PPI offer- appealing amount

Can you post a copy of the letter confirming this so others can benefit over the next few months until the deadline? It would be interesting to see whether they agreed to backdate from 1994 to 1980 or made a mistake somewhere along the line, particularly as they don't seem to have records.

It's certainly possible to envisage a net result of 9,000 from 1994 onwards especially with any interest applied. I'd expect that to be a much bigger figure from 1980...

Extracts below from recent FOS decisions that show Lloyds did sell PPI policies with credit cards in 1980.

“Lloyds says that the policy was sold when Mr H’s account was first opened. It has sent us copies of its internal records showing that the credit card account was opened in October 1980 and that the PPI started at the same time.”
http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=173487

“This complaint is about a credit card payment protection insurance (PPI) policy taken out in 1980. Mrs M says Lloyds Bank PLC mis-sold her the PPI.”
http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=194304

“Mr O bought the policy in 1980 at the same time as taking out a credit card.” [url] http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=121827[/url]

In the OP’s case, the FOS seem to have looked at OP’s complaint about the compensation he’d been offered and thought it should be upheld. OP hasn’t said if FOS thought PPI was probably sold at the same time as the card (1980) or the approach they told Lloyds to use to recalculate its offer, but 15% interest on PPI payments before April 1993 would have increased his redress significantly.

Seems it may not also be a waste of time to take a complaint to the FOS if you bought PPI on a Lloyds credit card in the 80’s and were unhappy with the compensation offer in respect of the commission Lloyds received.
http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=190408

This post is addressed to me so I will answer accordingly.

Moneyineptitude wrote: »

I don't think anyone in this thread has said otherwise, just that it was very very rare forty years ago and only became the "norm" in the latter half of that decade.

Nor did I say anyone had said PPI wasn't sold in1980. I confirmed it was. I didn't think the actual number of policies sold in the 1980s was relevant to the OP's complaint.

Moneyineptitude wrote: »

Regardless, as usual, no point scoring is necessary.

My comments were not directed at any particular contribution but seem to have hit a nerve with you.

Moneyineptitude wrote: »

I realise I stated categorically that the OP would not get any extra without his providing documentary proof of payment from his own archive. I still stand by this assertion.

The OP was given referral rights to the FOS. In my opinion, he could take his complaint that the offer from Lloyds was unfair to the FOS.You have your reasons for stating it was a waste of time to escalate his complaint and have an adjudicator or ombudsman decide whether the offer from Lloyds was fair.
I happen to disagree but don't feel any further discussion on this would be useful. As I stated earlier- in the OP’s case, the FOS seem to have looked at OP’s complaint about the compensation he’d been offered and thought it should be upheld. OP hasn’t said if FOS thought PPI was probably sold at the same time as the card (1980) or the approach they told Lloyds to use to recalculate its offer, but 15% interest on PPI payments before April 1993 would have increased his redress significantly.

Moneyineptitude wrote: »

Dunston was, by his own admission, more "coy" and I must remember to adopt this position myself in future.

It might be wise.:)

Moneyineptitude wrote: »

I'd be quite content to admit I was wrong if I didn't remain unconvinced that this thread is genuine.

Not entirely sure why you need to tell me when you would be willing to admit when you were wrong or your belief that the OP's posts were not convincing. The OP hasn't offered an explanation yet as to when the compensation was calculated from. Perhaps he hadn't received a letter? Perhaps he won’t return to this thread.
Any future posts on who was right or wrong or about scoring points seem unnecessary

Placida there are simply a lot of cases on this and indeed, most forums where people are told something they don't want to hear, only to return after a long period claiming to have got the result they wanted despite all the evidence saying they wouldn't, akin to the infamous "and then everyone stood and clapped for me" lies you see. Perhaps FOS told the bank to recalculate based on average spending backdated to 1980, perhaps the sums were wrong, perhaps the OP is not truthful. Without the calculations and/or a copy of the letter it could be any of those things, the problem really seems to be the OP focused so much on this conversation on the phone saying they had PPI in 1980 and believing this was the silver bullet that guaranteed a payout for 14 more years and perhaps overloooked something else in their paperwork explaining why the bank changed their mind or why the FOS ruled the way they did.