PPI repayment

malka · 20 September 2018 at 11:58AM

Hi everyone got some great advice last time so am hoping to strike lucky again.
As the Executor for my late father I put in a PPI claim to Lloyds as I found a credit agreement with 'optional insurance' that he was paying ... for over two decades since the 80's

Lloyds have got back to me, rather complicated letter but the upsum is they accept he was missold PPI and are repaying £2,000. I don't want to sound ungrateful and I am not the beneficiary of this, but that seems a paltry amount considering he was paying back for so many years.
so my questions are .....

1) do I go back to lloyds and say I sent you documentation and I am not happy with this, or is that a waste of my time?

2)do I go to the financial ombudsman or is that also a waste of my time?

3) if I question this repayment do I end up losing the £2,000 ?

4) there are some things on the letter i don't understand so please tell me what does it mean,

it says 'unfair relationship assessment' not applicable .... what is that ?

'other indirect losses' not applicable what is that ?

do let me know what you think is best way forward

-taff · 20 September 2018 at 12:02PM

Sorry - ignore the previous...
Your complaint was upheld. Redress is defined so you don't get to haggle about it. You could take it to the ombudsman but unless you can prove he spent a lot more on PPI, there's no point.

Nasqueron · 20 September 2018 at 12:03PM

What complaint reasons did you give?
What proof did you provide of this?

[Deleted User] · 20 September 2018 at 12:58PM

Unless you have documentary proof that your father paid more than is being refunded, then the amount (however "paltry") will not increase whatever you do. Remember, it's how much your father actually paid, not how long he may have paid it, that determines the refund amount.

I also imagine the Bank don't have records going back to the 1980's (which is an unlikely date anyhow since PPI was very very rare at that time) so unless you can fill in the gaps with documentation from your father's archive you are wasting your time pursuing this.

The "non-applicable" references are to possible Plevin refunds of non-disclosed commission. They don't apply in the event of a successful complaint, which yours is.

dunstonh · 20 September 2018 at 2:34PM

1) do I go back to lloyds and say I sent you documentation and I am not happy with this, or is that a waste of my time?

if you have documentation that proves he paid more, then give Lloyds a copy and they are required to use it.

2)do I go to the financial ombudsman or is that also a waste of my time?

if you have evidence he paid more and lloyds refuse to accept it then you go to the FOS

3) if I question this repayment do I end up losing the £2,000 ?

Theoretically, firms are allowed to withdraw goodwill gestures if you go to the FOS. if it was an upheld complaint and not a goodwill gesture, then they cant withdraw it as the redress is calculated using a defined method set by the FCA.

it says 'unfair relationship assessment' not applicable .... what is that ?

It is a secondary check that applies to rejected complaints. It wouldnt be applicable if the debt was not in existence in 2008. (i.e. paid off before then).

'other indirect losses' not applicable what is that ?

Basically, it is knock on effects or losses caused by paying. Rarely used but does sometimes apply. e..g if you were paying £50pm in PPI and you went over your overdraft facility each month by £40 then the overdraft charges should be refunded too as you would not have gone overdrawn had you not paid the PPI.

Basically, it all depends on what evidence of payment you have.

Penny99lees · 20 September 2018 at 3:05PM

Does anyone now where I can find out how much commission my bank got for my ppi policy

dunstonh · 20 September 2018 at 3:12PM

Penny99lees wrote: »

Does anyone now where I can find out how much commission my bank got for my ppi policy

It was never required to be disclosed under FCA rules. So, unless they volunteered at the time, then you wouldnt know.

Bank sold products didnt get a commission in the same way third parties did.

Your question doesnt have anything in common with this thread. If you have further questions, please ask them on your own thread and not someone else's.

malka · 22 September 2018 at 11:01AM

thanks everyone appreciate.
The proof I supplied was bank statements and a signed copy of the credit agreement.So plenty for them to go on.

Still confused on one aspect though if I challenge this or go to the Ombudsman do I loose the £2,000 that they have offered?

-taff · 22 September 2018 at 1:51PM

As per post 2 - redress is defined. There is no haggling.

takman · 22 September 2018 at 9:25PM

malka wrote: »

thanks everyone appreciate.
The proof I supplied was bank statements and a signed copy of the credit agreement.So plenty for them to go on.

Still confused on one aspect though if I challenge this or go to the Ombudsman do I loose the £2,000 that they have offered?

So when you go through the bank statements how much have you calculated that they should be refunding?

It seems very immoral to challenge the amount and waste their time going to ombudsman when your simply being greedy and think it's not enough money.

[Deleted User] · 22 September 2018 at 10:30PM

malka wrote: »

The proof I supplied was bank statements and a signed copy of the credit agreement.So plenty for them to go on.

Is that every statement, then, or just a random sampling?

Unless you are able to prove categorically that you paid more than is being offered, then referring this to the Ombudsman is just a waste of everybody's time.

PPI repayment

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