PPI Reclaiming successes and failures

tappy65

Hello Amersall and fellow forum users,
I hope you can help clarify something for me.
I have just received info back from Lloyds for a SAR request and I am currently putting together a claim. I am trying to work out roughly how much I should be able to reclaim for four loan accounts that I have received full statements for. The loans were taken out between 2001 and 2005, and all included PPI. The copies of the signed credit agreements I have received give a breakdown to confirm the amount of the loan, the amount of the loan for the PPI, total loan amount and monthly repayment figure. Also it confirms the APR, and the number of months to repay. I have also received copies of statements for each of the loans showing monthly interest charges and payments.
MY QUERY IS can I also claim for interest charges on the PPI?
My last loan credit agreement in 2005 gives an additional breakdown in the PPI signature box showing the amount of PPI £522.07, Interest on PPI loan £213.27, Total price of PPI £735.34. This was on a loan of £2,500. I am trying out a calc spreadsheet downloaded from CAG website but this does not seem to allow for interest on the PPI payment, only the 8% interest.
ANOTHER QUERY I HAVE IS: I have also received screen printouts for 7 other historical loans between 1994 and 2001 giving minimal information but confirming PPI on 6 of the loans. I do not have any original paperwork but is it possible to request bank statements going back further than 2001? Lloyds have said in their covering letter with the SAR information that they have included everything, but I have received no bank statements, and also no acknowledgment of another account I held with them for many years linked to my current account. (I have however received full credit card history for one of their other customers!).
Any help or advice much appreciated at this stage - lots of information on the various forums but my head is starting to spin trying to wade through it all and find what is relevant to my own case. Best wishes, Tracey

[Deleted User]

tappy65 wrote: »

MY QUERY IS can I also claim for interest charges on the PPI?

You don't "claim" any amount. What you need to do is make a valid mis-selling complaint. If this is successful, full redress is a refund of all PPI paid plus 8% simple interest. No point in trying to work out how much you might get, spend the time constructing a robust complaint. Remember, it's not the product which is the fault-it has to have been mis-sold to you.


As to your queries about statements prior to 2001, I'm afraid a SAR is the most complete historical information you can request. Actual statements are not part of a SAR. Anything older than six years is likely to be unavailable in the majority of cases and you'll only have received as much as you have because you doubtless still bank with them.

pinkbaileys

What were you reclaiming: NUMEROUS LOANS AND CREDIT CARDS
Who was the provider: LLOYDS TSB
How much did you get back: 18K AND STILL COUNTING!
Did you get it back after a letter or did you go to the Financial Ombudsman: Phoned the bank and they completed the forms whilst on the phone, did call back a second time to check employment details but it must have been due to the amount!

This above claim was done by my stepdad, but I really wanted to share this with you. I claimed mine a couple of years ago and got £2600 with minimum fuss from the RBS (they messed up a few things at the time I took out the loan as well ) and I have been on at him ever since to do his because he has always had it and has never needed it! He has been self employed most of his working life. As he is a plasterer the last couple of years have been tough due to the weather etc etc and to cut a long story short they got in a big mess. My Mum phoned the bank a few weeks ago and just told him to speak to them. It's the best thing she ever did, 8 weeks later they have received an offer of just over £18k plus he has a loan which is still running and also has PPI on it, so they have now cancelled that and they will send a further letter regarding a refund of premiums linked to that loan. The paperwork they have suggests this may be in the region of another £10k.

Just wanted to share because there may be people out there who don't think they will get it, can't be bothered with the paperwork/phone call. It's definitely worth putting a claim in as it's your money to begin with that have wrongly taken off you!

Good luck everyone

bubbaflump

What were you reclaiming: Personal Loan
Who was the provider:Egg
How much did you get back: £4245
Did you get it back after a letter or did you go to the Financial Ombudsman : Early last month I received a letter from Canada Square Operations informing me I could be a customer who had been missold PPI on my personal loan.

Form completed & sent with an acknowledgement of my complaint letter received back 7 days later.

Received offer letter today (5 weeks on) offering me £4245!!!!

Absolutely delighted!!! :j :j :j

tappy65

Thank you moneyineptitude for your feedback, much appreciated.

I have already compiled my complaint letter and believe I have a very strong case for mis-selling.

I am however trying to work out what refund I may be entitled to regarding the interest I paid on the PPI? I understand that people who have been successful receive a refund of all PPI paid, plus 8%, but not clear whether 'all PPI paid' includes the interest that was added to the premium for the duration of the loan period?

Thanks

amersall

tappy65 wrote: »

Thank you moneyineptitude for your feedback, much appreciated.

I have already compiled my complaint letter and believe I have a very strong case for mis-selling.

I am however trying to work out what refund I may be entitled to regarding the interest I paid on the PPI? I understand that people who have been successful receive a refund of all PPI paid, plus 8%, but not clear whether 'all PPI paid' includes the interest that was added to the premium for the duration of the loan period?

Thanks

If you win your mis sell claim, the interest on the PPI is in the monthly PPI payments that you made, you get this back, if the loan was settled early then you get the PPI monthly totals that you paid less any rebate they may have given you plus the 8%.

For the other 7 loans, ask them to look at these too.

As, I assume, these were all consolidations you will have to wait and see what redress they are paying if you win, they have to give you the whole PPI back and the interest, less all the rebates they gave for early settlement, as you do not know what the rebates were you will have to wait and see.

tappy65

Hi Amersall,
Thank you for your comments, most helpful.
I am about to submit my complaint letter, and hopeful that the earlier loans will also be taken into consideration. In the meantime I have written a letter to the DSAR team at Andover to return some paperwork they included in my SAR data bundle which is a credit card history for one of their other customers! I have also requested a list of transactions on my current account (if they are unable to provide statements) for the period up to June 2002, as the online statements only go back to July 2002 and I need to see what refunds were given for PPI on two consolidation loans between Sept 2001 and March 2002. So fingers crossed they will be able to supply details, otherwise I will have to wait and see what figures they come up with.
I was surprised that my SAR request data bundle did not include any statements for my current account, or any acknowledgement of another account I had up to 2006 which was linked to my current account. They also stated that they have not yet been able to locate a copy of the signed agreement for my credit card account (which did have loan protection on it until I cancelled in the late 1990s), and go on to say they can assure me that before they opened my account they would have required sight of a signed agreement, and if I take this matter further they are confident in their ability to be able to prove this. Having looked on other forums this appears to happen frequently with Lloyds SAR requests.
I will post an update when I have received a response back from Lloyds.
Keep up the great work - the forum is an excellent guide for people preparing a PPI complaint.
Thank you.

tappy65

amersall wrote: »

If you win your mis sell claim, the interest on the PPI is in the monthly PPI payments that you made, you get this back, if the loan was settled early then you get the PPI monthly totals that you paid less any rebate they may have given you plus the 8%.


Hi Amersall,

I thought I would just clarify something from your earlier post.

The PPI premium quoted on my 3 Lloyds loan agreements (which were consolidation loans) between 2001 and 2002 quote the Premium (cash price) total and a Monthly repayment amount for PPI as well as the loan amount, but this PPI figure does NOT include interest.

On my last loan agreement in 2005 there is an additional breakdown of the PPI in the box where I signed. It is broken down as follows:
Price of loan Protection premium = £522.07
Interest on the Loan Protection loan = £213.27
Total price of the Loan Protection = £735.34
This was for a loan of £2,500 over 48 months, with an APR of 16.9%. With the PPI added, the total loan was £3,022.07.
Repaid in full in May 2009.

So on the earlier Loan Agreements, even though the PPI premium is quoted separately in addition to the loan amount, the interest paid on the PPI is not included in the Premium (cash price) or monthly repayment figure.

On the 2005 Loan Protection premium of £522.07, I calculate that the £213.27 interest payable is almost 41% .

I hope this may help any other Lloyds customers considering amounts of refunds they may be due for PPI payments they made.

-taff

If your complaint is upheld, you get your original PPI cost, plus the associated interest, plus 8% simple interest.

It doesn't get more complicated than that.

I'm not sure exactly what you're trying to illustrate above.

tappy65

Hello Taff,

Thank you for your response.

I am just trying to illustrate that the interest on the PPI is NOT included in the monthly PPI payments made. In the example I quoted in my previous post, I was paying an average of £4.44 per month interest on a fixed monthly premium of £15.

I thought this may be helpful to share on the forum, and did not intend to make it more complicated.