for you?

Also, I think FOS is the wrong approach to start with as you will get buried in literaly hundreds of thousands of other cases

I would be inclined to scan the original calculations letter and email it to the CEO of Lloyds TSB at:

[EMAIL="antonio.osorio@lloydsbanking.com"]antonio.osorio@lloydsbanking.com[/EMAIL]


Expressing in no uncertain terms your disgust at this unjustified turnaround on their part and demanding that he investigate it and provide a full explanation

As I said, in the meantime, if you could post the calculations up we can check them over?

PaulR6

Hi ive been reading through some of these forums and ive been with lloyds for years. im not really happy.

few years back when everyone was claiming back, friends of mine got back quite alot of money and i got rejected because lloyds were the 1st to win the court case.

ive only just relised that its ok for us to claim back ppi insurance. i saw the ads but just assumed its the classic where companies just want to take money out of you.

i took out a lone 2 years ago now and have been paying £16 each month. thats alot of money to me and things are tight as it is.

could someone help me in how i go about this to claim back my money and do i still have time? again i know lloyds are always tricky and will do as much as they can to not part with any money.

Thanks

Paul