Lloyds offer on PPI - single payment and also monthly protection insurance

stugall

Evening all,


Following LLoyds contacting me and completing a form believing I may be have been missold PPI (as a sole trader), I received a shockingly surprising offer today of £2000 in a call from a very nice Lloyds lady. I nearly dropped the phone.


Apparently, as part of a £7500 business loan I took out in 2000 (and refinanced in 2003), I'd been sold a single payment premium insurance at the time of the loan (10 per cent APR), as well as a monthly accident protection insurance policy of around £15 a month which I have been paying from 2000 until now (it included an automatic 5 per cent annual increase each year...).


Now, I am out of my depth here... how do I calculate whether the £2000 is a fair sum to accept? Or should I be grateful that I am receiving surprisingly good news at all and quietly go into the PPI wilderness ?


Any thoughts on the above please?


Regards
Steve

amersall

If this was full redress then they have calculated right.
You only get actual PPI back and the interest associated with this plus the 8%.

I don't think they will have redressed the API unless you made a claim for mis sell for this.

I assume the loan is repaid now and only the API is still being paid?, if it is not then they should take the whole PPI amount plus the interest on that from the loan balance.