Incorrect Lloyds TSB PPI offer?

SimonD316

Hi,

I've finally had an offer of PPI Compensation through for a CC my wife took out back in 2003 with Lloyds TSB, but the amount they have offered seemed really low based on what we can recall paying...

So I called the helpline, and was told the offer is based on 13 PPI transactions between July 2006 and August 2007.

But, when the card was taken out there was a £4,000 balance transfer, which based on the lowest PPI rate of £0.59 per £100 per month would have cost close to £270 in the first year. It's highly unlikely the balance would have dipped below this at any time the card was active.

According to the offer only £423.04 was paid, so the offer seems to be very low.

Has anyone else experienced anything like this with Lloyds? I've just sent the CEO an email, and am about to call the FOS for advice...

Thanks in advance
Simon

welshgasman

You are free to decline the offer and ask for a breakdown of the calculation.

If I remember correctly, you only get 8% interest if not having the PPI being charged would have put you in credit. You then get that interest for the period you would have been in credit.

You will get back the premiums and any interest that would have been charged on them.

If you request a SAR for £10, you should be able to get all of the statements to check for yourself.

My condolences regarding your wife.

SimonD316

We finally had some sense from Lloyds TSB last week...

After pointing out they had already sent proof of the opening balance transfer, and finding a payment made to the card of £7,500 in 2005 (through LTSB Internet banking with went back to the account opening!!) we had a revised offer of almost £1,800 which has now been paid.

Thanks for the help everyone