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Advice please re an offer
Bumble_B
Posts: 2 Newbie
Good morning.
My mother has been made an offer from Lloyds regarding her PPI. The problem is the loan is so old that neither the bank or my mum has any paper work with specific details.
They have therefore taken a figure of what they call an 'average compulsory payment' and added the 8% interest to that.
Is this fair or based on the lack of info should we just accept this base figure? The only info we have is that the loan was paid off in 1998.
The base figure they are offering is £1013 with interest added of £753. To me that doesn't equate to the 8% annual interest does it? if the loan was paid off in 1998 then that is 15 years so £753 doesn't seem to equate. Any advice?
Finally the letter was dated 1st July and they paid the money into the account on 04th July - so they haven't given her any time to look into it. Can she spend this money even if she wants to query the amount or should she leave it until it is settled?
I'd really appreciate any advice.
Thank you
My mother has been made an offer from Lloyds regarding her PPI. The problem is the loan is so old that neither the bank or my mum has any paper work with specific details.
They have therefore taken a figure of what they call an 'average compulsory payment' and added the 8% interest to that.
Is this fair or based on the lack of info should we just accept this base figure? The only info we have is that the loan was paid off in 1998.
The base figure they are offering is £1013 with interest added of £753. To me that doesn't equate to the 8% annual interest does it? if the loan was paid off in 1998 then that is 15 years so £753 doesn't seem to equate. Any advice?
Finally the letter was dated 1st July and they paid the money into the account on 04th July - so they haven't given her any time to look into it. Can she spend this money even if she wants to query the amount or should she leave it until it is settled?
I'd really appreciate any advice.
Thank you
0
Comments
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Without proof of what she paid, you can't argue about it.
How will you show she paid more than that?Non me fac calcitrare tuum culi0 -
That's fair enough - I just wasn't sure whether that is normal practice. The 8% amount doesn't make sense to me still though.0
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