Lloyds

[JustAboutMad]

Re: Lloyds

But the banks ultimate goal as per FOS Guideance is to put the consumer back to the point at signing the agreement less the PPI.

I claimed PPI back from Lloyds in 2010, for a loan taken out in 2004.

I will have to check the paperwork but I know I recieved a cash lump sum payment straight into my bank account, plus they paid quite a bit into my loan account. I was expecting them to pay the money into my loan account so was very suprised when I realised they had done both!

I will check the paperwork and update this tomorrow with actual figures, but I think from memory they have to pay you the statutory 8% interest back and not the loan account as you have lost out on the actual interest, ie you have been deprived of the money you would have had if it were not for the PPI.

Then the PPI payments have to come off the loan so the loan appears as if PPI was never taken out. Hope that makes sense!

[oscar]

Re: Lloyds

So if a new agreement has to be signed it has to be on the same terms and APR.

Correct. I should have put this in my post above - and has been my experience for myself and others that I have helped (off forum)

[pompeyfaith]

Re: Lloyds

But the banks ultimate goal as per FOS Guideance is to put the consumer back to the point at signing the agreement less the PPI.

So if a new agreement has to be signed it has to be on the same terms and APR.

[oscar]

Re: Lloyds

Agree with above, but many lenders seem to be recalculating the outstanding loan minus the PPI - some even asking you to sign a new agreement..

I know some lenders have said they cant "just remove" the ppi form the loan agreement.

I can see it makes sense really ..... if they refunded the premiums directly to you, your loan payment stays the same. If they dont, your loan term and monthly payment gets reduced.

Swings and roundabouts (to me personally) really unless you need the money.

[di30]

Re: Lloyds

In that case that is a big fat NO it is not for them to dictate they need your permission to do that

Agreed!

[pompeyfaith]

Re: Lloyds

In that case that is a big fat NO it is not for them to dictate they need your permission to do that

[Mickb1969]

Re: Lloyds

I am all up to date and have never missed or been late with a payment. When I had my accident, I didn't even claim on the PPI as I didn't feel I should. The woman from customer services said she had to send the money to the loan dept as the loan is still open. If they try to use it towards the loan, I will be straight on here for your help.
Thank you all again.

Mick

[pompeyfaith]

Re: Lloyds

This is a question I am going to ask Paul for the legal take?

If you signed an agreement to pay a certain amount for a certain amount of mths do the banks have any right to revoke that contract signed by both parties if no clauses of the contract have been broken.

Surely for that to happen there must be agreement on both sides for the contract to end

I will claify this point with paul as it does crop up a lot in PPI Claims

[di30]

Re: Lloyds

Hi Mick

As Pompey says it should be, however I have come across others who have been in the same position because the loan is still open, the bank have tried to refund the award towards the loan itself, but I agree with Pompey, if no arrears (missed payments) you are in your right for having the full refund plus interested paid to you.

Afterall, you have already been deprived of your money.

[pompeyfaith]

Re: Lloyds

Mickb,

Are you upto date with the loan repayments excuding the PPI i.e there are no arrears ?

As this is your money they have to put you back in the position you would have been in had you not had the PPI it has to come back to you all of it, however if you are in arrears they can use SET-OFF to recover the arrears from the claim but they can only take the arrears no more no less.

Regards

[Mickb1969]

Re: Lloyds

Hi again guys,
well this is still ongoing. Lloyds said they would pay me back in August but after several attempts to get them to cough up, they still haven't. So I wrote a letter of complaint to them saying that I expected the interest to be re-calculated to the date they actually pay me and not the end of August. I thought this would encourage them to pay up. Well, today I got a phone call from customer services and blow me, they have actually re-calculated the interest to the tune of around and extra £450.
One thing that confuses me is that she said the interest will be paid directly to me by bank transfer, today or tomorrow and the premiums will be paid back to the loan provider (also Lloyds). They will recalculate the loan as it is ongoing and forward the premiums to me. That doesn't make sense though as it sounds as though they are simply paying the premiums I have already paid into the loan. Is that common practice or do I have the option of the cash?
After my bike accident I was left without transport and was hoping to get a car until the insurance pays out.
As for the accident, I am recovered as far as I can be without further surgery and a, back to duties again at work. The guy who caused it still denies it was his fault, but he has been charged, taken to court, banned from driving for a while and fined. So I reckon it was his fault after all. That's what cutting across the lanes on a motorway because you have left it too late to exit does!! HA!!

Hope you are all well and although a little late, Happy and more importantly, a prosperous new year to you all.

Mick

[di30]

Re: Lloyds

Just a quick update. I accepted the offer made my Lloyds on October 9th and they still haven't coughed up. Just wrote a follow up letter threatening to inform FOS that they are delaying payment to me. Sent it via email to Ian Hallett, Head of PPI and will be posting it off (recorded) tomorrow.

Hope you are all well.

Mick

Hi Mick

Hope your well too.

They have a huge amount of backlogs, but do keep at them as well, hope Ian Hallet gets back to you by Weds, good luck.

[Mickb1969]

Re: Lloyds

Just a quick update. I accepted the offer made my Lloyds on October 9th and they still haven't coughed up. Just wrote a follow up letter threatening to inform FOS that they are delaying payment to me. Sent it via email to Ian Hallett, Head of PPI and will be posting it off (recorded) tomorrow.

Hope you are all well.

Mick

[di30]

Re: Lloyds

Thank you Tifosi, your a star x

[Tifosi]

Re: Lloyds

Will indeed take a look once the details are up

So we need:

Number of PPI repayments made
Amount of each repayment
Dates the payments were made from and to


Going on your previous post of the offer -

Our proposed offer has been calculated as follows:-
Refund of Premiums £xxxx
Interest at 8% up until Sept 19th £xxx
Total £xxxx


It looks like they have included the interest they charged in the premium amounts, so it would only be the 8% compensatory (statutory) interest you would expect on top, but I'll take a look once you post the figures