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I'm in the early stages of claiming back my PPI premiums from Lloyds tsb but have one major question to ask.
I was sold it as a single premium which was added onto the amount of the loan, the loan lasted 5 years at a fixed rate of 17.9%. How do I work out how much I have paid in total and how much I should be claiming for?
If you paid a single premium you should ask for the whole lot back, if you have paid the loan off, also you can claim back interest at 8% per day from when you made your first payment up until you make your calim, you can claim back contractual interest but thats out of my league and is complicated in essence it means you can claim back interest that they charged you on the loan.
Lloyds TSB (SARS) request sent 9th June 2006
£2191 Moneyclaim Issued 11/08/2006, Acknowleded 17th August Defence 14 Sep, AQ returned 5/10/2006.SETTLED IN FULL £2,670 26/11/2006/ Lloyds Credit Card SETTLED IN FULL £267 MBNA SETTLED IN FULL 15/09/2006 £829 Citicard (SARS) request sent 22nd June 2006 Moneyclaim issued 19th Sep, Defence and AQ received 5/10/2006, AQ returned 5/10/2006, part refund received 10/10/2006
GE MONEY SETTLLED IN FULL £400
Barclaycard Me and Mrs SARS sent 19/10/2006 settled £350
Welcome Finance PPI 2 accounts one settled £1018 waiting on other
GE Money PPI 1 account settled 8/5/2008 £560 2nd account SETTLED IN FULL £3,599.78p 15thAugust 2008
Lloyds TSB PPI CC complaint sent 10/04/2008
Black Horse PPI with FOS 20/05/2008
HFC PPI complaint sent 22/05/2008
Thanks adamski.
So lets say the amount added onto my loan was £1000 for the PPI, 8% of that is £8. So I would times that by how many days I have had the loan to get what the interest is.
The bit I feel most cheated on is the interest gained on the premium that was added onto my loan. That £1000 was added and I have been paying 17.9% on it since. Can I claim this back as well and how do I work it out?
Ptothej, I'm a little bit late coming into this one, so you may already be beyond this stage or have found an answer elsewhere, but just in case, what you should be claiming is all of the money you paid out, plus statutory interest. There are spreadsheets on here to help you calculate that.
Essentially, though, what you are looking at is the cost of the PPI plus interest at 17.9% over the five years. (Is this a flat rate or APR?)
In addition, you are able to claim statutory interest on money you have paid from the date you paid it until present day. This is where the spreadsheet comes in handy, as you can use it to work out the interest on a daily basis on each month's payments. so, if you paid £200 towards your loan 4 years ago, you could claim a further 32% on that. £200 paid 3 years ago would give you an additional 24% in interest. It works out at around 0.022% interest per day, so definitely one for a spreadsheet!
Throw some figures around and then post them back on here and somebody will check them over for you.
Hi Folks,
My wife took out a K25 loan in '04. The loan is paid off in July this year. We have applied through one of these companies that do the leg work for you. However, when you consider that they will take probably somewhere in the region of 30% I am begining to wonder if we are doing the right thing. My theory at the time was, great if we get K5 back for just filling out a form, that's fine. Any comments would be appreciated on how to proceed.
Probably best to start your own thread on this but to start you off, I would not use a claims management company. It is very easy to do it yourself and you can keep all of the money rather than hand over 25 to 30%.
Have a read around the forum....there's tons of stuff about reclaiming.
PPI Claim against Lloyds TSB
premiums from Lloyds
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