Help needed with ppi offer

Simpson29

Hi, I hope somebody can help. I originally wrote to lloyds in 2012 asking if I had ppi on 1 loan and 2 old credit cards.i received a response saying that I had ppi on the loan but not on credit cards,then they said that they did not consider the loan ppi was miss sold.
Now I have received 3 new letters the first saying they have upheld their decision about the loan and have shown how it was a front loaded ppi and they offered me £661.72 which I have decided to accept even though it is a front loaded loan and they are only offering me this at a comparative rate, I am happy I think that it would not be worth pursuing further.
HOWEVER the other two letters I received now tell me that I did pay PPI on two credit cards so they lied to me in 2012 which I am furious about as I trusted they had investigated it thoroughly the first time and I even accepted there original decision because I am not out to get something I don't deserve.
So the story goes they want to offer me a measly amount of money for the 2 credit card as they are looking only at the closing balance of zero and presumed how I may have payed this off.what the don't realise is that during the years I hade those cards I slipped into great financial difficulty and regularly went months without paying anything for which I was charged time &time again and charged interest after interest including the ppi being added to the arrears and accumulating more interest & charges. I was a very foolish young girl who at time struggled to eat and I very frightened of the bank and the trouble I was getting my self into. I did however start to turn myself around and even during my worst moment I would call up & make odd £20/£10 payments without even knowing the balance.i eventually pulled my head out of the sand and called them regularly making bigger payments until one day I called and I paid off the final balance. I totally accept that the debt I owed the bank was my doing and I made amends to pay this back and I am in a completely different situation now- I learn my lesson the hard way

The thing is it does appear that lloyds have not taken interest accumulated due to adding unpaid ppi premiums to the balance of the account or that each month the ppi was added to the balance the premium the following week would have increased creating a never ending circle of debt mounting up- am I right that they should do this.tsb have said that I need to provide evidence and I have requested a sar but this will not get here until after the 28 day complaint procedure.
Should a just send it to fos to look into as I would like to know if they feel I was treat fairly with all of the charges/interest accrued due to added ppi and also the emotional distress I suffered at the time due to escalating debt- alot my fault but lloyds should now take some of the blame. I was seriously ill with worry about the mounting debt, I remember thinking that only half the payments I make are actually clearing my debt!! Remember there were no mobile phones or internet back then so advise was not so readily available. Thank you to any body who takes the time to read this x

[Deleted User]

Simpson29 wrote: »

HOWEVER the other two letters I received now tell me that I did pay PPI on two credit cards so they lied to me in 2012 which I am furious about

Unlikely. Don't mistake an inadequate investigation for deliberate lying.

You won't be able to go to FOS until you have exhausted their complaints procedure. So if you have no further evidence to give them, ask for their final decision in writing.

Simpson29

Thank you, I have escalated my complain and have asked for a full break down of the calculation.Hopefully my SAR won't take too long and fingers crossed I find evidence in there,I was thinking also of applying for a credit report to see if there is proof of my debt as I know after I had cleared my debt I could not even get a debit card for the money I had in my account never mind credit!!!! By the way the same bank now up my credit card facility on a regular basis as they know I'm in a good job,own my home etc...

dunstonh

I have escalated my complain

You either complain or you don't. There is no scale.

So the story goes they want to offer me a measly amount of money for the 2 credit card as they are looking only at the closing balance of zero and presumed how I may have payed this off.

If statements no longer exist to show the amount paid, then the guidelines say that they have to calculate based on what is available and equate that over the period. This can lead to some people getting more than they paid and others getting less.

what the don't realise is that during the years I hade those cards I slipped into great financial difficulty and regularly went months without paying anything for which I was charged time &time again and charged interest after interest including the ppi being added to the arrears and accumulating more interest & charges.

If they have no statements of that period then you can supply them copies of your statements. If neither of you have any statements, then the above is largely irrelevant. Evidence is important.

The thing is it does appear that lloyds have not taken interest accumulated due to adding unpaid ppi premiums to the balance of the account or that each month the ppi was added to the balance the premium the following week would have increased creating a never ending circle of debt mounting up- am I right that they should do this

The refund process is a refund of premiums plus interest at 8% simple.

tsb have said that I need to provide evidence and I have requested a sar but this will not get here until after the 28 day complaint procedure.

This would suggest that they dont have any evidence on their own files. If the SAR comes back with evidence you should complain again and get the SAR fee refunded.

Should a just send it to fos to look into as I would like to know if they feel I was treat fairly with all of the charges/interest accrued due to added ppi and also the emotional distress I suffered at the time due to escalating debt-

Without evidence, the FOS cant really do anything. Plus, you made a complaint about PPI. Not how the debt was handled. You cant go to the FOS and introduce new complaints. Also, judging by the dates you mention, you are probably timebarred from any complaint on that as its been more than 3 years.

Also, in the scheme of things, the PPI premium wouldnt have made any difference to the situation. It would have been a relatively small amount each month. If it did not exist, your situation would not be any different. The debt didnt exist because of Lloyds.

I remember thinking that only half the payments I make are actually clearing my debt!

Nothing wrong with that. That is one of the dangers of borrowing on a credit card. Its damned expensive. Not quite payday loan bad but its sub-prime rates.

Remember there were no mobile phones or internet back then so advise was not so readily available

No wonder there is no evidence available and that confirms that you would be well and truly time barred on that respect.

Simpson29

Thanks sunstone for your advise.I am a lot clearer now, I really need to wait to see what I find in the Sar as your right I have no proof just my memory, I really hope I find proof.I know I was the cause of the debt and it would have still existed but would have been a lot less, I just believe that there not doing a thorough job again like in 2012 & i suspect they have not tried hard enough to find the information that they needed to calculate this correctly. I have lost confidence in them since they quite clearly fobbed me off in 2012!!

wolverines

I'm guessing the cards were a long time ago. I cant help but feel your anger is misplaced and you have concluded they have lied to you when they probably haven't. I would also imagine the sar response will be a screenshot of some ancient computer system or credit agreement showing that you had a card with ppi but there will be no statements.

Banks don't keep everything forever and are in fact legally obligated to destroy data after a period of time. Every now and again they find some data files or boxes of documents lying in some archive. They can only go on the evidence so when you put in your initial complaint they probably had no evidence of ppi, it seems they have now found something and have written to let you know. I don't see how this is fobbing you off? If they don't know what you paid and you cannot provide them with the evidence then how can they do a redress calculation?

Simpson29

My anger if definitely not misplaced,they charged me for some thing I didn't ask for or know what it was & now they have the benefit of hiding behind the time issue because they didn't have the decency to look into this before they were forced to, they had know for years that they had mis sold PPI but did nothing. I will wait and see what I find in the SAR.If there's nothing I can do then I won't be spending the rest of my life bitter & twisted but I won't be just accepting their offer without trying.If this site has taught me any thing it's not to give up if you think something is wrong.Iv read posts where people have found what they need from SARS so I'm going to think positively.

dunstonh

My anger if definitely not misplaced,they charged me for some thing I didn't ask for or know what it was

So, why did you not query it when you were paying it?

now they have the benefit of hiding behind the time issue because they didn't have the decency to look into this before they were forced to

No-one is forcing them to look into it now.

If this site has taught me any thing it's not to give up if you think something is wrong.Iv read posts where people have found what they need from SARS so I'm going to think positively.

Absolutely. You have to see what the SAR turns up. That is the make or break on this.

Simpson29

I didn't query it because I thought it was just a charge you get with credit cards,I had never had a credit card before.I genuinely didn't know I had paid for an Insurance policy or that the payments were optional. Just because a was a 18 year old who didn't understand about PPI's it doesn't mean 'it's tough' (nobody on here said it was) the basic fact is that reguardless of how clueless I was, my bank did something wrong and it ended up compounding my debt month after month(I know ,I know ,I need proof)

When I had my loan with PPi- which has been refunded,I was told this was necessary, it was sold to me in the way that I thought it was an insurance policy for the bank so that if I couldn't pay they knew they would get their money back from this policy so without it I was unlikely to have the loan accepted.The way he put it to me even made me think that they would make the claim on it DOH!!!!!

I know before you say it that in both cases ignorance is not an excuse but I Was Misold ( I won't say lied too cause I've been 'put right'on that before).
Im sure my bank are being really kind offering me my money back based on a balance of zero & when I asked them for a break down of how they calculated the amount they told me they could not guarantee that they could do that, but thats ok I'm sure there going to try their best for me- positivity

I only say that they were forced to look at it because I thought that banks had been made to look into PPi claims because the FSA had told them too.

Am gonna stop thinking about it now, but I won't forget the deadline dates. Thanks for all your help.This was my first time on a forum and I can feel my self getting hooked- I don't have time for an addiction so good luck every body I will no doubt be back for advice when my sar arrives.

Adviceneeded15

Simpson29 wrote: »

I didn't query it because I thought it was just a charge you get with credit cards,I had never had a credit card before.I genuinely didn't know I had paid for an Insurance policy or that the payments were optional. Just because a was a 18 year old who didn't understand about PPI's it doesn't mean 'it's tough' (nobody on here said it was) the basic fact is that reguardless of how clueless I was, my bank did something wrong and it ended up compounding my debt month after month.

I too took out PPI on my first credit card with my bank not realising it was optional and when I saw it on my statement each month foolishly assumed it was a mandatory charge. Did you have any other reasons for complaining about it? I'm wondering if there's a chance for me to get my credit card payments back. I still have my credit card but cancelled ppi as soon as I realised it wasn't compulsory but that was after having it for at least 8 years and the ppi is approx £1k for the statements I do have a copy of so would be a nice chunk off my card. My only complaint is that I didn't know it had been added and just thought everyone had to have it when I saw on it on my account.