Lloyds TSB PPI Reclaim info please

dougie212

Hi there..

I'm just after some re-assurance really for my wife. We have recently received a letter from Lloyds telling my wife she is to be refunded £4200 in mis-sold PPI plus £1200 interest.(approximate figures, cant remember the exact off the top of my head)

The loan for which this PPI is being reclaimed is still in the process of being paid back, but is without default and has a 100% payment history.

The interest has been paid into our bank account. The remainder of the refund has not yet. My wife rang Lloyds and was told "you wont get the £4200, that goes towards the balance of the loan"...

Although in a way this wouldnt be entirely bad, she was gutted as £4200 cash to do with as we wanted would be lovely.. and to be honest, some of it would probably go back to the loan...

Anyway.... As she was upset with this, and the way it was just bluntly told to her she rang again for clarification, as essentially, that is our money and we should get some sort of say in how it is given back to us.

Phone call 2 revealed that yes the £4200 does go back onto the loan, on a temporary basis, whilst new monthly payments and balances are worked out, then the £4200 is forwarded onto to us..

This made sense to me, but 2 weeks on we have yet to receive the £4200, although yesterday the balance of the loan did drop considerably, so it would appear the cogs are in motion. Wifey is still worrying herself that we wont get the £4200.

Phone call 3 just to see whats happening has revealed that again, the money has gone on temporarily and will be forwarded on to us before the 24th....Can I re-assure her... Can I heck

The purpose for my post is really for someone here to just affirm that we will receive the £4200 as stated twice by the bank....lol. I keep saying its our money, they have admitted we were mis sold the PPI and they simply cant just do what they wish with our refund when the history of the loan is A1..

Thankyou...in advance

Duncan..:)

amersall

:j:j:j congrats on the win :beer:
You will get the money, as the loan balance has been decreased you should not have to wait too much longer.
Make sure that the monthly payment on the loan goes down by the PPI monthly amount too.

dougie212

Thankyou... my wife is nearly convinced... dont think she will be 100% until the money hits our account to be honest...

The monthly payments are showing at £130 at present rather than the previous £180 which is awesome, although depending on what the final balances are once our refund hits the account I may leave ask for the monthly payments to be put back up to £180 and get rid of the balance quicker....

Thankyou again

Duncan

amersall

You are very welcome, if you can pay the original payment, then I would ask if you can as you will be a loan less sooner rather than later.

dougie212

I think we will, because it will be our final loan to clear other than our Mortgage. The final part of a 4 year challenge where we have gone from an absolute dire financial situation of lots of stupid little loans and not so little ones and credit card balances... All are cleared, gone apart from this Lloyds one, so yes.. I think get it dona as soon as.... woohooo.. Thanks again

Duncan

amersall

:j:j good for you

di3004

Excellent news Congratulations!:beer:

A good suggestion by our amersall.;)