Lloyds PPI reclaim offer

[Deleted User]

starman67 wrote: »

From all of this, I am trying to gauge what sort of a return I would get if my complaint is upheld?

It's difficult to judge exactly what you'll get due to the loan being settled early. The PPI would indeed have attracted a rebate on early settlement.

Probably best to focus on getting your complaint upheld rather than on what you might actually be refunded if you are eventually successful.

addedvaluebob

Was the £874 a lump sum or does it show as a monthly payment and the premiums total £874?

starman67

Sorry for the delay Bob, been away. They could not confirm this over the phone and I have to wait for the official response from Lloyds or my sars request to be clearer. I'm guessing though that this would have been the amount I would have repaid, before interest, if I'd seen the loan out rather than settling early. If not the interest of 2058 would have been completely extortionate for 28-29 monthly payment against 3700 advance + 874 ppi.

[Deleted User]

starman67 wrote: »

I'm guessing though that this would have been the amount I would have repaid, before interest, if I'd seen the loan out rather than settling early.

The point the other poster was trying to establish was whether you paid for the insurance upfront as part of the overall loan or whether you paid for it separately each month. "Front loaded" PPI is a very robust complaint reason.

Obviously, it's too late to include this as part of the complaint you've already made. However, the Bank should check this was not the case as part of their investigation into whether you were mis-sold.

Incidentally, why have you sent a SAR letter AND a complaint? By the time you receive the details of your SAR, it will be too late to have any influence on the outcome of your complaint

starman67

That's because I thought it best during the process to establish the history via sars rather than just trust what the bank reports back. I should get the result of the complaint first, and if I'm not happy with the response, i'll wait for the sars results so I can cross check this and then go back to the bank to contest the result with the option of FSA if they wont budge. It's a cack handed way of doing things but then I am left handed!


Incidentally, I asked on the phone about whether it was paid for up front but they could not answer that in the call centre. They say that information will have to come from the team dealing with the case. From what I remember though, it was paid up front.

[Deleted User]

starman67 wrote: »

That's because I thought it best during the process to establish the history via sars rather than just trust what the bank reports back.

Do you really think you'll receive conflicting information from your SAR and the PPI complaint investigation?

starman67 wrote: »

I should get the result of the complaint first, and if I'm not happy with the response, i'll wait for the sars results so I can cross check this and then go back to the bank to contest the result with the option of FSA if they wont budge.

You have no direct access to the FSA, I'm sure you mean the Financial Ombudsman Service (FOS).

As you say, rather "cack-handed" I'm afraid. You really should have sent the SAR letter first to ensure you submitted the most robust mis-selling complaint you could.
If you have to take your complaint to FOS, it will take around eighteen months to be dealt with.

I'd familiarise myself with the MSE advice article here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

starman67

I would like to think they'll be honest about whatever information they hold but to be honest, they have such a poor reputation that I decided in the end that the report would be a good idea, even if it just enables me to have all the information to hand if they do refute my complaint.


Hopefully the ombudsman wont be required but I would certainly try with them if I'm not happy with what comes back, even though they have a large backlog to deal with.

starman67

Hello again! I was talking to Lloyds on the phone today ref my case and had a disagreement with them regarding what monies I should get back. As far as I am aware, in a case like mine where the PPI was paid up front (to the best of my knowledge), I should get whatever I paid in PPI back as well as the interest that was paid on this, + 8%. The girl on the phone said that I don't get any interest back for the PPI and that the 8% compensation covers this aspect. Can anyone enlighten me please?


I don't have a lot of confidence in the phone team as I don't think they are even Lloyds employees and instead are a 3rd party company acting on Lloyds behalf with only limited information available to them. Every time I press them for more info I am just told I have to wait for the official letter from Lloyds once the investigation into my complaint is concluded.

[Deleted User]

You've made your complaint already, why are you continuing to harass them about it? They have eight weeks to consider your complaint, I'd wait until they issue a "Full and final" letter detailing their findings before you "disagree" with them.

Have you read the link to the MSE advice article I provided for you at post # 27? It details the whole complaint procedure and how best to approach it.

There really is no point getting into futile arguments with Bank staff who probably aren't directly responsible for making a decision on your case.

starman67

Thanks for your input Mr ineptitude though I have to say that I was in no way harassing them.


I have read your link in full and am grateful for your input. In the link, it does state that I should receive interest monies back against the PPI paid upfront, so I guess the girl at the bank just did not know this, which isn't great, in my opinion, as she works in the PPI dept.