Lloyds TSB are their calculations correct?

loopylisa87

I have used the advice from this site and forum to make a claim for PPI from LloydsTSB, after filling in the questionnaire and waiting my 16 weeks, i recieved a letter accepting my claim and that they would be refunding me premium +8% interest but no refund amount stated. This morning I have recieved a letter containing the amount of refund but am unsure whether to accept it as, If I understand correctly, it is not the right amount. here's the details what do you experts think?

I took out a joint loan with my partner in february 2008 for £8000, I didn't want PPI but they wouldn't proceed without it until I had started my job, so I took it out. and the 3 month payment free period began, before this 3 months was up I started my job, went back to the bank and explained that as I had now started work I no longer wanted the PPI and wanted it taken off, they agreed this time and promptly changed the loan (I didn't get another 3 months payment free) and paid my revised amount on the original scheduled date May 2008. So I never actually made a payment for the loan+PPI HOWEVER

When I looked at little deeper into this I noticed that on my online banking it says original loan amount £8627.90 taken out May 2008

Surely I should have this extra 627.90 refunded to me as they have refinanced the loan and charged me extra however my letter offers me £212.35 which is £25.58 interest + £186.77 Excess balance and interest.

I may be getting out of my depth here but clearly I shouldn't be responsible for the extra £627.90

What do you think?
Many thanks in advance

di3004

Hi there

Well done on your success!:beer:Hopefully someone will be along to help on the calculation side of it soon, or re-post on the thread called, "how the FOS calculated ppi refunds" where I'm sure someone will be along to check them out for you.