Birchave0 v Lloyds PPI *think I've won!!*

[birchave0]

I think I have won but may need some advice!
In 2002 I took a loan out which replaced a smaller loan, I was told the PPI would ensure that the application was accepted, so that was put on.
In 2003 I felt that the payments were too much so I rang Lloyds to ask if I could cancel the PPI, they said no. So what they did was sell me another loan again with PPI to cancel the 2002 loan and took it over 7 years instead of 5 to reduce the payments. After lots of reading and information gathering I discovered what they should have done was offer me a new loan but without the PPI, this was never mentioned.
I wrote and complained to Lloyds, I told them they had mis sold the PPI. Four weeks later they have rang me, I told them the whole story and now they have offered me the following;

All of the PPI payments plus interest for the 2003 loan, they are going to offset this against this loan, it will shorten the loan term.
All of the payments on the 2002 loan but no interest????
Some of the payments on the previous loan, but no interest.

I asked for all of this in writing before I agreed. It arrived in the post but I don't want to sign it yet. Shouldn't all of the interest be returned?
I know I have won but I just need to be sure that everything is right before I sign.
cheers
Birchave0

[Keith22]

Hi Birchave0

I have won against Lloyds TSB three times regarding PPI although two of them had to go through the FSO. When I asked Lloyds about interest they told me that they first ran off a printout showing all the payments made into the loan including the PPI. They then deducted the PPI from the loan amount and re ran the printout with reduced repayments. The difference between the two was the amount of interest to be refunded. They sent me full copies of the printouts which were very difficult to understand but I eventually received the interest I roughly expected. Incidently it took three weeks to get the interst refunded AFTER my loan amount had been reduced by the refund. Unlike the area managers who were very dismissive with my claims I found the actual people dealing with the refunds to be very helpful and friendly.

I cannot see why you are not entitled to a full refund of interest on all your accounts

Keith

[birchave0]

thanks Keith, the letter that came just shows the amounts to be repaid, it doesn't show how the figures are calculated. I think I may go to the branch at lunchtime and get them to explain everything, see what they have to say, thanks again

[birchave0]

I won + interest!!!!! Yes!!!!
I rang Lloyds loan deparment to ask for details of my old loans, very helpful, explained the interest rates for each loan and sent me out statements for both. Nice chap also said he thought I should have the interest back too!
Statements arrived, rang the lady who made me the offer at Lloyds insurance, asked her for my interest back as well. She said it's too far back to calculate (2002??) I said if you give me the monthly PPI payment, I have the interest rate I'll work it out myself with a spreadsheet, oh we're not allowed to do that! You'll have to speak to the loan department, said I'm not ringing them again, it's easy, just give me the interest as well! She then went off to speak to someone else, came back and said yes I can have my interest back too!!! YESSSSS!!!!! Faxed through my acceptance should has cash in my account with 7 working days, smashing!!! Thanks to everyone on this site, couldn't have done it without you lot, donation will be made as soon as Lloyds cough up!!!
thanks
Birchave0

[dellydaisy]

Great to hear one of the few - so far success cases Well done!!!

[reidnet]

WEll Done,
I did find Lloyds to be in fact a very easy nut to crack over the PPI, Wish some of the other Companies would roll over like lloyds.

Well done on your win.. And please remember that CAG depends on Donations to keep running..

Ian