PPI Reclaiming successes and failures

marshallka

di3004 wrote: »

Had some fab news in the post today, they had paid out a refund on one of the loan ppi back in April just gone and this is the letter received from Lloyds TSB.....

Dear Mr & Mrs XXXXX

Loan account (Settled loan)

Information about your loan account.

As part of our committment to providing excellent customer service, we have reviewed the Payment Protection Insurance (PPI) premium we paid you on 13 April 2010, following your complaint about the PPI linked to your loan account number:
XXXXXXXXXXX

Following this review, we have identified that an additional amount is owed to you and I enclose a cheque of a further payment of: £2,959.36.

Please accept our apologies for this mistake. If after reading the additional information on reverse of this page or you require further assistance please contact us on tel number shown between 9 am and 5pm on Monday to Friday. If at this point we are unable to resolve any ongoing problems, you will be able to contact the Financial Ombudsman service for help.

Yours sincerely

Customer Relations.

.......................................................................................

This is what is on the reverse of the letter.....

Additional information:
Who has been affected and why am I receiving a refund?
During a recent check we discovered that you had not received the correct amount of refund, following our decision to uphold your complaint about PPI on your personal loan.
We are therefore enclosing a cheque which covers the additional amount owed to you.

Why didn't you give me the correct refund before?
The initial calculation did not accurately calculate the level of refund that you were due.
We have completed a revised calculation and the additional payment is enclosed with this letter.

I have made complaints about PPI on other loan; will I receive an additional refund on these complaints?
If the initial calculation on the loan account was incorrect you will receive an additional payment under separate cover. If we do not contact you about your other complaints then the redress calculation that was previously completed is correct.

My complaint was raised via 3rd party, have they been made aware of this additional payment?
We have contacted your 3rd party under separate cover informing them of the actions that we have taken.

Do I need to take any further action?
No, all you need to do is pay your cheque into your bank.

Why have I received a Bank of Scotland cheque when my loan and insurance was with another provider?
Lloyds TSB, Halifax and Bank Of Scotland are now all part of the Lloyds Banking Group. You can pay your cheque into your account as normal.

Wow, well done Di. I wonder why this was? Did you complain that the redress was wrong? Its a hell of a lot for a mistake.

di3004

marshallka wrote: »

Wow, well done Di. I wonder why this was? Did you complain that the redress was wrong? Its a hell of a lot for a mistake.

Cheers Marshallka.;)
They originally refunded about £995 + int on this one and the ppi was on the agreement was about £4K.

We did question this but they then insisted it was correct, and heard no more, we moved on with the others then and they were upheld too, so did not think about going back on it again, a nice surprise though.
This one is from 2001.

Bonnie2009

di3004 wrote: »

Cheers Marshallka.;)
They originally refunded about £995 + int on this one and the ppi was on the agreement was about £4K.

Have you worked out as a percentage how they were wrong? What I mean is, measuring what they gave you this weekend compared to what they gave you originally? I'm trying to figure out how they got it wrong.

When I spoke to them on the phone and asked what the sum would be, I was told they work them all out manually. No wonder there are mistakes, then! I told them to go onto Moneysaving Expert as they have a calculator!!

di3004

Bonnie2009 wrote: »

Have you worked out as a percentage how they were wrong? What I mean is, measuring what they gave you this weekend compared to what they gave you originally? I'm trying to figure out how they got it wrong.

When I spoke to them on the phone and asked what the sum would be, I was told they work them all out manually. No wonder there are mistakes, then! I told them to go onto Moneysaving Expert as they have a calculator!!

LOL, good idea Bonnie.

This loan was on a settled loan taken out 2001 so i suppose the interest has a big part on it up to date as well but trying to get my head around it as we have others as well in total another 5 on top of this one, can get confusing, so have been trying to find the paperwork for this one.

liberty_lily

Hi Bonnie and Di

I've also spent best part of yesterday and today trying to work this out - I've done all sorts of calculations, but still can't fathom it.......Di's your extra payment seems huge in comparison to your original refund, whereas mine is about 50% of the amount they refunded previously!!

I did wonder if it was to do with the interest on the 'settlement difference' part of the refund as my original letters from LTSB refer to refunding 8% interest on the premiums, but makes no mention of 8% interest on the difference between what the loan cost to settle with PPI and what it would have cost to settle without it.

However, I then found an email LTSB had sent my FOS adjudicator, which he had copied to me and which referred to there being 8% interest included in that amount - so it can't be that.

Although looking at what they have refunded and referred to as 8% interest does fall short of the figures I got when I used the online calculator at https://www.egalegal.com, so maybe interest is the key issue.

Like yourselves, I would love to get to the bottom of it as I have another 5 that this could affect

Hopefully all will be revealed when the postie turns up next!

Anyhoo, just to reiterate again that I'm very pleased for you both!

LL x

Bonnie2009

Thanks, Liberty. I've emailed Lloyds over it but don't expect to get an answer! If I do, I'll post it here. Let us know if you get any more back, won't you? Good luck!

601448805

• What were you reclaiming: loan with ppi
  
• Who was the provider: lloyds tsb
• How much did you get back: £4,453 ppi, £1,072 interest
  
• total = £5525 :j
  
• Did you get it back after a letter or did you go to the Financial Ombudsman: only sent one letter

• And then write your brief reclaim tale

sent them the questionnaire, next day i received a conformation letter. Week later they had accepted they were wrong! 28 days later received calculations, Now am just waiting for the cash!
Woo hoo Disneyland Xmas hear we come!!! :T:T:T


Thank you everyone if it was not for you all i would have lost 39% of my money to some greedy solicitors :mad::mad::mad:

Everyone should just go for it! it was so easy to do

Thanks again
Claire
xxxx

brokeally

Hi everyone,

I have just joined up to MSE.

Both myself and my husband have had numerous loans and credit cards over the years and dont appear to have paperwork
for all of these.
Can i just phone/email the bank for the account numbers, credit agreements etc etc or can i just write to lloyds for example and quote that we wish to claim back ppi on all loans and credit cards connected with our accounts??

Thanks in advance

liberty_lily

Bonnie2009 wrote: »

Thanks, Liberty. I've emailed Lloyds over it but don't expect to get an answer! If I do, I'll post it here. Let us know if you get any more back, won't you? Good luck!

Thanks Bonnie, you too!

I think I might contact them also, after all it can't hurt!

Will of course report back with any further developments

di3004

liberty_lily wrote: »

Hi Bonnie and Di

I've also spent best part of yesterday and today trying to work this out - I've done all sorts of calculations, but still can't fathom it.......Di's your extra payment seems huge in comparison to your original refund, whereas mine is about 50% of the amount they refunded previously!!

I did wonder if it was to do with the interest on the 'settlement difference' part of the refund as my original letters from LTSB refer to refunding 8% interest on the premiums, but makes no mention of 8% interest on the difference between what the loan cost to settle with PPI and what it would have cost to settle without it.

However, I then found an email LTSB had sent my FOS adjudicator, which he had copied to me and which referred to there being 8% interest included in that amount - so it can't be that.

Although looking at what they have refunded and referred to as 8% interest does fall short of the figures I got when I used the online calculator at www.egalegal.com, so maybe interest is the key issue.

Like yourselves, I would love to get to the bottom of it as I have another 5 that this could affect

Hopefully all will be revealed when the postie turns up next!

Anyhoo, just to reiterate again that I'm very pleased for you both!

LL x

Hi LL, yeah I did think that too.

Me and hubby been looking through and this was the one taken out 2001 and settled early the year after, so many its confusiing lol :D, but the PPI we paid on top of the loan was £4K PPI, we cannot find anything in rebate on that one so far when this was settled, and they refunded £995 in April plus interest, so I just put it as if they refunded the additional recent payment of £2959 plus £995 already paid to us in April this would be approx £3954 refunded, so not far off £4K :think:.
I have that much paperwork, I'm checking if its the right loan loan account as well, meanings we had so many LOL:o.
Its just not having any calculations/breakdown they never seem to supply, my hubby is still waiting for some 6 months on with one of his Credit card, now the FOS are chasing them too.

Good luck LL, will email them too, am curious.;)

Well done to you and Bonnie and everyone else as well.:beer: