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  • #1

    Lloyds PPI

    Hi everyone,

    I currently have 2 defaulted accounts, one of them with Lloyds which was a credit card, & defaulted in Oct 2010. I am paying £100 a month off a balance of just over £8k & the interest is frozen at 0% (as it currently stands, I’ll be paying it off until Sept 2019!)

    If I was to try & claim a refund on PPI I foolishly took out & was successful, what do you think the chances are of Lloyds starting to apply interest. I don’t want them to think that they can give with one hand but take with the other.

    Your thoughts would be much appreciated,
    Thanks guys.
    JC.
    x
    Tags: accounts, act, arrangement, business, calls, card, claim, con, consumer, credit, credit card, debt, debt management, defaulted, dmp, employment, fine, fos, interest, letter, lloyds, management, niddy, owed, policy, ppi, refund, repayments, sick, sickness, telephone, unemployment, unenforceability
  • #2
    Re: Lloyds PPI

    Originally posted by Jacobs Crackers View Post
    Hi everyone,

    I currently have 2 defaulted accounts, one of them with Lloyds which was a credit card, & defaulted in Oct 2010. I am paying £100 a month off a balance of just over £8k & the interest is frozen at 0% (as it currently stands, I’ll be paying it off until Sept 2019!)

    If I was to try & claim a refund on PPI I foolishly took out & was successful, what do you think the chances are of Lloyds starting to apply interest. I don’t want them to think that they can give with one hand but take with the other.

    Your thoughts would be much appreciated,
    Thanks guys.
    JC.
    x

    Hiya

    From what I am aware of in regards of the interest, if the account has been frozen then there be it. They should not any longer apply the interest.

    If you were successful, they may try to use the refund towards any debt of the account, anything remaining and the interest accrued to cancellation of interest of the ppi should also be forwarded to you.

    However, not all do this, for example, if your account have been moved on to a debt management company, and a set arrangement has been set in place, the arrangement should therefore continue, so the refund may come back directly to you.
    It can vary from one business to the other, but I would not worry about the interest side of it, that should be fine.

    Think that is what you meant wasn't it?

    If so hope it helps.
    Another thing as well, as you have an arrangement in place of the repayments, and if you tried to make a claim for example - sickness/unemployment etc, the policy would be void to what I am aware of, so if you are still also paying for the ppi within the credit card balance, it is worthless to you.
    So by having the ppi removed and refunded back to you should reduce the balance owed, not unless you wanted them to refund the award to the account of course.

    Good luck.

    Comment

    • #3
      Re: Lloyds PPI

      Hi Di,

      Thanks for your reply, & yes you have understood me correctly.

      I cancelled the PPI when I started my DMP with Payplan in 2008. Originally, this account was part of the DMP but I went down the unenforceability route so had to stop payments & take it back of the DMP, unfortunately it was found (by Niddy) to be enforceable so I started making payments again.

      I'd be happy with any refund going back into the account & reducing the balance, anything to bring the end closer!

      JC. x

      Comment

      • #4
        Re: Lloyds PPI

        Hi again,
        I've got another querry now!
        I've been looking at the FOS PPI consumer questionnaire (to send to the lender) this morning, & when looking through it I have seen that they ask what your employer's name is. I have been extremely careful not to inform them of this as I really do not want harrassing calls at work, so do I really have to tell them this?
        Thanks guys,
        JC. x

        Comment

        • #5
          Re: Lloyds PPI

          Originally posted by Jacobs Crackers View Post
          Hi again,
          I've got another querry now!
          I've been looking at the FOS PPI consumer questionnaire (to send to the lender) this morning, & when looking through it I have seen that they ask what your employer's name is. I have been extremely careful not to inform them of this as I really do not want harrassing calls at work, so do I really have to tell them this?
          Thanks guys,
          JC. x
          Hi there

          I don't think it matters as such, although they should not contact you at work anyway, I think the fact that they ask for employment is just standard procedure procedure, and you can make a note like (I will not accept telephone contact within my workplace) and they must not go against that.

          I have always completed that side and with me being a homemaker but hubby employed, they never once contacted him within working hours, but do make a point of it at the end of the form (additional information, or make a note of it on an attached letter, if you want to do this).

          Comment

          • #6
            Re: Lloyds PPI

            Okay thanks Di.
            x

            Comment

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