LloydsTSB PPI Payment

Esoog

Just off the phone, apparently the letters were sent Yesterday.... now when my girlfriend said "hang on a second, people were told they were sent out last week and would be with us by the weekend, then they were told sent Saturday 2nd class and now you're saying sent yesterday?" They quickly backtracked and said "errr they started being sent out last week"

People were told last week when the letters were sent it would be two-three weeks from that letter, well funny how these letters have slipped - meaning we're another week onto the "two to three week for sure". So when it hasn't arrived by this friday no doubt we'll be told it'll come next week and be two-three weeks from the NEXT week :mad: :mad:

It's all a pile of !!!!! it really is.

Disgustified

emlet wrote: »

My understanding is that you get refunded what you have paid - so in my case, over the term of my loan the ppi plus interest would have been around £1900 - however as I havent actually paid all that yet (being 3 years into a 4 year loan) I get back the £1200 I have paid and the loan will be restructured as if I never had ppi (i.e. without the additional £700 or so).

I was assured I will receive into my bank account the money stated within the offer letter :j

The issue is different for those people who have loans running that don't have PPI on them.

The change to the existing loan will be quite small as PPI will have been unwound in the past with refunds of unpaid amounts applied at the time of redemption of the older loan (or simply the whole lot plus interest will be owed if the loan had run its entire course).

The refund due on previous loans will therefore make up the larger part of the reund for these customers so the loan restructuring part is of secondary concern because some also have other debts at higher interest rates, usually a CC with the same provider, that they want to pay off with the refund due. Let us also not forget that there are customers who don't have an existing loan who are still waiting, some for over 3 months now and all they want is a cheque.

What Lloyds are doing now (to me) seems to just drag out the process even more and the suspicious amongst us, might say that it is possibly designed to sound like they were doing something more complex than they actually are, in order to make it more acceptable when explained to irate customers.

PaulaG1980

It's all a pile of !!!!! it really is.[/QUOTE]

I second that motion, I have lost all faith in them now, they will lose so many customers over this! I have freinds that have gone through this with other banks and they have all ran to shcedule and recieved their money in a timely fashion.

y2dom

Still no loan restructre for me or any of these mystery letters.

My letter was dated beginning of September.

emlet

Disgustified wrote: »

The issue is different for those people who have loans running that don't have PPI on them.

The change to the existing loan will be quite small as PPI will have been unwound in the past with refunds of unpaid amounts applied at the time of redemption of the older loan (or simply the whole lot plus interest will be owed if the loan had run its entire course).

The refund due on previous loans will therefore make up the larger part of the reund for these customers so the loan restructuring part is of secondary concern because some also have other debts at higher interest rates, usually a CC with the same provider, that they want to pay off with the refund due. Let us also not forget that there are customers who don't have an existing loan who are still waiting, some for over 3 months now and all they want is a cheque.

What Lloyds are doing now (to me) seems to just drag out the process even more and the suspicious amongst us, might say that it is possibly designed to sound like they were doing something more complex than they actually are, in order to make it more acceptable when explained to irate customers.

Apologies - I was only talking about those awaiting refunds with existing loans. Im also in the "three month wait". Im still waiting to hear back in relation to my closed loans/credit cards.

I have to say, when the method was explained to me yesterday I couldnt help but think there had to have been an easier way to process than the way they are. why on earth they credit the whole amount to the loan and then arrange your refund from that seems like a long way for a short cut!

Having read how long it was taking for people to receive money I had given up getting anything before Xmas long ago. Whilst obviously the money would be extremely handy (and as you said, would be used to pay off for example my cc with a much higher interest rate) Im trying to see it as a windfall to sort myself out!

Mon_77

Hi everyone,
I have just had a strange phone call from LTSB. I asked for the guy's number so I could ring him back to make sure that I was not talking with a fraud. Background is that I submitted 7 claims to LTSB around 24th August. 2 were for business loans. One live and one paid off. This guy just asked me a load of questions about the selling of these loans. I told him that which I stated on phone before that I was not made aware of the PPI and what it was and that it was optional. I told him that the guys came to my house and they went on about Critical Illness cover and life assurance but did not explain the PPI or tell me about that. I told him that the loan agreement came with the X in the box for the PPI pre completed - not done by me. He asked me about other insurances I had etc. I told him that I was full time employed with other cover and savings. When I asked him what this was about he said that he was looking into my case and that he would take all the facts into account and that I would get a letter in 7 days time.
Can you guys tell me is the norm as to how this part of the process goes ? Does this look good or bad for my case ? When I tried to push this guy on what it looked like he wouldnt budge and said I would have a decision in 7 days time.

Disgustified

emlet wrote: »

Apologies - I was only talking about those awaiting refunds with existing loans. Im also in the "three month wait". Im still waiting to hear back in relation to my closed loans/credit cards.

I have to say, when the method was explained to me yesterday I couldnt help but think there had to have been an easier way to process than the way they are. why on earth they credit the whole amount to the loan and then arrange your refund from that seems like a long way for a short cut!

Having read how long it was taking for people to receive money I had given up getting anything before Xmas long ago. Whilst obviously the money would be extremely handy (and as you said, would be used to pay off for example my cc with a much higher interest rate) Im trying to see it as a windfall to sort myself out!

Absolutely no need to apologise, I understood your point and you were right, I just wanted to get across that everyone has a different set of circumstances.

This is why the whole situation is so awful, everybody has their own individual problem and Lloyds are applying a one size fits all approach, that coincidentally doesn't appear to fit anybody.

There are a lot of people on here who have their lives on hold waiting for the money that has been promised, some want to have a holiday, wonderful Christmas or just pay off their debts.

I am not struggling by any means but I really can't bear to wait another 3-4 weeks for something I rightfully expected over 2 months ago. My loan has not been restructured, I have received no letter and I am getting the distinct impression that they just want us to suffer as payback for having the temerity to complain.

PaulaG1980

Anyone seen any sign of this letter we are supposed to be getting? Nothing in my post today??

dannyt1982

nope....no sign of any letter this week.

Still waiting

Last letter was my offer letter dated 12 September '11

dannyt1982

Has anybody actually been into their local Lloyds TSB branch to see what they can do?

Im tempted to go in and make a scene....not wearing a balaclava though