Lloyds derisory offer!!!!!

Mustard101

I filled in the required forms and duly posted them off to Lloyds 4 weeks ago.

I had unwittingly (and unwantedly) been paying for Mortgagesure since 1995 at approximately £25 per month

Today i have received a final offer from Lloyds"..........£17.65 (including interest!!!!) and it quotes that it will put me back to where i was had i not taken PPI out".........


I have rung lloyds and refused the offer, and been directed to the FOS who says it will take nine months to process!!!!!

Unbelievable!!!!!!!


Is this a common delay tactic from the bank, or do we think its an overstressed clerical error?

roonaldo

it sounds like a clerical error. but they provide breakdowns on the letter, so how have they come to that figure?

dunstonh

I had unwittingly (and unwantedly) been paying for Mortgagesure since 1995 at approximately £25 per month

17 years of monthly premiums and you failed to notice. You really need to manage your finances better.

I have rung lloyds and refused the offer, and been directed to the FOS who says it will take nine months to process!!!!!

That probably wasnt the right thing to do. You will now end up in a queue lasting up to a year. Whereas just querying the amount with Lloyds in the belief they have calculated it wrong would have been the quicker option.

Mustard101

dunstonh wrote: »

17 years of monthly premiums and you failed to notice. You really need to manage your finances better.




That probably wasnt the right thing to do. You will now end up in a queue lasting up to a year. Whereas just querying the amount with Lloyds in the belief they have calculated it wrong would have been the quicker option.

A very true summary, problem was that my yearly mortgage statements made no reference of the fact that i had a premium as part of it, until i read about ASU payments on this site and found that it was showing in last years statement! But had never done prior to that.

The lloyds lad on the phone said i could only refuse and it would go to the ombudsman ( the figure was final), i said i was only disputing the amount, not the decision...

And i now do manage my finances better than i used to.

dunstonh

the process requires the refund of premiums paid plus interest. If there are arrears, defaults or amounts written off then the redress payment can go against the debt with any surplus then being paid to you.

What was the breakdown for the refund?

src007

Mustard101 wrote: »

A very true summary, problem was that my yearly mortgage statements made no reference of the fact that i had a premium as part of it, until i read about ASU payments on this site and found that it was showing in last years statement! But had never done prior to that.

The lloyds lad on the phone said i could only refuse and it would go to the ombudsman ( the figure was final), i said i was only disputing the amount, not the decision...

And i now do manage my finances better than i used to.

If they upheld the complaint you can dispute the figure at the FOS. If they made a 'goodwill gesture' the FOS may look at the merits of the complaint and they may reject it.

Really, it would be better to send any proof you have, of the payments you made towards the insurance to Lloyds. If they've made a mistake they'll correct it. Lloyds are very slow at looking into things like this but the FOS are even slower!

Lloyds don't make low offers anymore and so if the figure is incorrect it will be because of an error.

Mustard101

dunstonh wrote: »

the process requires the refund of premiums paid plus interest. If there are arrears, defaults or amounts written off then the redress payment can go against the debt with any surplus then being paid to you.

What was the breakdown for the refund?

£10 for refund of premiums
£7.82 interest

(last years statement shows 12 x payments of £27 pm) x 17 years approx, i only cancelled my policy last month after discovering what it was:eek:

[Deleted User]

Mustard101 wrote: »

Today i have received a final offer from Lloyds"..........£17.65 (including interest!!!!) and it quotes that it will put me back to where i was had i not taken PPI out

Congratulations on your success....:D


(Sorry, couldn't resist)

roonaldo

Mustard101 wrote: »

£10 for refund of premiums
£7.82 interest

(last years statement shows 12 x payments of £27 pm) x 17 years approx, i only cancelled my policy last month after discovering what it was:eek:

This is either an error, or there is something you havent told us, eg you are in arrears on your mortgage or you actually successfully claimed on the policy

Mustard101

No arrears,had the policy from 1995 until last month.....

Im going to call them again on monday to see if i can get some movement

Mustard101

Spoken to lloyds today ( 30 ) minutes to manila......


Didnt understand me and refused to discuss the fact that i wanted to speak to someone to find out how the figure had been calculated as it was a final offer( i was very calm and polite by the way ), i then asked to speak to a spervisor who told me the same so i then spoke with a second supervisor in UK.

The lady explained i needed proof of how much i had been paying, i stated i only had a few bank statements and would ask lloyds for copies, she said i should fax them over to them but they would only go back six years?

Is the six year rule correct?

Plan B..... Search the attic for any mortgage paperwork and also send off a request to lloyds for mortgage statements dating back to 1995, then highlight each payment made and submit counter argument to lloyds first...

Plan C......lets see