PPI Refund help.

mazzywazzy

Hi,

I had 3 loans with lloyds, all consolidated(rolled over) in to the next.
Got a refund on the ppi, but am unsure if it has been done correctly.

On all loans, it says that i was/had been refunded for single premium policy.
The thing is, that on loan two, the policy was paid separately, as a monthly payment.
So, my question is, have they given me too much money back, or did i have both ppi policies.

Also, the third and final loan went to first credit after 2 years, so am currently paying them.
So the repayment i have received for ppi for that loan, covers the 2 years before it went to dca.
If the ppi was paid up front, should the ppi not have been calculated on the original 60 month term, and the balance that is with dca taken into consideration.

Any help would be gratefully received.
Thanks

amersall

You need to get a breakdown of the redress they offered for the first 2 loans, this will put your mind at rest.

Even with one being paid monthly, the remaining PPI from loan one after the rebate would have been on loan two.

The third loan should have the whole PPI taken off the balance, are you sure this loan PPI was just for the 2 years repaid and have you a breakdown of this?.
Even if this was passed over to a DCA, the whole PPI is still on that loan to term end with interest, you need to check this.

mazzywazzy

Hi,

I have the figures, it just says for loan 2(the one i was paying monthly, at a cost of 16.60 p/m) that the oroiginal cost of the single premium policy is 789.05.
That I paid 315.67 up until policy was cancelled/loan rolled over.

This is why I am confused, as if I was paying monthly, why would I have a single premium.

Also loan 3 states: Original cost of single premium policy was 2059.74.
Term to be paid over 60 mths originally?
Number of months for which policy open 24. (This is when loan went to 1st credit)
So refund was of 615.33 plus interest to date.

Hope this helps, and thanks for your input.

amersall

Hi, loan two could have had the premium paid upfront but not added to the loan just paid from the loan, you just paid it separately.

I would contact the bank and ask for the whole PPI to be removed from the third loan balance as you will eventually repay the whole of the PPI and as you have no cover now you should not have to.
See what they come back with.

Keep me posted.

mazzywazzy

Thanks, thay makes sense.

I will contact them, and post an update as soon as i know.

Thanks for your help!

amersall

You are welcome.

mazzywazzy

IT actually states on paperwork, that loan 2 . I paid the 315.67 till loan was rolled over, and I got 168.65 on top of that as the interest applied to the premiums paid, due to it being added to the loan.

They are actually going to re-review it to see what has gone wrong, as they already paid the other refund out. Was just checking what I thought was correct, which has helped a lot.

mazzywazzy

Finally got some paperwork.

Of the three loans, I am just wanting to check the final one.

Loan was:
£7551 = cash advance of 3167 and cleared loan 2 with the remainder.
217 p/m for 60 mths.
Total ppi - 2059.74

I was given 1875 as excess balance an interest : to cover extra amounts when i refinanced as had to take a larger loan/interest due to ppi.

Total ppi paid till went to dca after 24 months = 615.33
Interest due to being added to loan = 445.06

So altogether for loan 3, I got = 1060.39 + 1875 = 2935.39 - 223.81(regular premium)
They then added 8% interest per annum = 373.11 and reduced by 8% tax,which was 74.62.

Total was 3010.40 to me, and apparently they rebated my loan that was sent to the dca, by 674.76 to make the sum of 6423.

Does this seem ok?

Thanks

amersall

That looks right to me, and the main thing was they took the PPI off the balance before it was passed over

mazzywazzy

I need to get better at maths. I just automatically presumed as it was 2060, and I paid 615. That the rebate of the loan/debt when it went to dca would be the difference of 1445 between the two sums.

Didnt understand where the 674 came in.

Obviously you understand it more than me, thus why I asked your advice.



Thanks again.

amersall

Hi there, in simple English.

Original loan and PPI total = £9,610.74 @ £160.17 per month.

Minus amount repaid to you £3,010.40 = £6,600 approx balance left.

You have back to you the PPI, the interest on that and the 8%.

Does that make it easier?.