Thread: My mum v Lloyds PPI

hello fatboydukey,

welcome to the ppi forum,

The loan was taken out in March 2004 and was for £16000 and the ppi was for £3539.40 plus interest! It is due to be paid off March 2009

This should put your claim inline with a complaint to the fos about mis-selling of PPI.

You could go down the Court route but if you lose the case that is that. If you go to the Financial Ombudsman Service and lose you can still go down the Court route but if you do Court and lose the FOS will be unlikely to take on your case.

FOS from allocation to adjudicator 6-9 Months, it could slow down due to the masses of complaints about PPI and other issues.
Court timings will depend on where you are etc etc

If Lloyds are playing the hard ball game it will be time to issue a S.A.R - (Subject access request) asking for all the information they have on record. You will need to send a statutory £10.00 fee. Postal Order is best as no signature and no 5 working days to clear, unlike a cheque. this link will help you get your SAR away...
Full S.A.R - (Subject access request) for ppi


Ask for litterally everything you think they may have. Paperwork, tapes. magnetic records, electronic records, absolutely everything!!!!!!

Good luck
aa

Hi CAG

My mum received a response today! The response is from Lloyds TSB Insurance quoting the policy number and not the loan number. Scanner is broken so will type out bits I think are important!

The PPI has been cancelled and the loan has been credited with £3539.40 which represents the full loan ppi. Any interest charged on the insurance has been waived.

The amount of your cash loan and your applicable interest rate and related conditions remain unchanged.
Your monthly repayments will now be reduced as stated on loan agreement...... and will remain same until final payment which may be variable...
No longer covered by insurance policy blah blah....

Ok, Yes we have received a result as the premium has been refunded. When I wrote the first letter I never quoted any figures What do they mean by the interest has been waived???? My mum still bloomin paid it for the last 52 months!! They havent given any figures on loan amount still outstanding etc etc (although I did SAR last week so I suppose I can find out info there)

Questions:-
1 Can we request it be paid by cheque? (her money that was used for a policy mis-sold)
2 Do we write accepting as part payment? But still want interest?
3 Is anyone lovely enough to have a go at working out the figures for me?!

The figures are as follows:-

Cash loan = £9150.00 Monthly repayment= £199.84
PPI = £3539.40 Monthly repayment= £77.56
Loan for existing debt = £6850.00 Monthly repayment= £150.75

APR 11.9%
Monthly interest rate 0.94%
Loan term 60mths
Loan signed for date= 5/3/04 (1st payment I think 28/03/04)


I just tried using Bog's calculator but I got a wee bit confuddled!!

Thanks all
FBD xx

Just bumping up a little bit

Hi all

Going off line for a few days as Im moving but, would really appreciate if anyone out there would like to have a go at my figures above

Thanks
FBD x

Hi

Ok since found out that they refunded the PPI straight to my mums bank account but I am still wanting to claim back the interest they charged and the interest my mum lost out on coz the money was paid to them for something that wasnt needed - anyone able to work the fees out from my post above?

Thanks

FBD x

Hi all

Just bumping this one - have had loads of work to do since moving and this had sort of taken a back burner!

It seems my mums loan has now ended - seems like the PPI they refunded cleared it off!

I still want to claim back the interest for her tho...

She paid the PPI for 52 months with APR 11.9% and Monthly interest of 0.94% - the monthly payment was £77.56 which in total was £4033.12 - she was refunded £3539.40 leaving a shortfall of £493.72.

How do I work out the other interest that people say to claim back (contractural interest)? Do I add 8% to that amount or is it 8% per year or what I should know by know with the amount of claims I have done but Ive just used a calculator from Mr Lewis' site to work out my claims (I probably shouldve added 8% to that aswell)!!

Hope somebody out there can help!!!

Thanks
FBD x

fatboydukey

Can you clarify the total amount your mum borrowed, including PPI, and how much she repaid every month?!

It seems to me when Lloyds said they would waive any interest charged on the PPI, they meant they'd knock it off the total outstanding.

If that's what they've done - and it's impossible to tell from the figures you've provided - then, unfortunately, you ain't gonna be able to ask for it back again.

Sempra (use the site's search tools for more information) provides an argument for asking LLoyds for compound interest on the money they deprived your mum off, via the mis-sold PPI - but, frankly, it's a bit late in the day to introduce that argument and would, at this stage, require an awful lot of work with no guarantee of any return.

Fred_Funk

Hi Fred

Below are the figures that my mum was paying on her loan - the total cash loan was £16000 making it £25689 including interest. The total monthly payment was £428.15 (199.84+77.56+150.75).

My mum didnt receive any other letter about the loan being finished they have just ceased taking payments - We have already sent an SAR but none of this information was included in the stuff they sent back (frankly the stuff they did send was a load of rubbish really).

I think I will write again and ask for information regarding what they did with the loan and see if the interest was taken off the remainder of the loan.

If they havent done that then I will claim it back as my mum never received a letter saying Full and final settlement and in our original letter we did state that we were claiming back the interest as well as the PPI!!

Cheers
FBD x

Originally Posted by fatboydukey

The figures are as follows:-

Cash loan = £9150.00 Monthly repayment= £199.84
PPI = £3539.40 Monthly repayment= £77.56
Loan for existing debt = £6850.00 Monthly repayment= £150.75

APR 11.9%
Monthly interest rate 0.94%
Loan term 60mths
Loan signed for date= 5/3/04 (1st payment I think 28/03/04)