Should I accept offer of refund from Lloyds TSB

moneysavingmaverick

After a one sentence letter to Lloyds TSB asking them to pay me back any outstanding PPI's claims I may be entitled to, I have had a series of letters offering me £'s on each loan I had with them over the last 6 years.

Although I am delighted that I have had this response, a couple of alarms bells are ringing with me...

Why has this been so easy for me when so many other people encounter so many hurdles in their claim. Is this an admission of gulit by the lender and have they fobbed me off with a token amount?

Also, without the original documents detailing amount of loans and monthly payments, I am unable to check how close this amount is to my actual entitlement.

Is there any cases that lenders are actually holding their hands up and saying, "OK, we're in the wrong..here's how much you are entitled to. Have a nice day."

Seems unlikely after so little hard work.

I need to make a decision on whether to accept their offer or not, and as I'm pretty new to this, any advice is very, very welcome.

dunstonh

Why has this been so easy for me when so many other people encounter so many hurdles in their claim. Is this an admission of gulit by the lender and have they fobbed me off with a token amount?

Lloyds Bankiing group are behind with their complaints and risk FSA fines if they do not sort them quick. This has led to them auto-upholding many complaints whether you have a case or not. (cheaper to refund than risk fines and FSA sanctions)

Is there any cases that lenders are actually holding their hands up and saying, "OK, we're in the wrong..here's how much you are entitled to. Have a nice day."

Most complaints pay out without accepting liability. More along the lines of goodwill.

I need to make a decision on whether to accept their offer or not, and as I'm pretty new to this, any advice is very, very welcome.

The redress method is largely defined and not one you can haggle over.