LLoyds LPI Claim

[citizenB]

As long as you have the option to question the figures and complain should they not be correct, then I would sign the form to start the ball rollling. Until you receive figures from LTSB, there is little else you can do.

[di0430]

Hi Mikey

 

Well done.

 

That is the thing with LLoyds, they uphold and send the acceptance and the figures come along later, however you are able to dispute on these afterwards if you believe they are not correct.

 

I'm sure if you post them up on here, when you receive these - someone will take a look at them for you.

 

I have a dispute on one of mine with Lloyds right now, they upheld inline with the FOS but there seems to be some Interest issues, so sent the spreadsheet breakdown/calculation (thanks to dx) which are in with Lloyds now, and awaiting to hear further from them.

 

Good luck.

 

Di

[landy_alert]

Hi Mikey:)

 

Well done on getting a result so quickly!

 

It is possible to get the figures out of LTSB before you sign the acceptance form, despite what the FOS say - they told me that Lloyds couldn't (more like 'wouldn't'!) provide the figures till after I had signed the form, but having refused to do this, Lloyds did eventually disclose what they intended to refund.

 

However, it takes time unfortunately - it took me a further month (after a wait of 6 months from lodging the complaint to getting an offer) and several more letters for LTSB to provide the figures, and it then took another 2 months to get to the point of accepting it, having negotiated compensation which they hadn't initially offered.

 

Also, after all that to-ing and fro-ing, the acceptance form sent out by the FOS last week still didn't contain the figures, but I do have them in black and white now if Lloyds do decide to renege on their offer.

 

At the end of the day it's entirely up to you - the FOS do say that if you are not happy with the refund you receive they will help you to resolve the issue, so having possibly wasted the last 4 months trying to get blood out of a stone, I might have been better just signing the form in the first instance, but at least I know how much to expect. I suppose it depends on how quickly you need to get the matter resolved

 

Will continue to watch your progress with interest!

 

Landy x

[dx100uk]

did you receive any refunds when loan was topped up each time.?

 

dx

 

well?

 

to stand any chance of guessing what refund you should get can you ans the above

 

i'm VERY busy and it a lot of work for several rolling loans, but i might try during the week.

 

dx

[Mikey40]

Hey everyone, apologies for late reply, I'm getting married in just under 5 weeks and its been manic with wedding preparation! Been away with the good lady for a few days so we can chill and get away from everyone for a bit! Anyway many thanks for all great replies, it's looking likely I will send off the acceptance form and get the ball rolling, as they state I can always question the figures if I'm not happy.

DX100UK - Sorry for not getting back in touch sooner. I did indeed have a rebate as each loan was topped up, but I can't say off the top of me head what they were until I can recheck the paperwork, they were I suppose put on to take some money off the next loan amount? Do you need me to put these rebates on? If you can provide me with a rough figure of what I could expect that would be most helpful for when lloyds do decide to send me something through. Once again many thanks for all your kind posts, who knows I might get something out of them yet!

Edited April 25, 2010 by Mikey40
Spelling!

[dx100uk]

it is possible to work it out . but the rebate figures would be nice.

 

BTW: lloyds recently have been short changing everyone so thats why im taking an interest

 

as said though i'm very busy, but i'll ry this week

 

dx

[Mikey40]

dx100UK, many thanks for reply and the offer to help. I will put the rebate figures on later today when home from work. Really don't want to put you out if you are well busy, I suppose it will be a while before Lloyds send me some figures, but just to say any help would be appreciated. Posing off the acceptance form to today, so hopefully the ball will slowly begin to roll! many thanks:)

[di0430]

Hi Mikey

 

Good luck with yours as well, I am currently waiting for further feedback from LLoyds in regards of my case "interest" if you have not done so yet, check my thread out here:

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/256202-lloyds-loan-ppi-calculations-2.html

And the calculations worked out by dx for me on post number 25 of my thread above.

 

I bet your real busy now with the wedding coming up, all the very best and Many Congratulations to you both.

 

Di

[Mikey40]

Di, thanks for your kind comments, so looking forward to it just waiting for the nerves to kick in! I've posted again the loan figures below with the rebates attached this time round. Hopefully dx110uk can give me a rough idea on a figure that hopefully Lloyds will match! Thanks for all your help dx110uk, only if you get time mind, i'm sure Lloyds won't be sending me anything for a while!

 

Loan A (************)

Loan £10,000. LPI advance of £2,143.03

Period covered - 19th October 2001 - 31st July 2002

interest Rate - 9.96% per annum, applied throughout period of statement

Terms of Agreement - 60 months

Paid in 9 payments of £257.76 per month. Interest payments 10

Final payment when loan updated - £10,689.54 31/7/2002

*Received a net rebate for £1,434.54, that was used to reduce your loan settlement figure (pro-rata rebate would have amounted to £1,804.84, they offering me the difference - £370.30)

 

Loan B (***********)

Loan £11.100.00. LPI advance £2,455.59

Period covered - 26th July 2002 to 15th May 2003

Interest Rate - 11.34% per annum

Terms of Agreement: 60 months

Loan rebate when settled: £1643.77

Paid in 9 payments of £297.04. Interest charged 10 payments

Loan updated 15/5/2003. Bal Transferred £12,054.76

*Received a net rebate for £1,643.77, that was used to reduce your loan settlement figure (pro-rata rebate would have amounted to £2057.31, they offering me the difference - £413.54)

 

 

 

Loan C (***********)

Loan £15,000. LPI advance £3,249.95

Period covered - 15th May 2003 to 15th April 2005

Interest Rate - 10.43%

Terms of Agreement: 60 months

Loan rebate when settled: £1,181.36

Paid in 23 payments of £391.67. Interest payments 24

Loan updated 15/4/2005. Bal transferred £11,130.19

*Received a net rebate for £1,181.36, that was used to reduce your loan settlement figure (pro-rata rebate would have amounted to £1,998.74, they offering me the difference - £817.38)

 

 

Loan D (***********)

Personal Loan £15,000. LPI advance £3,341.58

Period covered - 15th April 2005 to 13th February 2007

Interest Rate - 10.43%

Terms of Agreement: 60 months

Loan rebate when settled - £1,257.55

Loan updated 13/02/2007. Bal transferred £11,660.08

Paid in 22 payments of £393.63. Interest charged 23 payments

*Received a net rebate for £1,257.55, in respect of the insurance premium. They have upheld my complant on this loan.

 

Loan E (************)

Cashback Loan £15,000. LPI advance of £4,580.92

Period covered - 13th February 2007 to present

Interest Rate - 11.33%

Terms of Agreement - 84 months

Paid in so far - 29 payments of £338.77. Interest 29 payments

Still paying the loan and the PPI...

 

Hope the above figures help in anyway...

Mikey:)

[Mikey40]

Just a quick update... I sent the acceptance form back to the FOS and got a letter back, which included the following...

'I am pleases that following our intervention the firm has resolved the matter. Thank you for letting us know that you have decided to accept the firm's offer in full and final settlement if your complaint. I have written to Lloyds TSB to confirm your acceptance and tell it to make the payments it has promised, if it has not already done so. This completes our formal involvement with your complaint'...

 

I have written back to the FOS with issues regarding this statement, the obvious being that I have seen no figures from Lloyds, I will not being signing or agreeing to anything until I am satisfied that the figure(s) Lloyds send me are satisfactory, and if they are not I will be involving them again in the case against Lloyds TSB! Bit worried that they are giving the impression it's all done and dusted!!

[landy_alert]

Hi Mikey:)

 

Unfortunately I think this is where the FOS is having the wool pulled over it's eyes by the banks - I don't believe many companies do show the calculations before providing the cheque, yet the FOS blithely goes on thinking this is what happens. Most people receive a cheque and are so pleased to have matter resolved they go ahead and bank it - we need to stand up and make the FOS aware this is not right! The more of us that point this out to the FOS as you have done will hopefully enlighten them to the error of this..............

 

Landy x

[Mikey40]

Another quick update... Still waiting to hear from Lloyds with their settlement figure. According to the FOS they have a date of 23rd July in mind that if I haven't heard anything from Lloyds by this date then the FOS will contact to see what the hold up is... hopefully only another few weeks to wait! Then I will probably have to start the process of querying the settlement figure! Watch this space... again!

[landy_alert]

Another quick update... Still waiting to hear from Lloyds with their settlement figure. According to the FOS they have a date of 23rd July in mind that if I haven't heard anything from Lloyds by this date then the FOS will contact to see what the hold up is... hopefully only another few weeks to wait! Then I will probably have to start the process of querying the settlement figure! Watch this space... again!

 

Hi Mikey:)

 

Keeping my fingers crossed for you that you don't have to wait too much longer!

 

The FOS told me on one of mine that Lloyds were running behind with PPI refunds and needed an extra 4 weeks, but to give Lloyds their due their letter with the refund figures turned up within the prescribed timeframe - no actual payment as yet on that one though.

 

Also, the two Lloyds refunds I've already received actually came much sooner than the FOS predicted, so there seems to be no rhyme or reason to their methods of refunding..........

 

Landy x

[Mikey40]

Thanks Landy!

You are right there doesn't seem to be any method to their madness! ha! I had always resigned myself to a long wait, and I'm also steeling myself for a further wait dealing with a possible query over the final settlement fugure! I hope it's all worth it in the end. When I do receive the figure and break down of this figure (hopefully!) from Lloyds I will re-enter all the loan details I added to an earlier part of this thread, which should include a few more payments of PPI considering this has dragged on a while! ha! Hopefully someone will be able to help me with calculating/checking whether the figure Lloyds come up with is actually somewhere near right!

Mikey40

[dx100uk]

well i've got me pencil ready and me finger on me calculator, trouble is, i sharpened the wrong one last night........

 

dx

[Mikey40]

Ha! Ouch painful! Many thanks for standing by dx, good to know the help is there, so glad I found this site and the people on it! Lets hope lloyds get their proverbials out of their other proverbials before too long!!

[landy_alert]

well i've got me pencil ready and me finger on me calculator, trouble is, i sharpened the wrong one last night........

 

dx

 

Ouch!!!

 

Me too - will help all I can Mikey:)

[di0430]

Hi

I done some chasing to Lloyds over the last few months and when contacting them by email now, I always copy the email to the Chief Executive officer (CEO), I feel this helps.

When and if you email Lloyds just remember to give them your case/complaint ref number, when I email them now, they do normally get back the same day or the following day the latest.

Details here:

[email protected]

 

CEO

[email protected]

 

 

Good luck.

[Mikey40]

Thanx Landy, you're a star!

 

Di

What a great idea and course of action, will definitely bear that in mind if and when (probably when!) I get into discussions with Lloyds about the settlement figure. Thanks for the heads up!

... by the way... still waiting!!

[landy_alert]

Thanks Mikey - you're welcome

[Mikey40]

Cue tumbleweed being blown about by the wind on a dusty and deserted road... the quiet is almost deafening!! Just like the response from Lloyds TSB in fact!! Still nowt! Just about to give the FSO a nudge, well their settlement date has come and gone, so it be rude not too!! Stand by your beds!!

[Mikey40]

Right whisper it quietly but I've had a reply from Lloyds! Two letters with refund figures, what I will endeavour to do is show each letter, with figures, also place all my loan account details again at end for a referencing point, and then I will shout help!! I'm none the wiser whether Lloyds have got it spot on or are still winding me up! I'm hoping you brilliant caggers out there can help me out.

Right deep breath I shall begin...!

 

Letter 1

Ref: .......

Blah blah blah... thank you for your patince... blah blah blah!!!

Enclosed are details of your final refund. I have calculated your refund so that you are now back in the position that you would have been had you not taken out this poilcy.

 

Summary of Lending:

Summary below includes details of the loans which you took out with the policies which you have issues with. Within my letter I will refer to each loan amount with the number set out below.

If you had not purchased the policy on loans 1,2,3 the outstanding balance when those loans closed would have been lower. This means that the balances on the refinancing loans would also have been lower and therefore you would have paid less interest overall. We describe this part of your refund as excess balance interest and we have detailed the amount you will receive in respect of each loan in the table below. In addition we will give you 8% simple interest on the excess balance interest.

 

Loan 1 - 1000****6977 started 26/7/02 Excess balance N/A

8% interest N/A

Loan 2 - 1000****2982 started 15/5/03 Excess balance £266.52

8% interest £132.97

Loan 3 - 1000****4855 started 15/4/05 Excess balance £649.35

8% interest £226.58

Loan 4 - 1000****1641 staretd 13/2/07 Excess balance £1505.28

8% interest £209.17

 

The refund set out above will be paid into your current account. In addition, as loan 3 (????) is still open we will restructure your loan so that you will have paid the correct amount of interest when the loan ends.

 

Loan 1:

1) £484.28 - this is the amount that I have calculated that you paid for the policy during the period the loan was active . When making this calculation I have only taken into account the actual payments that you made.This maybe different to the payments set out in your original loan agreement, for example the figure may differ if you have missed a payment.

2) £293.20 - this is an additional payment of 8% simple interest which we have calculated on the amount that you paid for the policy during the period it was active.

All above payments will made into your current account

 

Loan 2:

1) £1604.22 - this is the amount that I have calculated that you paid for the policy during the period the loan was active . When making this calculation I have only taken into account the actual payments that you made.This maybe different to the payments set out in your original loan agreement, for example the figure may differ if you have missed a payment.

2) £800.40 - this is an additional payment of 8% simple interest which we have calculated on the amount that you paid for the policy during the period it was active.

All above payments will made into your current account

 

Loan 3:

1) £1577.71 - this is the amount that I have calculated that you paid for the policy during the period the loan was active . When making this calculation I have only taken into account the actual payments that you made.This maybe different to the payments set out in your original loan agreement, for example the figure may differ if you have missed a payment.

2) £550.51 - this is an additional payment of 8% simple interest which we have calculated on the amount that you paid for the policy during the period it was active.

All above payments will made into your current account

 

Loan 4: Your most recent loan and insurance - open and with PPI

1) £3249.44 - this is the amount that I have calculated that you paid for the policy during the period the loan was active . When making this calculation I have only taken into account the actual payments that you made.This maybe different to the payments set out in your original loan agreement, for example the figure may differ if you have missed a payment.

2) £451.22 - this is an additional payment of 8% simple interest which we have calculated on the amount that you paid for the policy during the period it was active.

All above payments will made into your current account

3) You will also receive excess balance interest as per summary table above in relation to the refinace of your loans along with simple 8% interest.

 

We will also make a payment of £1578.71 to loan account 4 so that you will have paid the correct amount of interest when the loan ends.

 

Summary:

We have instructed two separate departments to make the above transactions so these will show on your account statement days apart.

Our Personal Loan Service Centre will send you a statement which will show you the payments that I have made to your loan accouint and will confirm the outstanding balance on your loan.

 

Total amount of payments to CURRENT ACCOUNT only

Loan 1 - £777.48

Loan 2 - 2804.11

Loan 3 - £3004.15

Loan 4 - £5415.41

(????)

 

Calculated in accordance with the FSO guidelines bla blah...

*Please note that as an interest payment has been made, this will constitute 'taxable income' and any tax due on this should be dealt with between you and your local tax office

(???)

 

Letter 2

Ref: CC/141117

Thank you for blah blah blah...

Calculated your refund blah, balh as per letter 1

Please allow up to 21 days for refund...

Your refund will include the following:

1) £409.41 - this is the amount that I have calculated that you paid for the policy during the period the loan was active . When making this calculation I have only taken into account the actual payments that you made.This maybe different to the payments set out in your original loan agreement, for example the figure may differ if you have missed a payment.

2) £277.40 - this is an additional payment of 8% simple interest which we have calculated on the amount that you paid for the policy during the period it was active.

3) As you settled you loan early, I have also calculated the difference between the settlement balance you paid and what your settlement balance would have been if you had not taken out the policy. We will pay this difference of £451.98 with an additional payment of 8% simple interest calculated at £288.97.

(then same as first letter)

 

Now I have added my details of all my loans for reference...

 

Loan A (************)

Loan £10,000. LPI advance of £2,143.03

Period covered - 19th October 2001 - 31st July 2002

interest Rate - 9.96% per annum, applied throughout period of statement

Terms of Agreement - 60 months

Paid in 9 payments of £257.76 per month. Interest payments 10

Final payment when loan updated - £10,689.54 31/7/2002

*Received a net rebate for £1,434.54, that was used to reduce your loan settlement figure (pro-rata rebate would have amounted to £1,804.84, they offering me the difference - £370.30)

 

Loan B (***********)

Loan £11.100.00. LPI advance £2,455.59

Period covered - 26th July 2002 to 15th May 2003

Interest Rate - 11.34% per annum

Terms of Agreement: 60 months

Loan rebate when settled: £1643.77

Paid in 9 payments of £297.04. Interest charged 10 payments

Loan updated 15/5/2003. Bal Transferred £12,054.76

*Received a net rebate for £1,643.77, that was used to reduce your loan settlement figure (pro-rata rebate would have amounted to £2057.31, they offering me the difference - £413.54)

 

 

 

Loan C (***********)

Loan £15,000. LPI advance £3,249.95

Period covered - 15th May 2003 to 15th April 2005

Interest Rate - 10.43%

Terms of Agreement: 60 months

Loan rebate when settled: £1,181.36

Paid in 23 payments of £391.67. Interest payments 24

Loan updated 15/4/2005. Bal transferred £11,130.19

*Received a net rebate for £1,181.36, that was used to reduce your loan settlement figure (pro-rata rebate would have amounted to £1,998.74, they offering me the difference - £817.3:cool:

 

 

Loan D (***********)

Personal Loan £15,000. LPI advance £3,341.58

Period covered - 15th April 2005 to 13th February 2007

Interest Rate - 10.43%

Terms of Agreement: 60 months

Loan rebate when settled - £1,257.55

Loan updated 13/02/2007. Bal transferred £11,660.08

Paid in 22 payments of £393.63. Interest charged 23 payments

*Received a net rebate for £1,257.55, in respect of the insurance premium. They have upheld my complant on this loan.

 

Loan E (************)

Cashback Loan £15,000. LPI advance of £4,580.92

Period covered - 13th February 2007 to present

Interest Rate - 11.33%

Terms of Agreement - 84 months

Paid in so far - 31 payments of £338.77. Interest 30 payments

Still paying the loan and the PPI...

 

Phew I think that's it!!

I'm rather overwhelmed by it all, so any help or light fellow caggers can shed on for me would be wonderful! I suppose the things that jump out the most are: where the first question marks are, are these the FINAL figures going to paid into my current account, i.e. 4 payments as suggested. Do I have to sort that tax out suggested by another fe question marks... and finally what is the second letter all about? Has same reference number but I can't tell what it's for or showing as don't match up with figures from letter 1?

I'm glad I've got the figures back from Lloyds eventually but now wary that I've signed acceptance form as suggested by FOS, and it's all done and dusted?

Any help on the figures and any other guidance would be massively appreciated. Finally... is this a win?!?!

[Mikey40]

And a quick update already... is it me or have they ignored Loan A I mention in loan account info, Period covered - 19th October 2001 - 31st July 2002? Not mentioned in letter???

[dx100uk]

pers

i'd like to see the scanned letters

 

scan your sheets/agreement

remove all pers info inc barcodes etc but leave all figures and dates.

goto one one of the many free online pdf converter websites

convert the image to pdf format.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

browse to your pdf file and upload it

hit close this windows at the bottom below upload it box

 

dx

[RedVixen]

Hi Mikey

 

The second letter sound like the one I got - I also forgot to take into account the overpayments whcih your second letter talks about. In theory the second letter should represent a larger offer though the fact you got two letter speaks volumes about lloyds continuing incompetance

 

Luckily for me they had closed my current account so I got a cheque

 

Like dx100Uk says post the scanned letter it will help