Trying to work out possible redress on Lloyds CC

[Battendown]

Hi
I'm trying to manually work out how much money I might get if I had a successfully reclaim on a Lloyds cc.

I have every statement from 2000 to 2011 when I defaulted.

It started off with a balance of £1500 and they kept raising my credit limit to £8,000. The majority of the time I was running up to my limits and so had quite a high balance for years.

I don't know how to use spreadsheets I'm afraid. So I want to manually recreate each statement as it would have been if PPI hadn't been added if this is the correct method to do it.

What I've been doing is taking off the ppi from the balance and recalculating the interest without the PPI. This then creates a lower balance to carry forward to the next statement, then I deduct any payments made, recalculate the interest and add any spending to create the balance to carry over to the next statement and so forth.

Is this the correct way ? Do you get a refund of the compounded interest as well as PPi ? I know that you get 8% interest on any in credit balances. Also if you end up with a credit balance at the end because you have been making payments to a balance that would have been in credit do you get your money back ?

Sorry for so many questions

[Never-In-Doubt]

Re: Trying to work out possible redress on Lloyds CC

Bill / Turbo are your men.....

I'll alert them both & ask if they can help.

[Turboman]

Re: Trying to work out possible redress on Lloyds CC

Hi

Yep we can help

I specialize on PPI from Loans And Bill is really up to speed on current claims on PPI from Credit Cards---Soooo---i'l wait for Bill and play a supporting role

But to paint a general picture--its a bit more complex since the old FSA introduced the handbook ---but Bill is really into it--and has even challenged the redress given out by such as MBNA

I'll PM/ring him if he doesn't log in tomorrow

[Bill-K]

Re: Trying to work out possible redress on Lloyds CC

Cheers Turbo - good to see you active in AAD again. I'm a relative newbie here, but the spreadsheets have always been a joint effort between us - and PPI is the same no matter where we are.

BattenDown ('BD', if I may ?) - you appear to have the right idea as to what goes on with PPI. With credit cards, you should be able to reclaim all of the PPI premiums paid, along with the portion of monthly account interest that is attributable to the accumulating PPI total. It is often refuted, but you should be able to claim any penalty charges that were a direct result of the PPI being charged - along with account interest on those. Finally, if after all this, your account balance in any month would have been in credit if the PPI had not been bought (termed the 'Notional Balance,') then simple interest at 8% p.a. can be added to the amount that is 'Notionally' in credit.

Now, you can probably do this by working through each statement, and calculating manually - but it will be a long hard slog, I think. I have an irrational fear of spiders, and an irrational hatred of dentists - and I can sympathise with those who feel intimidated by spreadsheets. Sure - they can look scary - but they are really nothing more than a computer program which does all the maths and thinking for you. We have a couple of these spreadsheet/calculator programs here:

http://forums.all-about-debt.co.uk/s...Redress-Offers

Now - if those spreadies make you cringe, then I think we can deal with that. Basically, all you have to do is punch in the numbers - dates & amounts - from your statements. This is what I think you are trying to do yourself, already (and much respect to you for making the effort to 'get to grips' with this. The spready then does most of the calculating for you - automatically - and fills in the rest of the blank boxes for you !!! You're clearly not a dunce - you just hate spreadies - I can deal with that !!!

Can we try this ? Get all your statements in chronological order. Starting with the earliest, enter the date, Account Balance, PPI charged, any penalties charged, and total monthly interest charged on each line - one at a time. This is what you would have to do if you were doing this 'the long way' from your statements, anyway - isn't it ? Enter this into the attached simple spreadsheet, and then either post it up here, or PM me with it. We can take it from there, matey.

[Never-In-Doubt]

Re: Trying to work out possible redress on Lloyds CC

Thanks guys. You can see the difference when real experts get their say. All makes sense & I love those spreadsheets.

[Battendown]

Re: Trying to work out possible redress on Lloyds CC

Hi everyone, and thanks Niddy

[Battendown]

Re: Trying to work out possible redress on Lloyds CC

Hi

Yep we can help

I specialize on PPI from Loans And Bill is really up to speed on current claims on PPI from Credit Cards---Soooo---i'l wait for Bill and play a supporting role

But to paint a general picture--its a bit more complex since the old FSA introduced the handbook ---but Bill is really into it--and has even challenged the redress given out by such as MBNA

I'll PM/ring him if he doesn't log in tomorrow

Hi Turboman and thanks for your reply and help.

I've got another ppi I will be looking into that I may need your help to get my head around it lol.

It's a single premium front loaded consolidation loan that rolled over into 2 other consolidation loans with ppi and the. Into our current mortgage with HSBC !

I'll put that in a different thread though in the next day or so.

[Battendown]

Re: Trying to work out possible redress on Lloyds CC

Cheers Turbo - good to see you active in AAD again. I'm a relative newbie here, but the spreadsheets have always been a joint effort between us - and PPI is the same no matter where we are.

BattenDown ('BD', if I may ?) - you appear to have the right idea as to what goes on with PPI. With credit cards, you should be able to reclaim all of the PPI premiums paid, along with the portion of monthly account interest that is attributable to the accumulating PPI total. It is often refuted, but you should be able to claim any penalty charges that were a direct result of the PPI being charged - along with account interest on those. Finally, if after all this, your account balance in any month would have been in credit if the PPI had not been bought (termed the 'Notional Balance,') then simple interest at 8% p.a. can be added to the amount that is 'Notionally' in credit.

Now, you can probably do this by working through each statement, and calculating manually - but it will be a long hard slog, I think. I have an irrational fear of spiders, and an irrational hatred of dentists - and I can sympathise with those who feel intimidated by spreadsheets. Sure - they can look scary - but they are really nothing more than a computer program which does all the maths and thinking for you. We have a couple of these spreadsheet/calculator programs here:

http://forums.all-about-debt.co.uk/s...Redress-Offers

Now - if those spreadies make you cringe, then I think we can deal with that. Basically, all you have to do is punch in the numbers - dates & amounts - from your statements. This is what I think you are trying to do yourself, already (and much respect to you for making the effort to 'get to grips' with this. The spready then does most of the calculating for you - automatically - and fills in the rest of the blank boxes for you !!! You're clearly not a dunce - you just hate spreadies - I can deal with that !!!

Can we try this ? Get all your statements in chronological order. Starting with the earliest, enter the date, Account Balance, PPI charged, any penalties charged, and total monthly interest charged on each line - one at a time. This is what you would have to do if you were doing this 'the long way' from your statements, anyway - isn't it ? Enter this into the attached simple spreadsheet, and then either post it up here, or PM me with it. We can take it from there, matey.

Cheers Turbo - good to see you active in AAD again. I'm a relative newbie here, but the spreadsheets have always been a joint effort between us - and PPI is the same no matter where we are.

BattenDown ('BD', if I may ?) - you appear to have the right idea as to what goes on with PPI. With credit cards, you should be able to reclaim all of the PPI premiums paid, along with the portion of monthly account interest that is attributable to the accumulating PPI total. It is often refuted, but you should be able to claim any penalty charges that were a direct result of the PPI being charged - along with account interest on those. Finally, if after all this, your account balance in any month would have been in credit if the PPI had not been bought (termed the 'Notional Balance,') then simple interest at 8% p.a. can be added to the amount that is 'Notionally' in credit.

Now, you can probably do this by working through each statement, and calculating manually - but it will be a long hard slog, I think. I have an irrational fear of spiders, and an irrational hatred of dentists - and I can sympathise with those who feel intimidated by spreadsheets. Sure - they can look scary - but they are really nothing more than a computer program which does all the maths and thinking for you. We have a couple of these spreadsheet/calculator programs here:

http://forums.all-about-debt.co.uk/s...Redress-Offers

Now - if those spreadies make you cringe, then I think we can deal with that. Basically, all you have to do is punch in the numbers - dates & amounts - from your statements. This is what I think you are trying to do yourself, already (and much respect to you for making the effort to 'get to grips' with this. The spready then does most of the calculating for you - automatically - and fills in the rest of the blank boxes for you !!! You're clearly not a dunce - you just hate spreadies - I can deal with that !!!

Can we try this ? Get all your statements in chronological order. Starting with the earliest, enter the date, Account Balance, PPI charged, any penalties charged, and total monthly interest charged on each line - one at a time. This is what you would have to do if you were doing this 'the long way' from your statements, anyway - isn't it ? Enter this into the attached simple spreadsheet, and then either post it up here, or PM me with it. We can take it from there, matey.

Thank you Bill-K,

Yes please do call me BD.

I've never used a spreadsheet before but I'll give it a go. It's got to be easier that working it out by hand with my calculator lol!

I've already got my statements ready, just need to borrow my daughters computer. Will I need any special program on the computer to open the spreadsheet file ?

On some of the earlier statements the interest is tiered, ie 1.527% up to £499, 1.456% between £499.01 and & £999, 1.277% £999.01 and over. Now I know how to manually work this out but how to you enter on the spreadsheet ? Just realised, sorry if this is explained on the spreadsheet, but I can't access it on my phone, will wait until I borrow my daughters computer.

Also some of the interest rates they charge seem to bear no resemblance on the amount of interest charged ! It's usually more ! Looking at one month, the interest charged is almost double than that of the previous month with approx the same balance, and the following month the interest charged goes back down to what it was the month before. Bizarre !

[Battendown]

Re: Trying to work out possible redress on Lloyds CC

Thanks guys. You can see the difference when real experts get their say. All makes sense & I love those spreadsheets.

Yes Niddy, aren't they just fantastic.

[Battendown]

Re: Trying to work out possible redress on Lloyds CC

On some of the earlier statements the interest is tiered, ie 1.527% up to £499, 1.456% between £499.01 and & £999, 1.277% £999.01 and over. Now I know how to manually work this out but how to you enter on the spreadsheet ? Just realised, sorry if this is explained on the spreadsheet, but I can't access it on my phone, will wait until I borrow my daughters computer.

EDIT
I'm sorry, haven't got my thinking cap on this morning, It's the interest charged that you put in the spreadie and not the interest rate. Well that makes it easier, the spreadsheet actually works out the interest charged for you.

[Battendown]

Re: Trying to work out possible redress on Lloyds CC

Hi Bill-K

Would you know of a suitable iphone app I can download so I can use the spreadsheet on my phone ? My daughter says that she doesn't have any programs on her computer that will open spreadsheets. I've looked on the App Store and there are so many to choose from.

Many thanks BD.

[Turboman]

Re: Trying to work out possible redress on Lloyds CC

Hi
Your daughter could download the free OPEN OFFICE which has a spreadsheet prigran called CALC which will read our excel spreadsheet s fine

Hi Bill-K

Would you know of a suitable iphone app I can download so I can use the spreadsheet on my phone ? My daughter says that she doesn't have any programs on her computer that will open spreadsheets. I've looked on the App Store and there are so many to choose from.

Many thanks BD.

[Bill-K]

Re: Trying to work out possible redress on Lloyds CC

Thanks for the kind words, Niddy & BD. I think Turbo will be your main man for the other SPI claim you mention, BD. LOL - he's in need of something to justify his existence right now !!!
I'm no good at mobile phones & apps, I'm afraid, BD - but I suspect that you may not be able to run spreadsheet programs on a phone. As Turbo says, Apache OpenOffice is a well-respected free alternative to MS Office, and OO Calc will do the job. If your daughter doesn't have MS Office, she may have MS Works, which should also work fine with Excel spreadies.

There are several ways of working out PPI redress, but the most accurate ways are by either using the actual interest charged, or by using the 'historical' APR interest rates (if you have them). With tiered interest rates, it would probably be better to use the historical rates method. PPI & Penalties usually attract interest at the retail purchase rate, so I would use that rate. If lower promotional rates were used, then this may complicate matters - but these are usually for balance transfers or for limited periods. Balance transfer rates wouldn't apply, but temporary promotional rates might - in which case, this rate will be the purchase rate used at that time, anyway. Higher rates are usually for cash advances or 'cheques,' and again would not normally apply. I'll post another simple spready with an interest rate column added. You can then fill in either the amount or the rates.

Remember that the interest charged in any month is normally calculated on the daily balances in the previous month. So, if there were any sudden and drastic changes, this would make a big difference. Calculating the interest on the average daily balance is often an adequate alternative - or calculating the interest on the month's closing balance gives a rough approximation. Also - with tiered interest rates - the lenders used to use the repayments to pay off the lower-interest balances first, but they now have to pay these off last. I'm not sure when this change took place, but it may have happened during the life of your account somewhere.

[Battendown]

Re: Trying to work out possible redress on Lloyds CC

Hi
Your daughter could download the free OPEN OFFICE which has a spreadsheet prigran called CALC which will read our excel spreadsheet s fine

Hi Turboman,

My daughter will download OpenOffice this weekend.

[Battendown]

Re: Trying to work out possible redress on Lloyds CC

Thanks for the kind words, Niddy & BD. I think Turbo will be your main man for the other SPI claim you mention, BD. LOL - he's in need of something to justify his existence right now !!!
I'm no good at mobile phones & apps, I'm afraid, BD - but I suspect that you may not be able to run spreadsheet programs on a phone. As Turbo says, Apache OpenOffice is a well-respected free alternative to MS Office, and OO Calc will do the job. If your daughter doesn't have MS Office, she may have MS Works, which should also work fine with Excel spreadies.

There are several ways of working out PPI redress, but the most accurate ways are by either using the actual interest charged, or by using the 'historical' APR interest rates (if you have them). With tiered interest rates, it would probably be better to use the historical rates method. PPI & Penalties usually attract interest at the retail purchase rate, so I would use that rate. If lower promotional rates were used, then this may complicate matters - but these are usually for balance transfers or for limited periods. Balance transfer rates wouldn't apply, but temporary promotional rates might - in which case, this rate will be the purchase rate used at that time, anyway. Higher rates are usually for cash advances or 'cheques,' and again would not normally apply. I'll post another simple spready with an interest rate column added. You can then fill in either the amount or the rates.

Remember that the interest charged in any month is normally calculated on the daily balances in the previous month. So, if there were any sudden and drastic changes, this would make a big difference. Calculating the interest on the average daily balance is often an adequate alternative - or calculating the interest on the month's closing balance gives a rough approximation. Also - with tiered interest rates - the lenders used to use the repayments to pay off the lower-interest balances first, but they now have to pay these off last. I'm not sure when this change took place, but it may have happened during the life of your account somewhere.

Thank you Bill-k, I'll give it a go this weekend.

I wanted to check whether it would be worth trying to reclaim the Ppi on the card. It depends on how much it will come to, or whether to go down the UE route with the debt.

Many thanks for your help, I really appreciate it. BD