Lloyds PPI Loan did not run full term

niamhs_dad

Hello, Please could anyone assist me with a query regarding a loan with PPI that did not run full term.
I have both the original Credit Consumer agreement and the Loan account statements with lots of detail. This was taken out by me to clear an earlier Lloyds loan an also obtain funds for home improvements
.
Start date of the personal loan was March 1991, with a loan term of 60 months.
The CCA states PPI premium advanced as part of the loan and charged at £1,110.
The loan actually only ran 8 months. I have the closing statement and can see I have payed a lump sum to close the loan. However it isn't visible or compute that a refund for the remainder of the PPI policy has been actually deducted from the final payment.
Am I correct in thinking I should have seen this refund or deduction on the loan account statement, or is it possible this has been refunded in another way ? Searching the web I have heard talk of cash refunds although I have no idea what this means.
Lastly is not appearing to have received a refund on this policy a grounds for complaint?
Many thanks for any advice you can offer.

robbedofmymoney

with Lloyds what they historically did was once the loan had been settled they would then pay a refund of the "un-used" ppi back into your account so I would assume they have done this.
This is what happened on mine


i'd imagine you only paid 8 premiums of £18.50 each (1110/60) with maybe a little interest on it.


if you make a succesful complaint your refund will be your premiums paid and any interest added to this as part of the loan plus compensation interest of 8% pa simple for every year that they had the money,


8 X 18.50 = £148 plus 8% simple interest from time of premium payment
the 8% simple will be a nice amount going right back to 1991

niamhs_dad

Thanks that's very helpful.
I have six loans dating back from 1990, I have all the original carbon copies of each Consumer Credit agreement which are very detailed . However what's odd about these is that none of them actually have a loan number on them and even stranger none actually have a date written on them either.

I do have the loan account statements which are dated and have loan account numbers on so I have associated the figures with the figures on the CCA to help identify them.
I do think this is strange that the CCA's are so detailed although don't actually have a date or account number though and actually wonder if CCA's will be accepted as evidence.

-taff

If your agreements show no PPI, they aren't worth anything.

[Deleted User]

niamhs_dad wrote: »

The CCA states PPI premium advanced as part of the loan and charged at £1,110.

niamhs_dad wrote: »

I have all the original carbon copies of each Consumer Credit agreement which are very detailed . However what's odd about these is that none of them actually have a loan number

-taff wrote: »

If your agreements show no PPI, they aren't worth anything.

PPI is detailed, the loan account number is not.

niamhs_dad

Hi yes my Credit consumer agreement displays :
Together with the branch address and my name and address-
The loan amount PPI premium amount interest rate and two tick boxes ticked one for PPI and the other ticked for PPI added to the loan (single payment)
I have matched up the loan amount and installments stated on the CCA with a Loan statement which gives me the start date and account number of the loan.
The Credit consumer agreement an official form its green in colour and has code 'Form 200' at the top right hand side corner rev 8.9
Thank's

-taff

Nothing ventured, nothing gained, so make a complaint and see what happens. Use single premium as a complaint.

niamhs_dad

Thanks -taff and for the suggestion of Single Payment as a complaint, I was going to list this but my main complaint was going to go down the route of form pre ticked as this is actually what happened I did query it but was advised my application would fail if i didn't leave it ticked however I have heard proving it can be difficult. what do you think!
I think you right though as I was talking to an advisor from the ombudsman helpline today who appeared to also think that complaints on basis of single payment being added to the loan had the most success and Lloyds rarely question this and just settle.
I am all new to this and was myself quite horrified I hadn't actually realised that the premium had been paid in advance and then charged 28% pa for it.

[Deleted User]

Don't say the box was pre-ticked as that only applies to (some) early internet sales.

Your loans from the 1990's won't have had pre-populated tick boxes, nor are you likely to have taken them out online..