PPI Offer from Lloyds TSB

Blackmagic447

Hi
I was sold ppi on 4 loans dating back to 2000 with Lloyds TSB so i decided to put a claim in after reading Martin's website.

I have just recieved and final response letter (AND ONLY RESPONSE letter) for the claims which i am not happy with.

If i refused the first offer will i recieve another offer or does it have to go to the ombudsman after the first offer.

And if they do give me another offer without getting the ombudsman involved does anybody know how long this process takes approximately.

Thanks

[Deleted User]

Blackmagic447 wrote: »

I have just recieved and final response letter (AND ONLY RESPONSE letter) for the claims which i am not happy with.

If i refused the first offer will i recieve another offer or does it have to go to the ombudsman after the first offer.

You'll only receive an improved offer if you can show significant reasons for them to do so and they agree to re-consider.
The Ombudsman would need to be supplied with those reasons too, but would likely take months to adjudicate.
What precisely have they offered? Full redress would be a refund of the PPI premiums you have paid plus 8% interest . You won't get more than this.

If you want less general advice, you'll have to provide more details of why you think the Bank's offer is wrong (or not enough).

di3004

Hi and welcome

How did they actually word the letter/offers?

If they have upheld your complaints, that is as far as it will go, in this case, you should be compensated what you have actually paid of the PPI premiums and the relevant interest.

If for example they did not have all the details of the loans, they may come up with a standard offer, or goodwill gesture.

You can complain to the FOS if your not happy with the final outcome, but again if upheld, that is answer the FOS will be waiting for from the business if they also agreed you were mis sold.

Well done on your success.;)

Blackmagic447

Thanks for your advice.. ;-)