Lloyd’s mis-calculation?

[Deleted User]

BooJewels wrote: »

All the bank loans I had with some form of PPI had it detailed in the box about repayments .

The loan Agreement would certainly have detailed the PPI. It was never somehow missed off or "hidden in the interest" as some Claim Companies allege.

I'm guessing the OP no longer has the Agreement, hence his confusion...

Kingtalk

I have asked Lloyd’s for the statements and also a more detailed breakdown of the redress.
This is what the basic calculation breakdown says...

A cost of single premium ppi policy £0
B the number of monthly repayments agreed - blank
C the number of monthly repayments made - 4

Di Rows D - ‘upheld’ decisions only. PPI premiums to be refunded - £290.48
Dii debit interest on Row Di - £0
Ei Rows E ‘unfair relationships created’ decisions only. Amount of commission and profit share you paid on the premium above 50% - £0

G row G ‘upheld in part’ decisions only
How much you would have paid for a regular premium policy. The monthly premium is calculated as £9 for every £100 of net monthly repayment. £0

Gross compensatory interest £188.58
Tax withheld £37.72

Total due to you £441.34

Kingtalk

That may be the case - but they have confirmed it was indeed midsold in Feb 2010. And Lloyd’s only stopped selling ppi to new customers in July 2010

BooJewels

I've just looked at the latest of my loans (the one they wrote to me about Plevin that we discussed on another thread) and that was for 22k over 10 years, but we paid off early. The monthly PPI was £15.90. So the amount quoted as redress doesn't sound ridiculous, if you pro rata the loan amount and duration and knock off 3 years interest, plus tax - it sounds in the right ball park. The 4 repayment bit seems to perhaps be the confusion. I guesstimate a PPI value of around 8 quid per month.

ETA: I see the OP has now added the calculations whilst I wad typing.

Kingtalk

What I don!!!8217;y Understand is that they are not saying this is upheld in part. They are saying it was upheld. If you divide 4 payments by £291.48 - this is a high monthly figure.

Also what does unfair relationship mean?

[Deleted User]

Kingtalk wrote: »

they have confirmed it was indeed midsold in Feb 2010. And Lloyd!!!8217;s only stopped selling ppi to new customers in July 2010

Just FOUR months later.

Kingtalk wrote: »

Also what does unfair relationship mean?

That's a reference to Plevin which doesn't apply in your case since the commission was not over 50%.

Kingtalk

No. My first payment was in February. July is 6 months later not 4

[Deleted User]

Kingtalk wrote: »

My first payment was in February. July is 6 months later not 4

Really? The difference between month 2 and month 7 is 6 months?

I'll take my leave of this thread now, the best advice is for the OP to simply present his queries to the Bank who are in a far better position than anyone here to answer them..

Kingtalk

The ‘difference’ between the 2 & 7 is 4 - yes

But if I was paying ppi from Feb 2010. This is
1. Feb
2. Mar
3. Apr
4. May
5. jun
6. July

6 payments not 4

Nasqueron

Present your evidence you paid more and ask the bank to recalculate it