Lloyds PPI calculations

angR_2

Could anyone please advise me....
I placed a claim for a loan I took out in 1995 which Lloyds confirmed I had PPI on and they have made a concessionary offer as they say they now can find no details but admit I had PPI on it??
I have now found the original documentation and I had PPI amounting to £2048 on my £10,000 loan but paid £48.74 per month which amounts to £14.50 approx in interest per month
My question is can I claim on the interest I paid as well as the PPI principal and from the start to when?

Thank you for any help

dunstonh

I placed a claim for a loan I took out in 1995 which Lloyds confirmed I had PPI on and they have made a concessionary offer as they say they now can find no details but admit I had PPI on it??

Logical. It is easy to know if you had PPI or not (e.g. with Lloyds, they used a different account code for loans with or without PPI). However, given how long ago it was, the fact there is no documentation also makes sense.

My question is can I claim on the interest I paid as well as the PPI principal and from the start to when?

If your complaint is upheld, the bank automatically adds interest to the refund of premiums. So, you dont need to claim it as extra. It is part of the process.

angR_2

Thank you
I have now found all the original documentation, but am unsure whether the claim will be on the £2048 or £2940 with the 16.10% interest I paid on it over 5 years?

All of these amounts are shown on the documentation

-taff

Redress is what you borrowed, the interest added onto it, and then 8% simple interest on top of that.

angR_2

thank you very much

-taff

what you borrowed = what you borrowed for the PPI