Lloyds PPI

daves380

HI GUYS(be gentle...first post):o

if a loan has been refererred to a debt recovery department of Lloyds...can they use my ppi refund to pay that off???....

they have accepted my claim,although,they havent said how much it is....and said that this is what they will do unless i tick the box to say otherwise.

maybe i`m being a bit "simple"...but....surely it`s not up to them to automatically make that decision...

afterall...the ppi was sold separatley to the loan...

or am i just being daft??:eek:

oh and while i`m at it...is it normal for them to accept the claim and not tell you how much they are paying back??

Miss_Marple_2

Hi there - I don't really know the answer to your question ( but I'm replying anyway !)

With Lloyds it appears that they are sending out offer letters without actual values - when you send back the acceptance, they will send the calculations, which can then be queried if you need to.

I'm not sure about how they will pay you. My acceptance says that they will pay some by cheque and the part related to my open loan will be paid into the bank account from which the current loan payments are made ( my open loan re-financed the loan which I am complaining about). Like you, I had the bit that said tick if you don't want it paid against the arrears - I don't have any arrears on the current loan - but I ticked it anyway !

I believe that the guidelines do allow the banks to use a repayment against any arrears. Hopefully ticking the box to ask them not to will mean that you get it instead - fingers crossed !

daves380

thanks for your reply m m.....fingers crossed for us!!!!

hard_slog

I had PPI refunded from Lloyds but as I'm on DMP they offset the bulk of the repayment against my loan and I received small cheque to do with interest - the good thing was that it brought my balance down so much that I've now paid it off - :j