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overdraft2012

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  1. If anyone could advise on whether I have made a mistake on how I have used these spreadsheets it would really be appreciated. I've got to challenge FOS rejection of them by the end of this month. There is a huge difference in redress amounts, offer of around £9000 vs CAG spreadsheet total figure of around £22,000! Note I paid about £10,000 in PPI payments alone, before any interest is calculated, please help. Thank you.
  2. Thanks for your response. Before I escalate this, can you see anything wrong with how I have completed the CAG Spreadsheet for them not to accept it. The difference in redress figures are huge. I will escalate this to the Ombudsman and report back their decision, hopefully, they agree with the CAG redress spreadsheet and this thread will help others reading this who are in a similar position. od2012 PPI Redress Rev2.pdf
  3. Hi All, A follow up to this. I sent my complaint to FOS as per post 17 in this thread, with a cover letter explaining that I thought Lloyds redress calculations were incorrect, based on the the CAG PPI redress spreadsheets completed using the loan agreement and statement figures. I have today received their response, please see attached letter. They think that Lloyds offer is correct, which goes against the CAG spreadsheet calculations in post 17, also Llyods have the PPI premium amounts different to what is on the agreements and statements on loans 888 and 577 as you can see in post 17's attachment. This does make me wonder if the rest of Lloyds calculations are correct and then why did FOS not notice this when they reviewed the documents and made their calculations. It does say on the bottom of the FOS letter that I can have this looked at again if I don't agree with the case handler. Please could I get some advice on this, and how I should proceed, as other than simply re sending the CAG spreadsheets insisting they are correct and pointing out the PPI premium figures are wrong i'm at a loss. Thank you, OD2012 overdraft2012_personal_loan_assessment- (1).pdf
  4. Thanks DX, I really appreciate your help with that! So the redress figures are substantially different to Lloyd’s final response, what would your next step be?
  5. That was a typo, I've corrected those two entries on the attached. Other than that does it now look correct to you?
  6. According to the loan agreements, loan 2 was used to refinance loan 1. The loan 3 agreement says it's not refinancing any other loan, but the dates of clearing loan 2 and receiving funds from loan 3 do tie in, also Llyods seem to have treated it as a rollover on their redress calculations, however I have treated it as a separate loan on the revised calculations as per the loan agreement, also loan 3 was only £3000, so it would not on itself clear the balance of loan 2.
  7. Hi DX, I've revised all the spreadsheets using the correct method, please see attached, the total is still way off what Llyods have offered, is this worth referring to ombudsmen or are my calculations still wrong and Lloyds correct somehow? The figures I've entered are exactly what is on the loan statements/ agreements I have. I have another 5 loans with them from later years which also have PPI, they seem to be dealing with them separately to these loans as they were business loans, so I don't think that's affecting the redress here as they are not showing as being linked on the loan agreements. od2012 PPI Redress Rev1.pdf
  8. Yep that all makes sense now, thank you. I now need to re do all my spreadsheets correctly. Yes this loan was settled early by a further Lloyds loan with a single premium PPI, I worked out the amount of PPI outstanding at the point of taking out the new loan, worked out what percentage of the new loan that figure was, i.e 12%, then entered 12% of every new loan monthly payment as 'loan 1 PPI'.
  9. £143.32 pcm I made 11 monthly payments of £143.32, before settling the loan with a payment of £5191.14
  10. The monthly PPI sums are just showing the interest charged on the PPI element. Looking at loan 1 for example Loan - £5000 PPI - £1024.39 PPI added to the loan, total loan = £6024.39 Total interest charged on PPI element =£126.35 So in total, I paid Lloyds £1150.74 for this PPI My understanding was that the customer should be put back into the position had they not been sold the PPI, so; 1) Refund upfront single premium PPI payment of £1024.39 2) Refund the proportion of interest charged on the £1024.39 throughout the period of the loan, in this case, I made 12 monthly repayments before refinancing with loan 2, giving a total of £126.35 in interest charged. 3) Pay 8% simple interest on the above amounts until the date of the claim. = £2081.46 Total of 1,2 & 3 = £3232.2 Lloyds PPI refund offer = £563.08 Please could you point out where I've gone wrong on that? Thank you.
  11. Thank you for looking into this dx100uk. I read through that link several times before starting the spreadsheets, I've revisited it to double check, but I cant see what error I have made Looking at Lloyds calculations I don't understand why row A (Cost of single premium PPI policy added to the loan) amounts to £8673.82, yet row DI (PPI premiums to be refunded) is only £1698.97. I have all SAR information from them and there is no record of any part refunds of PPI premiums when taking out new loans, is the onus on me or them to prove this?
  12. I wondered if anyone had a view on this redress calculation? Have I used the CAG Spreadsheet correctly, or have I made a big mistake which explains the difference of £14800 between my 'total' and Lloyds total. Thanks
  13. Sorry about that, please see attached combined and compressed PDf, hope this is okay? od2012 PPI Redress.pdf
  14. Hello all, I used the spreadsheet from CAG to calculate the PPI redress on 5 loans I've had with Lloyds over the years, which were sold with upfront single payment policies. I calculated total redress to be ~£24,000. I sent my complaint to Lloyds regarding these PPI policies and attached the CAG spreadsheets along with copies of original loan agreements showing PPI amounts and loan statements as proof. I have received an offer from Lloyds of £9,200, which is fantastic but is actually less than I paid in upfront PPI alone, nevermind the interest, I attach both my calculations and Llyods, I'd be ever so grateful if someone could clarify who has the correct calculation. There should be 10 attachments in all, first 5 below.. Thank you OD2012
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