Lloyds TSB Final Settlement

j-ko75

Hi,
I would be grateful if someone in the know could offer advice.
After many months of waiting Lloyds have come back with the following offer for a loan PPI complaint:

refund of premiums 191.28
early settlement difference 70.34
interest at 8% calculated up until 20 october 2011 277.11

total 538.73,

but I sent them all the statements I had showing I made 39 monthly payments, of which £30 per month was for PPI (Total £1170) between May 95 and October 98. They say the reason their offer is low is because the loan was paid off by another loan. To me this seems an awfully low amount considering I paid almost £1200 in premiums.
Are their calculations correct or is it worth my while going to the FOS.

Thanks in Advance.

di3004

Hi there

Hopefully someone will be along soon to check this out for you.

What you should get back is what you paid every month of the PPI, plus interest to each amount, and the extra 8% interest, where they should confirm they will have calculated inline with the FOS guidelines.

If the loan was short, then you would not have paid so many of the ppi premiums, but it would have carried over to the new loan if you taken one out straight after to pay the other sort of thing.

But going by what you have posted, it does seem rather low.
I wonder if they've made a mistake?

I would contact them to make sure on this, ask them why does it work out so low when you paid the above every month of each premium for over 3 years?
Mistakes can happen and I would defo ring them about this.

Good luck.;)

j-ko75

Thanks Di,
Will try and ring them today, here's looking forward to more hours on hold!!

di3004

j-ko75 wrote: »

Thanks Di,
Will try and ring them today, here's looking forward to more hours on hold!!

Good luck.

Any joy from them yet?
Hope you managed to get through.;)