reclaim PPI from Lloyds

ana008

hi i recieved a letter the other day from Lloyds this is what it says.
As our final response we would like to offer you a refund of all the ppi premiums paid (inclusive of interest) plus simple interest at 8%.

In addition, as my loan repayments have not yet been completed they will amend my existing loan to reduce the monthly payment. This new monthly repayment sum will reflect what my monthly loan repayment would have been had I not purchased PPI. They will only do it if I accept offer.

They dont mention how much the total pay out is but want me to sign the agreement before they send me a letter to let me know the total payout and how they worked it out.

Should i just sign the paper work or ring them to see if they will tell me the final payout?

kelly993

Hi Ana008

Other posters in the forum are having the same thing at the moment, the reason is that the banks are so swamped with reclaims that they are trying to clear the backlogs within the timeframe and so are just sending the upheld letters out first so as not to get hit with fines from the FOS. What they are asking you to do is agree to how they will work out your redress. Basically what they have said is correct, you will be getting a reclaim or the premiums, interest and 8% simple interest. Agree to this and they will then send you a calculations letter letting you know how much you will get and how they have worked it out. If you then dont agree with the amount you can dispute it.
Well done on getting an uphold

The_Marksman

kelly993 wrote: »

Hi Ana008

Other posters in the forum are having the same thing at the moment, the reason is that the banks are so swamped with reclaims that they are trying to clear the backlogs within the timeframe and so are just sending the upheld letters out first so as not to get hit with fines from the FOS. What they are asking you to do is agree to how they will work out your redress. Basically what they have said is correct, you will be getting a reclaim or the premiums, interest and 8% simple interest. Agree to this and they will then send you a calculations letter letting you know how much you will get and how they have worked it out. If you then dont agree with the amount you can dispute it.
Well done on getting an uphold

Spot on Kelly993

& well done Ana008 for your upheld complaint :beer:

WJB_2

Hi all, I received a similar letter from Lloyds, I had 3 ppi claims, they have been upheld, but only one loan ref was shown on the letter...

I rang and queried this and was told that it was a mistake and they would send another letter out showing all 3 loans upheld for me to sign.

It was a long time ago and all the loans have been paid off now. They total £24k (Shocking, I know) my maths isn't great so not sure how much of a ppi refund to expect! :huh:

Does anyone know how long from receiving and signing the letter and getting a refund figure from Lloyds?

Regards

Ruth1969

Dear all,
I wonder how they decide who gets which letter?
I too had an old, now paid off, loan with Lloyds and reclaimed my PPI back in May. On 15th Aug I received my letter stating I too was getting a full refund plus 8% simple interest totalling just over £2k. Result! :0)
However, my letter says I only need to contact them if I DO NOT wish to accept their offer. They have clearly identified the breakdown of the calculation, ( I only paid just over £1k in premiums) and I don't have to sign anything? I phoned them on the 25th and they have confirmed that the payment is being processed as a BACS payment to my Natwest account as I requested? Fingers crossed it arrives soon.
I am now waiting on Egg doing the same but am aware I may have more of a fight on my hands with that one!

Well done to all who succeed and I'll keep you posted about Egg. I'd love to hear about successful Egg CC PPI claims on an online application though?

Cheers

R

kelly993

Ruth1969 wrote: »

Dear all,
I wonder how they decide who gets which letter?
I too had an old, now paid off, loan with Lloyds and reclaimed my PPI back in May. On 15th Aug I received my letter stating I too was getting a full refund plus 8% simple interest totalling just over £2k. Result! :0)
However, my letter says I only need to contact them if I DO NOT wish to accept their offer. They have clearly identified the breakdown of the calculation, ( I only paid just over £1k in premiums) and I don't have to sign anything? I phoned them on the 25th and they have confirmed that the payment is being processed as a BACS payment to my Natwest account as I requested? Fingers crossed it arrives soon.
I am now waiting on Egg doing the same but am aware I may have more of a fight on my hands with that one!

Well done to all who succeed and I'll keep you posted about Egg. I'd love to hear about successful Egg CC PPI claims on an online application though?

Cheers

R

I have an online application reclaime in with Egg at the moment too. I think they are a bit hit and miss! I will also post any update in relation to this.

sarahfw

Apparently Bacs payments are taking 21 days at the moment and chqs 45 days!
If you are being sent a chq you can request that it is changed to a bacs payment but only worth it if you have more than 25 ish days to wait until the 45 days as it takes a couple of days for them to set up also.

WJB_2

WJB wrote: »

Hi all, I received a similar letter from Lloyds, I had 3 ppi claims, they have been upheld, but only one loan ref was shown on the letter...

I rang and queried this and was told that it was a mistake and they would send another letter out showing all 3 loans upheld for me to sign.

It was a long time ago and all the loans have been paid off now. They total £24k (Shocking, I know) my maths isn't great so not sure how much of a ppi refund to expect! :huh:

Does anyone know how long from receiving and signing the letter and getting a refund figure from Lloyds?

Regards

Sent agreement letter off and spoke to Lloyds who said I'll get a reclaim figure within 14 days. Also claimed for my Llloyds credit card ppi too!

Ruth1969

Egg claim update. It's gonna be a long old battle!
I spoke to Egg yesterday as they hadn't bothered to even send me an acknowledgement letter.
I was eventually put through to someone who seemed to know the score and I was told that my account had been
moved/sold to Barclay's. Because of this, Egg could not respond to my complaint and I'd have to wait for Barclays to take it up.
This wouldn't happen until early Nov!!
I'm not sure I'm convinced about this but I'll leave it a while then chase Egg again!
Still no cash from Lloyds as yet either!

Ruth1969

Quick update. Lloyds have promised the payment will be here within the next 10 working days and Egg
have written and confirmed my complaint will be resolved by Dec 8th. Now whether it'll be resolved in my favour remains to be seen but they did send me their standard PPI claim letter referring to the FSA guidance so I can but hope!

Ipswich1984

Ruth1969 wrote: »

Quick update. Lloyds have promised the payment will be here within the next 10 working days and Egg
have written and confirmed my complaint will be resolved by Dec 8th. Now whether it'll be resolved in my favour remains to be seen but they did send me their standard PPI claim letter referring to the FSA guidance so I can but hope!

How long ago did you send back your acceptance letter?