Lloyds, I won but still no money

[Bluuemoney]

Got a letter from LLoyds a month ago, they agreed to pay back my Loan Insurance money.

Signed the form and posted it back.

 

I've telephoned and spoken to the person in charge three times, who keeps saying the money will be in my account soon, but a few days short of a month nothing.:-?

What should I do.

[hellhasnofury]

Got a letter from LLoyds a month ago, they agreed to pay back my Loan Insurance money.

Signed the form and posted it back.

 

I've telephoned and spoken to the person in charge three times, who keeps saying the money will be in my account soon, but a few days short of a month nothing.:-?

What should I do.

 

Hello Bluemoney,

 

They beggar belief don't they. Did they put the offer in writing to them. and what have they offered, is it the full ppi and the interest they charged you on top of this.

 

This is my opinion only, its your call, but I would not waste my time ringing them unless you record the telephone conversation. I would write and give them one week to refund the monies they state they would refund to you, but now adding on the 8% interest that the court would allow. They have deprived you of the money, causing financial hardship and are now continuing to do so That money could have been in a saving account accrueing interest.

 

Tell them one week and then you will issue a court claim to get it.

[Bluuemoney]

Hello Bluemoney,

 

They beggar belief don't they. Did they put the offer in writing to them. and what have they offered, is it the full ppi and the interest they charged you on top of this.

 

This is my opinion only, its your call, but I would not waste my time ringing them unless you record the telephone conversation. I would write and give them one week to refund the monies they state they would refund to you, but now adding on the 8% interest that the court would allow. They have deprived you of the money, causing financial hardship and are now continuing to do so That money could have been in a saving account accrueing interest.

 

Tell them one week and then you will issue a court claim to get it.

 

 

Hi,

Yeah they put it in writing, but not the full amount the wording and figure

well the wording is "we agree to refund the premium of £100.01 (not real figure)plus interest accrued as a result of this figure".

So not £100.01 plus £50 charge for credit .

£150.01 x 18.8%APR over so many years

 

They dont say what % they will calculate by, am I right in thinking it should be by the 18.8APR on the original loan agreement.

They have not given a final figure.

 

I also said why dont you just send me a cheque, they very quickly said no no no.

[hellhasnofury]

Hi,

Yeah they put it in writing, but not the full amount the wording and figure

well the wording is "we agree to refund the premium of £100.01 (not real figure)plus interest accrued as a result of this figure".

So not £100.01 plus £50 charge for credit .

£150.01 x 18.8%APR over so many years

 

They dont say what % they will calculate by, am I right in thinking it should be by the 18.8APR on the original loan agreement.

They have not given a final figure.

 

I also said why dont you just send me a cheque, they very quickly said no no no.

 

Hello BM,

 

Maybe time to start telling them what you want. Do not allow them to control this anymore.

 

Maybe wait to see what they are prepared to offer, it will be the minimum that they can get away with. and then you raise the stakes, Have you worked the figures out yet. If they are not giving you what you are prepared to settle for them them what you want.

 

The APR I have been informed, that is not the rate to go for, it is the flat interest rate, do you know what that was. If you don't go for the 8% the court would allow.

 

As to whether you receive a cheque or let them pay it into the bank account, that is your choice, not theirs. Start to get firm with them.

 

They mis-sold it so now you control the refund.

 

Sorry I probably sound a bit pushy, I do not intend to, Its your claim at the end of the day. They just knaff me off when the still try to dictate to the customer and act like they are doing you a bit favour

[Bluuemoney]

Hello BM,

 

Maybe time to start telling them what you want. Do not allow them to control this anymore.

 

Maybe wait to see what they are prepared to offer, it will be the minimum that they can get away with. and then you raise the stakes, Have you worked the figures out yet. If they are not giving you what you are prepared to settle for them them what you want.

 

The APR I have been informed, that is not the rate to go for, it is the flat interest rate, do you know what that was. If you don't go for the 8% the court would allow.

 

As to whether you receive a cheque or let them pay it into the bank account, that is your choice, not theirs. Start to get firm with them.

 

They mis-sold it so now you control the refund.

 

Sorry I probably sound a bit pushy, I do not intend to, Its your claim at the end of the day. They just knaff me off when the still try to dictate to the customer and act like they are doing you a bit favour

 

 

Thanks Fury,

You've fired me up again I'll post a letter to them tomorrow, I dont know what the flat rate was. But they are taking the P***

I'm too trusting.

 

Thanks

Bluuemoney

[Will Scarlet]

As to whether you receive a cheque or let them pay it into the bank account, that is your choice, not theirs. Start to get firm with them.

 

They mis-sold it so now you control the refund.

 

Sorry to jump in here but is that actually correct? I've seen numerous bank charge cases where banks have excercised their "legal right to set-off". Refunds have ben paid into accounts to reduce borrowing and if accounts were in default, used to clear outstanding debt. Does the same apply to insurance companies?

Could Blackhorse opt to off-set the refund against the outstanding loan as opposed to sending a cheque? I'd be very interested to hear if they could and more to the point, if they have a legal right to do so. One would have thought that if they had mis-sold the policy then the claimant should choose how and where the refund is paid but is that actually the case?

Any ideas anyone?

[hellhasnofury]

Sorry to jump in here but is that actually correct? I've seen numerous bank charge cases where banks have excercised their "legal right to set-off". Refunds have ben paid into accounts to reduce borrowing and if accounts were in default, used to clear outstanding debt. Does the same apply to insurance companies?

Could Blackhorse opt to off-set the refund against the outstanding loan as opposed to sending a cheque? I'd be very interested to hear if they could and more to the point, if they have a legal right to do so. One would have thought that if they had mis-sold the policy then the claimant should choose how and where the refund is paid but is that actually the case?

Any ideas anyone?

Hello Wills,

 

I can only comment on my own experiences with mis-sold ppi. I had a claim with the NatWest and received over £7,113 in the form of a cheque payable to me. The other was M&S and I received a cheque payable to me for over £6,400 and I can assure you that I owed them lots of money, defaulted on both accounts and on a dmp paying reduced amounts. They paid up before I issued a court claim.

 

These payments I received were for the actual money that I had paid. Once the ppi was cancelled any ppi and interest left in the outstanding balance was paid into the balance, therefore reducing the loan balance.

 

I worked on the basis that they should never have taken the money I actually paid for the ppi and interest, in the first place, they mis-sold the ppi and deprived me of it, causing me great financial hardship, so I do think that if they had a legal right to off-set this money, I think they would have.

 

I am prepared to stand corrected, if I am wrong, It might be of interest to ask this question of the legalities forum and see what response is given.

[Will Scarlet]

HHNF - thanks for the reply. It would be very interesting to hear what the legalities forum has to say. Endowment cases were also settled in the way you suggested (cheque) and it makes complete sense to me, the consumer. Unfortunately, having been a member of this forum for some time now it is obvious that the organisations we fight against will use every trick in the book to wriggle out of facing-up to their responsibilities so it would be nice to see it in black and white! Would you be able to pose the question to the relevant person, that would be great.