Lloyds

[Mickb1969]

Hi,
It's been a while since I have been here (I was in a motorcycle accident) but I am still rubbish with my finances!
My story so far is.....
I took out a loan with Lloyds a few years ago. I was told at the time that to get the loan, I would have to take out PPI as an up front payment but it would be included in the loan (and therefore gain interest). I was self employed at the time so my income was never guaranteed.
I decided to claim it back last year using information from MSE. I wrote the first letter, no reply. I wrote the second letter, got the expected reply of "We did nothing wrong". Wrote to FSO, who replied and I have a letter from Lloyds saying something about them appealing so I just have to wait.
Information is conflicting at the moment. Should I now send that letter to the FSO and ask them to help me get my money back?

Any suggestions would be appreciated.

Ok, off to the unenforceable section next

Mick

[Never-In-Doubt]

Re: Lloyds

Hi,
It's been a while since I have been here (I was in a motorcycle accident) but I am still rubbish with my finances!
My story so far is.....
I took out a loan with Lloyds a few years ago. I was told at the time that to get the loan, I would have to take out PPI as an up front payment but it would be included in the loan (and therefore gain interest). I was self employed at the time so my income was never guaranteed.
I decided to claim it back last year using information from MSE. I wrote the first letter, no reply. I wrote the second letter, got the expected reply of "We did nothing wrong". Wrote to FSO, who replied and I have a letter from Lloyds saying something about them appealing so I just have to wait.
Information is conflicting at the moment. Should I now send that letter to the FSO and ask them to help me get my money back?

Any suggestions would be appreciated.

Ok, off to the unenforceable section next

Mick

Hey Mick

Nice to see you again - glad you're better!

Ok, you should be able to put in a reclaim and they should be refunding you now, especially after the recent judgment and the fact Lloyds are not appealing....

Di will be along to help properly but don't worry, you'll be able to get clarity on this now

[di30]

Re: Lloyds

Hi,
It's been a while since I have been here (I was in a motorcycle accident) but I am still rubbish with my finances!
My story so far is.....
I took out a loan with Lloyds a few years ago. I was told at the time that to get the loan, I would have to take out PPI as an up front payment but it would be included in the loan (and therefore gain interest). I was self employed at the time so my income was never guaranteed.
I decided to claim it back last year using information from MSE. I wrote the first letter, no reply. I wrote the second letter, got the expected reply of "We did nothing wrong". Wrote to FSO, who replied and I have a letter from Lloyds saying something about them appealing so I just have to wait.
Information is conflicting at the moment. Should I now send that letter to the FSO and ask them to help me get my money back?

Any suggestions would be appreciated.

Ok, off to the unenforceable section next

Mick

Hi Mick

So sorry to hear about your accident and hope your recovering well from this now.

So basically you taken your complaint as far as the Financial ombudsman service (FOS) and they have told you to wait for the JR appeal.
I would contact the FOS and ask them if they are still dealing with your complaint first?
Because you passed it on to them which was your right after being rejected by Lloyds.
I would make sure on this, but otherwise we will get on to Lloyds again.

Look forward to hearing from you.

[Mickb1969]

Re: Lloyds

I sent all my paperwork back to the FSO today with a letter saying that I now wish to make the complaint official. I included the latest response from lloyds which basically says "we're putting your claim on hold".

I realise that after the latest court ruling, the FSO are going to be swamped with claims, so I guess it's just a waiting game.
It's a shame I can only claim for the PPI and not the whole loan!!
If I get anything back it will be a bonus though.

Mick

[di30]

Re: Lloyds

I sent all my paperwork back to the FSO today with a letter saying that I now wish to make the complaint official. I included the latest response from lloyds which basically says "we're putting your claim on hold".

I realise that after the latest court ruling, the FSO are going to be swamped with claims, so I guess it's just a waiting game.
It's a shame I can only claim for the PPI and not the whole loan!!
If I get anything back it will be a bonus though.

Mick

Hi Mick
Hang in there

My 2 are still hanging about with Lloyds, but I have been informed that they are unable to provide me with the timescale of when I should hear, frustrating, but that interest will keep adding up.

[Mickb1969]

Re: Lloyds

had a reply from FOS today acknowledging receipt of my complaint. They say it could take up to 4 weeks to give me a full response.

[di30]

Re: Lloyds

Great news Mick and fingers crossed.

[cappo]

Re: Lloyds

Hi guys,now had my ppi repayed on a 16 year old LTSB loan,had no paperwork and put in a claim thanks to our little Di really as i knew i had been self employed with them good result,still can't get them to admit i had ppi on my credit card though.

[di30]

Re: Lloyds

Hi guys,now had my ppi repayed on a 16 year old LTSB loan,had no paperwork and put in a claim thanks to our little Di really as i knew i had been self employed with them good result,still can't get them to admit i had ppi on my credit card though.

Aww well done Cappo, well deserved honey, you done really well x

[Mickb1969]

Re: Lloyds

Had a reply from FOS today saying Lloyds are receiving a very high number of claims and now I have to wait for a "Final Response" before they can take my complaint any further. So that's 31st of August.
The wait continues.

[di30]

Re: Lloyds

Had a reply from FOS today saying Lloyds are receiving a very high number of claims and now I have to wait for a "Final Response" before they can take my complaint any further. So that's 31st of August.
The wait continues.

Hiya Mick

The banks are also sending out letters to all reclaim complaints, in regards of the extended timescales given by the FSA.
But you may still hear before then with a bit of luck.

[Mickb1969]

Re: Lloyds

Well, there's good news but I am confused now.
Had a letter from Lloyds saying...................As our final response we would like to offer you the amount of £xxxx to bring your complaint to a conclusion.
There's a bit of blah blah blah then they say.....
Our proposed offer has been calculated as follows:-
Refund of Premiums £xxxx
Interest at 8% up until Sept 19th £xxx
Total £xxxx

I need someone who has been through this part to help me though.
I was forced to pay the PPI up front, it was included in the loan so I have been paying interest at the loan rate (I can find it if needed), which is well above 8%.

Surely, they owe me the full amount of the PPI that I was forced to pay initially, any interest I have paid on it as part of the loan AND any payments made towards the PPI as part of my repayments?
Am I correct in assuming this?

They are happy to send me a cheque (which to be honest, after my accident, I really could do with) so It's up to me whether I pay it into the loan, thus negating the PPI or pay off bills now, and use money from my accident insurance (when I eventually get it) to pay off the loan.

Any advice would be appreciated. I am happy to put in the actual values, not sure it was the correct etiquette though.

Mick.

[Never-In-Doubt]

Re: Lloyds

Mate the 8% is statutory rate - thats the rate you'll have to accept

[garlok]

Re: Lloyds

Di30 is the expert on this stuff Mick. Hopefully she will be along. But in my humble opinion you are correct. The 8% interest commonly called statutory interest is payable on the total sum owing to you which would include those interest payments as part of the loan. I know on credit card charges reclaims there have been successes with 8% stat. interest plus compound interest at the credit card contractual interest levels. Usually they have to be threatened with court action to get it , even going to court in the end but they seemingly will always pay the 8% without too much bother.

Hope that makeds sense
regards
Garlok

[Mickb1969]

Re: Lloyds

what about the payments I have made towards the PPI so far? Will that now be recalculated into the loan and taken off it? Otherwise I have been paying PPI repayments for 4 years that would simply disappear?
I am a little confused.

Mick