Lloyds PPI reclaim offer

LorraineBell

I recently received an offer from Lloyds for mis-sold PPI on 6 loans however for 4 of them I was not able to obtain any details from SARS on the amount I paid on PPI (the loans were taken in 1997-99).
I have been offered an 'average compensatory payment' for these four loans of £1615.40 each.
I wonder if it is worth challenging this with the bank or just be grateful for what I received?
I am reasonably satisfied with the amount and dont want to be greedy but it is niggling me that I could be entitled to more and am being fobbed off and the banks taking a portion of what is due to me?

As I dont have the original loan paperwork and SARS couldnt provide any information am I able to challenge or do I have to settle?
Appreciate any advice please

-taff

If there is no paperwork left, they have done what they can in offering you an average payment.
Sending a SAR will not magic paperwork into existence.

dunstonh

As I dont have the original loan paperwork and SARS couldnt provide any information am I able to challenge or do I have to settle?

What would you challenge it with?

starman67

I am in a similar position as Lorraine in that I had 3 Lloyds loans around the same time, 1998-2000, each with PPI which I now know was missold. Lloyds acknowledge the 3 accounts via a/c numbers, in their response to me and I am now trying to patiently wait for their response and hopefully offer.


What I don't understand with Lorraine's case is why they offered an average amount as a payout because they say they don't have any paperwork on the actual amount of the PPI. Surely if they have the account numbers, one would think that they would also have the amount that was loaned, and that they then must know what they were approximately charging at the time for ppi? Whilst I understand that the offer they made may seem fair given the reported lack of documents, these loans are now approx. 16 years old so the 8% compensation would be really substantial. I know my loans totalled over 10k and I would therefore be gutted to have to accept such a low offer all things considered. (I know I can challenge any offer)


Does anyone out their have any experience or pearls of wisdom they can offer towards my concerns or the potential merits of my case please?


Thanks
Starman

[Deleted User]

starman67 wrote: »

What I don't understand with Lorraine's case is why they offered an average amount as a payout because they say they don't have any paperwork on the actual amount of the PPI. Surely if they have the account numbers, one would think that they would also have the amount that was loaned, and that they then must know what they were approximately charging at the time for ppi? Whilst I understand that the offer they made may seem fair given the reported lack of documents, these loans are now approx. 16 years old so the 8% compensation would be really substantial. I know my loans totalled over 10k and I would therefore be gutted to have to accept such a low offer all things considered.

There really is little point in reading about other cases and trying to apply the result to your own case. Your post does not actually indicate any complaint reasons and you seem more concerned with the time they might take than the validity of your complaint.
Banks typically keep records going back around six years and so, unless you are still a customer, the chances of them having kept comprehensive details of your account are slim. Do note that if you don't have a valid complaint, the Bank will not even offer an "average amount".
Did you attach relevant documentation to your complaint? What actual complaint reasons did you give?

starman67

The reasons for being miss sold are that I was told the success of my loan applications would be affected by choosing PPI as well as the fact I was in full time employment with a company that offered 6 months sick pay at full rates, so I therefore never really needed the insurance. I was also never told that their were choices in PPI policies, i.e, I did not just have to take out the one they were offering. In fairness, I have also read that Lloyds are one of the companies who were miss selling on an endemic record and that it was considered standard practice.


All of the loans were applied for with my local branch at the time rather than the internet. I no longer have any documents but Lloyds do have 3 loan account numbers listed against me. I therefore would think that if they have retained the account numbers, they would also have listed how much was borrowed, but I cannot get to speak to anyone as yet who can confirm what information they have.


Thanks

[Deleted User]

starman67 wrote: »

The reasons for being miss sold are that I was told the success of my loan applications would be affected by choosing PPI as well as the fact I was in full time employment with a company that offered 6 months sick pay at full rates, so I therefore never really needed the insurance.

Your complaint is very weak, but may still result in an uphold, Of more concern is that the PPI was purchased sixteen years ago and there is likely to be little in the way of records.

starman67

Thanks but what I would really appreciate is knowing why the complaint is weak? I did read Martin's piece about PPI and really thought my case was another typical miss selling example.

[Deleted User]

starman67 wrote: »

Thanks but what I would really appreciate is knowing why the complaint is weak?

It's a "hearsay"complaint for which you can provide no evidence.

starman67

Thanks for your reply and your time. I guess in light of hat you are saying, it is a "hearsay" complaint though as I was interviewed for the loan in store at the bank, I guess that is all it could be really. How else can you prove under such circumstances what you were told at the time, or what was implied to you. The only strength to my case is that it appears from Martin's article that miss selling was systematic and very common practice, and Lloyds were clearly one of the worse offenders.


I know i was miss sold and the whole experience had a very negative impact on me. You end up owing so much money for what you loan as the apr was more expensive in those days and the PPI is also so expensive. I've never used PPI since and usually avoid any type of optional insurance as it's always so expensive really.

[Deleted User]

starman67 wrote: »

How else can you prove under such circumstances what you were told at the time

That's the point, you can't prove such allegations.