PPI refunds for joint named policies purchased through a single named bank account

WoR

Lloyds Banking Group have accepted liability for a PPI policy purchased as part of a C&G mortgage.


The dilemma: The mortgage and associated PPI policies were all paid for via my sole named account (I've never had a joint bank account).


In accepting 'liability' LBG correspondence states: As a final response I'd like to offer you a payment of £ and put you back in the position you would have been had you not purchased the policy.


LBG are currently only offering to provide a 50% payment, despite 100% of the payment coming out of the above referenced bank account.


The question: Is this correct? How can I receive the full 100% refund, which would actually do as the LBG correspondence said they were going to do i.e. put me in the position I would have been in had I not purchased the policy?

dzug1

Difficult one - from one point of view you didn't purchase the policy - you purchased it jointly with AN Other


OTH you paid for it.


I assume the option of AN Other claiming and paying you is a non-starter?

dunstonh

The question: Is this correct?

The redress is normally split as per the coverage of the policy. So, if the policy covered both partners as 50% each then the redress would be paid 50% each. The source of payment is largely irrelevant as people use different accounts for different things and many couples have sole banking facilities.

How can I receive the full 100% refund

Unless the policy was covering you 100%, you cant.

Hopefully, you havent used a claims company here either as they usually bill on the full amount of the redress, even if you only end up with 50%.

welshgasman

You need to get the other party to agree their share can be paid to you.

WoR

Thanks for the answers ... not what I necessarily hoped to hear, but nothing ventured, nothing gained.