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Full And Final Settlement (lloyds)

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Has anyone any knowledge re Claimants stuck in the "Stayed" cases awaiting The final decision re the "Test case" Writing to the Bank and attempting a without prejudice full and final settlement.

 

I was shocked/surprised when a colleague decided that enough was enough and that he had seen some info from another site and that he was attempting the above.It is obviously everyones personal decision to carry on to the end of the proceedings.

 

Could/would anyone highlight the pros and cons of such a settlement attempt, especially as to the % of full and final offer, he was advised to negotiate up to 30% less than the claim:eek:

 

Any advice/information will be gratefully received, as my effort has so far fallen on deaf ears, both to him and his other half.

 

 

"EXEMPLO DUCEMUS"

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I would be amazed if Lloyds agreed to any settlement. He has nothing to lose by trying, but I feel he's just wasting his time.

 

he had seen some info from another site and that he was attempting the above....

...he was advised to negotiate up to 30% less than the claim

 

Was this based on any successful cases? Would be interested in a link to the site

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Michael Browne,

 

From what I was told at the time it seems they seen a snippet on morning T.V.then went to a site" money tips" and found template letters, re reclaim bank charges.I do not know if there have been any successful attempts at negotiations as a result of the site.

I will ask them for further info when they return. The only site I can think of is Martins money tips.

When you say you would be amazed if Lloyds agreed to a settlement and they would be wasting their time, are there any specific reasons or argument, that I could relay to them, as I personally think they should await in this instance the final decision in the "test case".

Several years ago, before the mass "staying" of court cases, In which I personally have 2, I successfully negotiated with Lloyds re a business account and came to a very good (IMHO) conclusion, therein lies another story. However I still think they should hang on in with the rest of us. If you or anyone else could offer info/advice it will be gratefully received.

 

"EXEMPLO DUCEMUS"

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From what I was told at the time it seems they seen a snippet on morning T.V.then went to a site" money tips" and found template letters, re reclaim bank charges.I do not know if there have been any successful attempts at negotiations as a result of the site.

I will ask them for further info when they return. The only site I can think of is Martins money tips.

 

Ok, I assume you're referring to this from MSE:

It could be possible to speed up the process

If you want a speedy settlement, one tactic is to offer the bank the option of settling for a lower amount if it pays out now. How much lower depends on you, but 25% less is a good rough guidance. There’s no need to do this, it’s your choice, though if you choose to the letter below is drafted to help. Do note the phrase ‘without prejudice’ I’ve used, it’s crucial. It means that the offer isn’t binding or admissible in any further legal process.

Which is fine as it goes and as I've said he has nothing to lose by trying, and you never know, it might just work. If it did, there would be plenty of success reports on MSE, but I'm not aware of many or indeed any partial payments for bank charges other than those made under Financial Hardship

 

 

When you say you would be amazed if Lloyds agreed to a settlement and they would be wasting their time, are there any specific reasons or argument, Lloyds, in particular, are playing hard ball and compared with other banks, seldom make offers of refunds even where the claimant has demonstrated severe financial hardship, which is why I would be surprised

 

 

Several years ago, before the mass "staying" of court cases, In which I personally have 2, I successfully negotiated with Lloyds re a business account and came to a very good (IMHO) conclusion,

Prior to July 2007 this would have been the norm, but since the FSA waiver things have changed significantly

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Michael Browne,

 

Thank you for your speedy reply and information, it is greatly appreciated.

 

"EXEMPLO DUCEMUS"

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Hi JGJ:)

 

I was advised by someone on MSE that they had approached LTSB using the 'speedy settlement' template that Michael Browne has referred to in which they offered to accept a refund minus any interest and that they were indeed refunded. However, again as Michael Browne says, this was a 'hardship' case, not a basic case.

 

We are also trying to get a refund from LTSB and despite having priority debt arrears and fitting some of the other hardship criteria, LTSB just don't want to know - we have therefore now gone to the FOS.

 

As LTSB are proving so difficult to get refunds out of on hardship grounds, I too would be amazed to hear if they pay out under ordinary circumstances - I would therefore be most interested in the outcome of your colleague's attempt!

 

Regards,

 

Landy x


LTSB PPI on various loans (current/settled) - Refunded inc 8%

 

MBNA 1 Charges - Refunded inc CI

 

MBNA 1 PPI - Refunded

 

MBNA 2 Charges - Refunded inc 8%

 

MBNA 2 PPI - Refunded

 

MBNA 2 Accident Ins - Refunded

 

Swift Advances (settled) Mortgage Charges -Partially refunded

 

Swift Advances (settled) Mortgage PPI - Refunded inc CI & 8%

 

Sainsburys (settled) Loan PPI - Refunded inc CI +8%

 

Sainsburys (closed) Card Charges - Refunded inc CI + 8%

 

M&S Money (closed) Card Charges - Refunded inc CI

 

M&S Money (closed) Card PPI - Refunded inc 8%

 

Direct Line (settled) Loan PPI - Refunded inc CI + 8%

 

Debenhams Card (closed) PPI - Refunded inc 8%

 

Swift Mortgage Charges -Refunded

 

Hitachi Finance (closed) Charges - Refunded

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