PPI calculation help

HarryGrout

Just like to say how helpful this website has been in the past for me looking for information,but only just Joined as I need some advise.

I downloaded the claim form from this site and sent it off to TSB. The claim details are, the loan was for £15,000 paid back over 24 months,I can't remember monthly payments. After 9 weeks I just got a letter from TSB with a offer of 3,974.78 broke down

Refund of premium. £1,464.06
Early settlement difference. £1,792.17
Interest at 8% £718.55

Total £3,974.78

Is this a decent offer or should I be getting more than this as I'm not sure how to calculate what my refund is . Many thanks

HarryGrout

Also they say I can have a cheque or put straight into my bank account.I owe money on the bank account and don't want it going into that,is it possible for them to put it into the account and then remove it for a previous debt ?
Also it says on the offer 'in light of the delay you have experienced we are working to arrange a payment on your case as a priority'. Is this the standard line they feed you ?

amersall

The offer looks good,full redress.
Are you saying you have another debt that you want to use this money for,and not what you owe the bank?,sorry if i have misunderstood.

beathebanker

id take a cheque open a savings account elsewhere..ie not lloyds..with easy access them look at your options with old bank account..get a little interest whilst reviewing your circumstances..its unclear whether your acc is with the bank who redressed the ppi..so thats my advice

HarryGrout

It's my partners claim actually,she has a old joint (ex hubby) buisness account with tsb who are paying the ppi refund but it has a overdraft debt on it when the business folded. She also her own bank account elsewhere. What im worried about is will the refund be swallowed up by the old debt.

dilus

Harrygrout wrote: »

It's my partners claim actually,she has a old joint (ex hubby) buisness account with tsb who are paying the ppi refund but it has a overdraft debt on it when the business folded. She also her own bank account elsewhere. What im worried about is will the refund be swallowed up by the old debt.

Hi Harrygrout, If they are offering a cheque, take it as they ARE entitled to use the redress to pay off any debt. Get the cheque and bank it elsewhere.
Also be aware that the 8% interest is taxable so you will have to inform HMRC of the £718.55 and pay the tax on it at whatever your tax rate is

HarryGrout

dilus wrote: »

Hi Harrygrout, If they are offering a cheque, take it as they ARE entitled to use the redress to pay off any debt. Get the cheque and bank it elsewhere.
Also be aware that the 8% interest is taxable so you will have to inform HMRC of the £718.55 and pay the tax on it at whatever your tax rate is

Even though the debt is in a joint account ? Thanks for all the help guys

dilus

Harrygrout wrote: »

Even though the debt is in a joint account ? Thanks for all the help guys

Now I'm slightly confused
Is the claim that they are paying from the old (ex hubby) joint account or from a separate loan?
If it's from a separate loan it's up to you what you do with it. If it's from the old (ex hubby) joint account I'm surprised that they are paying out without the ex hubbies involvement in the claim!!!

amersall

dilus wrote: »

Now I'm slightly confused
Is the claim that they are paying from the old (ex hubby) joint account or from a separate loan?
If it's from a separate loan it's up to you what you do with it. If it's from the old (ex hubby) joint account I'm surprised that they are paying out without the ex hubbies involvement in the claim!!!

That's what i thought too

If the wife has her own bank account and the cheque is not in joint names,i don't see a problem,just pay it into that bank,or do as beathebanker suggests..

HarryGrout

I not doing very good giving you guys the right info sorry,the loan that had ppi on it was took out in my partners name only but the repayments out of the joint account so I'm told lol

HarryGrout

amersall wrote: »

That's what i thought too

If the wife has her own bank account and the cheque is not in joint names,i don't see a problem,just pay it into that bank,or do as beathebanker suggests..

I understand that and that is what I'll do should the cheque come in her name.what I don't want happening is they refuse to give me a cheque and the payment gets swallowed up in the old account,which was her husbands business account that he ran up debts on.