Lloyd’s mis-calculation?
Kingtalk
Posts: 27 Forumite
I have recently had a ppi claim upheld on a loan I had with Lloyd’s between February 2010 & March 2013.
The loan was for £16k and my monthly repayments were £411.95.
Lloyd’s have upheld the complaint but in their calculations have stated that I only made 4 repayments. So their redress offer is £441.34
If I paid £411.95 every single month for nearly 3 years, how could this be the case??
The loan was for £16k and my monthly repayments were £411.95.
Lloyd’s have upheld the complaint but in their calculations have stated that I only made 4 repayments. So their redress offer is £441.34
If I paid £411.95 every single month for nearly 3 years, how could this be the case??
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Comments
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They don't mean you only made 4 repayments of the loan. They mean of the PPI - although the redress figure seems very high for small repayments only a few years ago.
Did you cancel it?0 -
If the PPI payments were separate from the loan re-payments (as they should have been set up) cancelling the PPI payment would have no effect on the monthly loan repayment amount.Lloyd’s have upheld the complaint but in their calculations have stated that I only made 4 repayments. So their redress offer is £441.34
If I paid £411.95 every single month for nearly 3 years, how could this be the case??
If you have documentary evidence that contradicts the Bank's records and calculations then you should of course present this to them. However, it sounds simply as if you have made incorrect assumptions.
By 2010, Banks had largely ceased "front-loading" PPI into single premium repayments. In fact, it wasn't much later that they ceased offering PPI on loan and credit cards altogether.
I'm certain a quick call to the Bank will clarify...0 -
I made 37 payments of £411.
I never cancelled ppi - or was told it was cancelled. I didn’t even know I had it in the first place!
Surely if ppi was removed from my loan, my monthly repayment figure would have changed?0 -
Surely not necessarily. The term could have reduced.0
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Ok, yes I guess it could have been. But would I not have had some right to decide weather I keep my term the same or reduce my monthly payments? Baring in mind they had added something to my monthly payments in the first instance that I knew nothing about?!?
Surely I should have been consulted on this in some way?0 -
Again, surely not.
Reducing the term is the most common approach to a reduction in balance. It has the benefit of reducing the interest paid.0 -
Ok. Clearly my interest in being consulted on these things by my bank is unwarranted.0
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The only reason you wouldn't know that there was PPI would be if you failed to read the Loan Agreement you signed. Contrary to popular claim company myth, PPI was not just randomly added to loans and credit cards without the knowledge and permission of the customer.I made 37 payments of £411.
I never cancelled ppi - or was told it was cancelled. I didn!!!8217;t even know I had it in the first place!
As I've already said, 2010 was late in the day for PPI mis-selling. By later that year Banks had ceased offering it on loans and credit cards altogether.
Can you post the redress breakdown? Then we'll be able to see how much of your refund is interest.0 -
What do your loan documents say?
All the bank loans I had with some form of PPI had it detailed in the box about repayments - there was the monthly payment, date, number of payments, total to be repaid and what the PPI amount was that was included in the repayment amount.0 -
I'm certain you'll find that the Bank did write to you detailing any changes to your loan term and that you either failed to read the letter(s) or have simply forgotten. The latter seems most likely, as you say that you had no knowledge that you even had PPI.Clearly my interest in being consulted on these things by my bank is unwarranted.0
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