Lloyds Bank PPI refund - much lowerthan expected!!

The_Reverend

Hi everyone. I took out a loan with Lloyds about 6 years ago for £20,000. I have repaid it in full. There was PPI attached to the loan (which was amazing as I was adamant at the time I didn't want it). They have written back to me this weekend to say that they have upheld my complaint, and will be refunding me £440. This seems a little low to me, is this what I should be realistically expecting, or should I push back and refuse this offer? Any help or advice would be warmly received!!

dunstonh

How much was the PPI premium you paid?
Did you repay the loan early?
Is his a plevin uphold only? (still technically classified as an upheld complaint even though its not).

[Deleted User]

If you have documentary evidence that you paid more in PPI than you are being refunded, then you should send this to them.

Simply "refusing" the refund will not net you an improved offer. The redress is defined by the regulator and is not somehow negotiable.

It sounds like your PPI was cancelled or the loan did not run to term, but only the bank can say for sure.

Certainly you can ask the Bank for a breakdown of the refund calculations. Is there any mention of a Plevin refund of commission?

The_Reverend

thanks for the response, no, the loan wasn't repaid early, it went to the full term, which was over 48 months. I don't think the bank cancelled the PPI, as the loan repayments stayed the same throughout the duration of the term. I'll have a root through the letter they sent, (which is a tad complicated) and check on the Plevin uphold part. What is a Plevin refund, and how is that different to a PPI refund?

[Deleted User]

The_Reverend wrote: »

What is a Plevin refund, and how is that different to a PPI refund?

It's not a full refund of PPI, it's a refund only of undisclosed commission and only applies to rejected PPI complaints.

Is there a reason why you are asking here rather than simply reading the Bank's letter explaining exactly what they are paying you (and why)?

The_Reverend

Main reason is I don't have the letter in front on me. Also, the contents of the letter are very confusing, unclear and it uses language and wording I am completely unfamiliar with. E.g. words like 'undisclosed commission'. I thought someone on here might help me to get the bottom line.

[Deleted User]

The_Reverend wrote: »

words like 'undisclosed commission'.

Your PPI complaint has been rejected if the letter contains that phrase, but you have been awarded a Plevin refund which is far less.

Ask the Bank for an explanation in plain English if their letter is unintelligible for you, otherwise the replies you receive here will simply be guesses.

Nasqueron

The sum and wording you mention indicate a Plevin refund of commission and that your complaint was rejected.


You have 6 months to refer to the FOS.



It might help to explain your complaint reasons here so people could advise whether they are strong or not

-taff

Banks stopped selling single premium PPI in about 2009. What you were paying would have been a standalone policy if it was taken out in the last six years.
If you were adamant at the time you didn't want it, then there's no way you would have been paying for it unless they insisted on it as a condition of the loan, or unless you actually did agree to it.


You redress sounds like a PLevin redress, not an uphold that the PPI was missold. You can bet they have a paper trail trail for this PPI a mile wide if your dates are correct.

The_Reverend

Hi. The bank said they wouldn't offer the loan unless I took the insurance. It doesnt mention Plevin anywhere in the letter, they have also confirmed that they have upheld my complaint.

Nearlyold

There was PPI attached to the loan (which was amazing as I was adamant at the time I didn't want it).

Hi. The bank said they wouldn't offer the loan unless I took the insurance.

If you recall that the bank told you you had to have PPI why would you be amazed you had PPI?

I'd be amazed if the bank said anything of the sort in 2012 because the whole PPI complaints thing was really fully underway by then - I worked in Compliance at the time.