Thread: Jonny v Lloyds CC PPI

Ok so.....

My Credit card was taken out with Lloyds TSB in 2003. I have been sent my CCA, which is enforceable.

I've recieved my SAR and just started to go through the mass of paper work to start a claim for being mis sold PPI.

ive started a spreadsheet which contains PPI charges each month.
the total of PPI charges are £2480.

I need a bit of help please as to where to go next!!

thanks
jonny

Many thanks for your reply scott!!

Ill have a read through..

Do i have to add compound interest and also add 8% to the PPI figure?

thanks

jonny

Hiya Jonny,

Right just got a message from site team Maroondevo request help on this thread.

Right if the PPI Payment was listed on the statement before the monthy interest then yes claim the contractual interest at the rate they charged you

Can you scan a statement removing personal details like name address account number then I will confirm the above for you.

You can use Image hosting, free photo sharing & video sharing at Photobucket to scan and save documents to then just post the link in the thread.

As for 8% s69 statutory interest yes always add this onto the total last.

Regards

PF

Many thanks Scott for getting me help!!

Hello Pompeyfaith!!

ok, i think ive got it...but to be sure here is a copy of my CC statement,


When im calculating compound interest using egalegal.com calculator on this example it would be..

Principal £78.24
Rate of interest 1.313%
Number of 'rests' 12- Compounded Monthly
each year

Does this look right? then after calculating compound interest on each month, add each month up then add 8%?

Thank you very much for your help!!

Bump.

Hiya Jonny,

Firstly sorry I did not get back to you last night was tired so needed my zzzzzz.

Right, yes I can confirm that compounded interest was charged.

I also notice that your credit limit has been decreased, did they inform you of that action first ?

Now that the right calculator, but you use the APR RATE and not the monthly rate very convenient that the APR RATE is not on the statement !!!.

I will get this rate for you so hold on and ill be straight back

PF

Right here you go:

Enter the interest rate % convert Monthly to Yearly Yearly to Monthly
If your monthly interest is 1.313%, that means an annual rate of 16.95%

SO IN RATE OF INTEREST PUT 16.95%

Many thanks Pompeyfaith!! i'd just pm'd you.

thanks john

Yes take each monthly PPI payment add on the compounded interest write each one done so you remember !! then take the ppi plus compounded figure and use that as the principal sum.

then go here Blake Lapthorn - simple interest calculator to work out the s69 statutory interest at 8%

PF

Oh and once you have the PPI money back start another claim for the fees.

PF

I was not informed of the decreased put onto the account.....they have done this a few times.

john

Right im off to bed now ill have a look im tomorrow evening to see if you are all ok.

Rehards

PF

Thanks!! ill get the calculator out!!

They should of informed you first, this they are doing a lot at the moment and i believe to force people over there limit.

They know there is a recession and by cutting credit limits and the fact a lot of folk can only manage the minimum payment.

and because more often than not the minimum payment does not cover the added monthly interest this puts them over and there by incurring fees

PF

Your Welcome

Regards

PF

Hiya Jonny,

Yes that is correct, it will be high because of the compounded part of the interest just look at the interest charged on your monthly statements !!!!!!

Regards

PF