lloyds PPI claims 1989

magpiecottage

If you do go to FOS then the bank can withdraw the offer. If the Ombudsman then awards LESS than they offered you will get what the Ombudsman awards.

welshgasman

What exactly are you expecting to get.?

As already mentioned

'anything would be a bonus if you have no records of your own.'

Bocspur

I was offered an average of £1600 per loan that had no record of amount of loan.
What am I trying to get? To ensure I am getting the right amount having been lied into taking out PPI in 1989 by the manager of Lloyds bank bath road Cheltenham.
Don't trust them full stop

Nasqueron

But the point is that neither you nor the banks have any proof you paid more, unless you can prove it, accept your good fortune in getting £1600 from loans you have no proof you paid

Bocspur

Ok then explain how on a loan of 4700 they are offering 516 then on a loan on 4400 they are offering 1047.
As I said originally I'm greatful for anything this is a principal thing for me.
I came on here to seek knowledge from people with similar experiences not to be given fatherly advice.
When I have the answers from people who know the answers I will post the results for other people to hopefully use my experience to gain what is rightfully there's. Not opinions.

Nasqueron

Bocspur wrote: »

Ok then explain how on a loan of 4700 they are offering 516 then on a loan on 4400 they are offering 1047.
As I said originally I'm greatful for anything this is a principal thing for me.
I came on here to seek knowledge from people with similar experiences not to be given fatherly advice.
When I have the answers from people who know the answers I will post the results for other people to hopefully use my experience to gain what is rightfully there's. Not opinions.

This is going in circles - you cannot prove you paid more so arguing the toss is pointless, if you have evidence you paid more than give it to the bank - you can't somehow force them to give more money if you can't prove it.

The difference in returns could be one of at least 3 reasons:

1) If you paid off the loan early there would be less PPI paid as the PPI would normally run for the whole period and paying it off early = less PPI paid
2) If the loans were consolidations i.e. you borrow one to pay off the older loan then there is a rebate of the PPI on the older loan when it is paid off as it didn't run full term
3) If the loan with the bigger refund was "single premium" i.e. the PPI was included in the loan and you paid interest on the PPI as well but the second loan was a monthly direct debit then you would get more back from the first one

However, unless and until you can prove you paid more then it is pointless to argue this on a forum - if you disagree with the calculations then provide evidence they are wrong

Bocspur

Thanks for the factual explanation of scenarios most helpful

welshgasman

The Final Response Letter breaks down all the payments for those loans that they have details of, so you should be able to work out those figures.

You and many others have the assumption that the PPI refund from the banks is a bit like buying a car, you haggle and negotiate for a better deal. This is not the case. You get back what you paid plus interest. That is it. The *only* way that is not going to happen if they find in your favour, is if a mistake is made.

Now if they use Comparative Redress where they assume that you would have taken out a monthly PPI premium loan anyway then you *miight* have a case for arguing that would not be the case.

Take a breath and look at the figures.

You state you will receive £516 & £1047 for the two loans of known details and a little over £1600 for each of the two loans *nothing* is known about.?

Seems those old loans have served you well.?

Bocspur

Before I put a claim in for PPI I did a lot of research mainly on the Internet and a couple of financial advisors. The overwhelming vibe I got was that banks were looking at every way possible to avoid paying out or using loopholes not to pay correct amounts.

Today I have received read my offer letter on the five loans and the calculations on the two loans they had record of the amounts on, using the information given on here, are correct.

The three loans from 25 years ago which they or I for that matter had no written proof of the amounts, they have given a generous amount for each.

In hindsight I have probably claimed at the right time when the whole process has been reviewed, re written etc etc over the last few years.
I will finish with the fact that I would never have claimed if I had found out that you could claim for loans over six years old and also when learning that you could the only reason I claimed was the fact I was told point blank I would not get a loan unless I took out PPI.

Thanks everyone for all of your help.

jamieboy

Hi Bocspur, how did you start your claim initially, by phone or letter ? I had a loan dating back to 1990 but didn't realise I could claim that far back.