Really Gutted

camwyll

After a lengthy battle to claim ppi from lloyds, they have advised that there are some 7 account numbers all with ppi.

the total amount they are willing to offer is over 16k!!!, however, there letter states that the monies could be used to pay of arrears of which i am aware there are some on one of these accounts which is still running to this day. cut a long story short, I was struggling with a hefty loan and had to agree payment terms with the lloyds recovery department, the question is that the account in question is paying out ppi of 6k, can they use the other account ppi payouts even though the arrears are only on this one??

appreciate any help, hope this makes sense

cheers

dunstonh

can they use the other account ppi payouts even though the arrears are only on this one??

Only if the loans were a chain can they use old loans against current. i.e if you repaid one loan by taking out another then they are linked. However, is there was a break. ie.. loan repaid and next one applied for a year later then they are not linked.

camwyll

dunstonh wrote: »

Only if the loans were a chain can they use old loans against current. i.e if you repaid one loan by taking out another then they are linked. However, is there was a break. ie.. loan repaid and next one applied for a year later then they are not linked.

Many thanks for the reply,

3 of them are linked, generally refinancing of the previous one, the others are all different.The 3 linked loans when totalling the ppi payout gives 9k, I would suggest the arrears may be less than this but not far from it .

The letter I have to sign, states that they may use some or all of the refund to clear arrears, this is the worry, but what you say would give me a little faith to think I may get the balance of the other claims , if they can only legally take the loans that are linked.

2 of the payouts , some 2800 each are average redress payouts as they say they cant find paperwork.

wodering now if I can sign in confidence knowing I'm going to at least get something?

cheers

-taff

You won't know unless you sign.
If they did take everything to clear your arrears, if you think you have a case, you can go to the ombudsman to ask for it back, but the outcome is not clear.

camwyll

-taff wrote: »

You won't know unless you sign.
If they did take everything to clear your arrears, if you think you have a case, you can go to the ombudsman to ask for it back, but the outcome is not clear.

Cheers for the reply,

I'm going to ring them on monday and see if I can gain any further info, failig that , try and find out how much arrears we are looking at, not sure whether to try the '' I have been advised that you can only take monies from linked accounts'' card,

something would be far better than nothing, we can all appreciate that one!.

Cheers

theoretica

camwyll wrote: »

the total amount they are willing to offer is over 16k!!!, however, there letter states that the monies could be used to pay of arrears of which i am aware there are some on one of these accounts which is still running to this day. cut a long story short, I was struggling with a hefty loan and had to agree payment terms with the lloyds recovery department,

Are the arrears over £16k?

camwyll

theoretica wrote: »

Are the arrears over £16k?

To be honest, I'm unsure,A little background,
I was a self employed builder, ran up my overdraft during the slump near 5 years ago, to be honest we were at such a low, I stupidly took a large loan to clear the overdraft , debters and creditors, i could have declared myself bank rupt but didn't.
three of the accounts giving ppi are linked to the account in arrears, its possible, and although we have agreed payment terms, it could be circa 10k in arrears, to be honest, I wanted to claim from the bank for giving me this loan when they knew things were dia, they were generally securing the debt as the overdraft was looking like a loss for them.
so we have 3 linked accounts suggesting arrears, with a ppi pay our circa 9k and 4 other none linked paying out 7k, worried they take it all anyway?

cheers

DevCoder

Even if they took it all, then that would reduce your debt by 16K, surely thats something to be glad about?

camwyll

krisdorey wrote: »

Even if they took it all, then that would reduce your debt by 16K, surely thats something to be glad about?

Yes , for sure, the annoying point is that the loan with arrears is the one we could'nt really afford, the bank knew this, but needed to secure the debt, hence they gave us it kowing we were desperate, really dissapointing, to be honest , we have never really recovered, and the thought of a cheque coming for 16k would have been welcoming, clearing the arrears on a loan that was given to help the bank and not us as a business, cuts to the bone a bit.

I'm sure I have still been paying the ppi premium to date, does this mean that this will cease and the monthly payment become less.

cheers

amersall

Yes, they will remove the whole PPI amount, the balance will reduce and your payment will go down by the PPI monthly amount.

camwyll

amersall wrote: »

Yes, they will remove the whole PPI amount, the balance will reduce and your payment will go down by the PPI monthly amount.

Thats a bonus then, I'm going to ring monday, see if they will give any idea of what amount of the ppi will be witheld

cheers