Lloyds bank ppi offer correct??

RobOwen1

Hi all,

First post so sorry if it's in the wrong section! (Mods feel free to move if so).

I've received my ppi offer back from lloyds bank. In it it has the following details. And I'm wondering if anyone familiar with the Appendices in it could help me out?

In appendix B it says:

A: the original cost of the ppi: 1420.01
B: the number of monthly repayments agreed 48
C: the number of monthly repayments made 15 (I repayed early)

What you have paid:
d: how much your paid in monthly premiums 676.85
E: the interest applied to the premiums paid: 121.98
F: total cost of your policy 798.83

Now, forgive me for being dumb, but I don't understand how the cost of the ppi can be 1420.01, but the amount I paid in monthly payments is 676.85 and this is what has been used to calculated my refund (net:1181.75 including 8% interest refund and - tax).

I genuinely don't understand how or when the ppi was paid by me (I was 18 at the time and was completely unaware I had it). If the cost of the PPI was 1420.01 then shouldn't that be what I'm paid back + 8% interest. Or was the 1420.01 divided up by my monthly payments and because I paid back early it therefor it cost me less? I can make sense of the figures is all, I tried to divide 1420.01 /48(original payment months) then * that by 15 (monthly payments made) but that doesn't = 676.85???

Note: point G is "how much you would have paid for a regular monthly polic" which is I think what they would use if they were trying to pull some sort of comparative redress stunt, but that field has £0.00 in the there.

Any help would be massively appreciated. I'm really pleased with the payment, but I want to be sure I'm getting the right amount back (after all, they've pulled to wool over my eyes once before!)

-taff

if you paid it off early, you had a rebate, therefore you only get what you actually paid.

[Deleted User]

-taff wrote: »

if you paid it off early, you had a rebate,

Yes, this PPI rebate would have been applied on the amount the OP paid on early settlement.

amersall

Your monthly PPI payment on the actual PPI and not interest was approx £29 58.... x 14 = 443.74 PPI paid .
As you repaid this 15 months in, you would have received a decent rebate of the PPI at that point too.
The redress looks good to me.