Query about Lloyds PPI offer

m_pochec

Very apt I should read this today... My complaint got upheld by Lloyds TSB yesterday for a loan of £6000 with PPI on it. The original PPI that was front loaded cost £1400 . The loan ran for 4 months and I settled at £7216.....when I got my offer yesterday it would appear Lloyds have got the calculation WRONG! This is what their letter breakdown offered...
Refund of premiums £131
Early settlement difference £270
Without the compensation these 2 amounts only calculate £401 so my question to Lloyds was, where is the other £1000 or so pounds???
They say at time of settlement I should have received a rebate of £1102.40 within 7-10 days which would have been paid into the same account the direct debit for the loan came out of, which was my Lloyds TSB current account. I went in branch yesterday and for the next 3 months no refund showed as ever being paid in! With the evidence of my statements I then called the PPI team REJECTING their offer and they asked me to send copies of the statements to them and a covering letter explaining why I would like the amount recalculating .. So don't just accept their offer they do get things wrong. Ring the loans department and find out if you were ever paid the refund after settlement. In addition the Lloyds loan department have also told me to open a new complaint with the bank against General Insurance for not repaying me this money over 9 years ago!! DO NOT JUST TAKE THE OFFER.. Hope this helps :-)

[Deleted User]

m_pochec wrote: »

! DO NOT JUST TAKE THE OFFER..

The OP's offer is correct though....

m_pochec

Do you mean my offer or the original poster's offer? I can only speak for my offer, and if this can happen with mine then there is a chance it can happen with others therefore offers should not be just accepted. Banks get it wrong.. Clearly

[Deleted User]

m_pochec wrote: »

Do you mean my offer or the original poster's offer?

You are not the original poster (OP) of this thread. The figures the original poster gave in his initial post were and are correct. He had simply failed to take into account that the finance was settled early and so attracted a rebate of the PPI.

Thanks, though, for drawing attention to the fact that the Banks don't always get it right and that it's wise to check their figures are correct.

m_pochec

Moneyineptitude wrote: »

You are not the original poster (OP) of this thread. The figures the original poster gave in his initial post were and are correct. He had simply failed to take into account that the finance was settled early and so attracted a rebate of the PPI.

Thanks, though, for drawing attention to the fact that the Banks don't always get it right and that it's wise to check their figures are correct.

Ahh okay :-) I did not know till now OP stood for original poster..I've seen it in a lot on here but thought it mean't customer.. Learn something everyday thanks

Ilovelloyds

Lloyds have admitted to us they missold PPI though they have not sent a letter yet confirming this. I have written a formal complaint about the delay in giving a settlement figure which took a month to acknowledge and that was 3 months ago now. When ever we ring ( twice per week) they say they "are still calculating the figure". They admitted over the phone in January that they had mis-sold to us and had upheld our complaint.
Is there any legal speak to say or write that will get this solved as ringing up for an update just gets the same "we are still calculating the figure" response and " we are sorry I will escalate it" response.
It is now 12 months since we put in our complaint and almost 6 months since they admitted they had mis-sold. We do not want to go through the ombudsman yet as I think this will just give Lloyds another excuse to delay it as they will probably just say, " well its now with the ombudsman".
We even went to see the bank manager at our branch and he said it was nothing to do with them. Great service for customers of over 25 years.
Any advice would be appreciated.
Thks

m_pochec

So if they have not issued you with a final response by letter within 8 weeks of the complaint first opening then they have broken the rules laid out by the FOS. After they issue you with a final response unfortunately after this gas been sent any re investigation was not time limited by the FSA which means they can effectively take as long as they like and don't rush whatsoever which is when they really start taking the .... Your biggest mistake was not at least logging the complaint within 6 months as you will have now missed the option of the FOS looking into it and effectively they now have you at their mercy. After 8 weeks you could have logged your complaint with the FOS without taking it to the FOS investigation stage. Once its being officially investigated by the FOS which starts when you fill in their ombudsman questionaire then the banks will only continue your complaint through the ombudsman but if its only logged and the questionaire has not been sent then at least you could have still asked the FOS to investigate your case. I have similar situations with a few of mine where some of my complaints are " still with investigation team" but I'm lead to believe they are waiting to be finalised and calculated. Because there is no time limit for them to respond I did not want to miss the 6 month deadline with FOS so I logged them with the FOS but have not filled out the questionnaires as of yet as I'm close to getting a decision myself directly if I fill out the FOS questionaire the bank won't deal with me directly anymore and I'll face a 12-18 month wait !!! Frustrating I know. FSA made a big mistake not time limiting re investigation's for the businesses in my experience as this is where they start to take a very blas! attitude with the customers and their complaints.

m_pochec

Sadly if your complaint had gone to the FOS after the initial 8 weeks, the irony is it prob would have been resolved by now. :-(

grandprix

Moneyineptitude wrote: »

You are not the original poster (OP) of this thread. The figures the original poster gave in his initial post were and are correct. He had simply failed to take into account that the finance was settled early and so attracted a rebate of the PPI.

Thanks, though, for drawing attention to the fact that the Banks don't always get it right and that it's wise to check their figures are correct.

Oh. HELLO !
Off again. You mean the headline figures add up but their composition / root is not visible ? Or have LBG provided you with the calcs ?

[Deleted User]

m_pochec wrote: »

Your biggest mistake was not at least logging the complaint within 6 months as you will have now missed the option of the FOS looking into it and effectively they now have you at their mercy.

Yes, a mistake many seem to make when allowing the Bank to "reinvestigate" a complaint is to leave it too late to go to the Ombudsaman.

m_pochec wrote: »

FSA made a big mistake not time limiting re investigation's for the businesses in my experience as this is where they start to take a very blas! attitude with the customers and their complaints.

Yes, they do seem to put such matters on the "back boiler". Anyone caught in that trap for six months should refer their case to FOS.