PPI Advice

VSynth

Hi,

I have now received a breakdown of a loan I had with LloydsTSB and I want to know what I would expect to receive should I be able to reclaim the PPI.

£5000 loan over 5 years Interest rate 14.88%!

11 Sep 2003 Amount Borrowed £5000
11 Sep 2003 Loan protection insurance loan advance £1197.87
Starting Balance £6197.87

I made payments of £147.09 each month until Sep 2004 when I paid off the loan early...

29 Sep 2004 Final Payment 4732.72
29 Sep 2004 Rebate of loan protection insurance £720.88
29 Sep 2004 Early settlement adjustment £128.49 (debit)

-taff

1197 minus 720 plus 8 %

VSynth

Can I also claim for the interest on the £1197@14.88% since it was added to the loan.

-taff

1197 was the total amountyou borrowed for the PPI and includes the interest added to it.

[Deleted User]

VSynth wrote: »

Can I also claim for the interest

If you complain you'll receive a refund of all PPI and associated interest paid plus 8% simple interest. You do not need to "claim" for precise amounts, if you are successful the Bank will award redress in line with the FSA guidelines.