Very Urgent Lloyds Tsb Ppi Advice Needed Please

[BankFodder]

So they are repaying you about £3200 refund - not including 8% interest. If you had borrowed £3200 less than you did on your loan, how much would you have saved in interest? This is the minimum amount you should settle for.

Add to that a reasonable figure for the time and expense of fighting them to get the money back. - Say, £100

[BankFodder]

You don't tell them they are being recorded. It's OUR secret!

[angel17]

Thanks think i need some time to digest this as head still fuzzy with cold. Dont knwo if it me, but something does not look right when looking a the statements where the interest has been applied monthly interms of the rate

ltsb state

Loan 1 after rebate the amount for ppi is £741.70 with 8% of £341 total is £1082.11 I was told on tues £1982.11 start date 22.7.03

 

Loan 2 after rebate the amount for ppi is £2500.97 with % £791.69 total £3293.66 start date 24.2.04

[angel17]

In trying to work out the interest, I have noticed that the montly interest rate varies, shouldnt it be consistent?

[angel17]

may have this wrong but for loan one from the july to the feb I have worked out that they had taken £295.99 in interest from me. So total figure to start off with would be £1037.69 for the 8%?

[angel17]

Hi, all at update! I have spoken to ltsb over the phone (tried recording using my phone too) they state that the 8% will be added on the day that they received the acceptance form and will be from the day of the opening the loan to the day they get the form. I have used blake lapthorn calculator and will be happy with the result. I have said I am going to put this all in writing and attached to their form. You have to watch them as originally in same conversation told 8% already added, then said it was in writing dated 9th oct that this is what they would do- said have their changed methods in a week- came back with a senior team leader who confirmed what I was saying.

[landy_alert]

Hi Janey:)

 

I've just had a look at my paperwork recently received from Lloyds which explains how they calculate their PPI refunds. I'm not sure if this is how they worded their original letter to you and apologies if this is information you already have, but it might be of interest/use.

 

I am not accepting their offer as I don't believe the amount is correct, although the basic way of calculating the refund seems to make sense (apart from the Contractual interest issue).

 

Their letter states -

 

'Calculation 1

 

I will calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium not been added to your loan. The difference between these figures shows that the settlement figure should have been reduced by £***. We will then calculate an 8% interest payment on his sum from the day the loan was settled to the day the calculation is completed.

 

Calculation 2

 

I will then calculate the amount you have paid up to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid in respect of the insurance loan and then multiplying this figure by how many months the insurance was active for, which is calculated to be £***.

 

I will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

 

A further 8% simple interest will be calculated on this total amount from the date of early settlement of the loan to the present date.'

 

They say their manner of settling is in line with the standard redress remedy recommended by the FOS.

 

The way they have broken down their calculations into two distinct parts is definitely something I have seen on the FOS website, I believe and it made me wonder whether in their offer to you they are including both the sum they refer to in calculation 1 and that in calculation 2?

 

For example, in Loan 2 it's not just the 32 (?) months PPI premiums that you paid plus interest they should be refunding.

 

I'm sorry if none of this makes sense - it's always so difficult to explain these things - just trying to help:D

 

Regards,

 

Landy x

[landy_alert]

Apologies - it took me so long to type my last post, it crossed with yours!

 

If you are now happy with what they have offered, let's just hope they keep to their word;)

 

Landy x

[BankFodder]

Hi, all at update! I have spoken to ltsb over the phone (tried recording using my phone too) they state that the 8% will be added on the day that they received the acceptance form and will be from the day of the opening the loan to the day they get the form. I have used blake lapthorn calculator and will be happy with the result. I have said I am going to put this all in writing and attached to their form. You have to watch them as originally in same conversation told 8% already added, then said it was in writing dated 9th oct that this is what they would do- said have their changed methods in a week- came back with a senior team leader who confirmed what I was saying.

Congrats - if you are happy with it - but you should realise that you are being short-changed. Lloyds have done well out of it. Don't forget that they are not offering you 8% on the whole amount since that time. It will be 8% per year calculated daily on the premiums as they accumulated. Furthermore, it is only calculated as simple interest. Their own loans to you are charged out at compound.

[angel17]

Thanks to you both. There is some much to think about and as I am still under the weather, I am not thinking straight. I am going to wait for PomeyFaiths calculations. Landy alert are you pursuing this with the FOS or through legal action? Many thanks

[landy_alert]

Hi Janey:)

 

All our loans with LTSB are currently being dealt with by the FOS - 6 in total (2 current and 4 settled early between 5 and 7 years ago).

 

I can understand you feeling confused by it all, especially as you are feeling unwell. I've been over my figures so many times and used sooooooo many different methods - blake lapthorn calc and egalegal etc etc. Mr Landy says I must have nothing better to do!

 

Unfortunately LTSB are not to be trusted and I'd hate for any of us to get ripped off (again) by them - hopefully that won't happen:D

 

Regards,

 

Landy x

[angel17]

Thanks Landy! Totally agree this can take over, but you need to pursue this as they cant get away with it! I too have been over the figures and what they quoted on Tuesday as the raw fig seems right and not what they said on Friday. I am going to ask for the call to be recalled. Could you point me in the diection for the spreadsheet that Pomey Faith uses as unfortunately, I have not heard back from him, which is understandable as he has had a bad week.

 

Thanks again

[landy_alert]

Hi Janey:)

 

The spreadsheet is up in the stickies at the top of the PPI forum (the one for single premium PPI). I'm so sorry I still am unable to do a link even after being here for nearly a year:(

 

Regards,

 

Landy x

[alanalana]

Hi Janey:)

 

The spreadsheet is up in the stickies at the top of the PPI forum (the one for single premium PPI). I'm so sorry I still am unable to do a link even after being here for nearly a year:(

 

Regards,

 

Landy x

 

here it is

 

Download PPI Calculator HERE (Single Premium PPI)

[angel17]

Thanks very much for pointing me in the right direction. I would be very grateful if anyone could inform me whether these figures look correct as I have not done this before.

 

OK, for Loan 1 LTSB intially quoted me £1982.11 last tues, then on Fri £1082.11 though nothing in writing as yet. I imputed the data and the raw figure before stat interest was

 

No. of Years5

Actual Costs (So far)Monthly Payment £ 321.11

Monthly PPI Int. £ 25.06 (B )

No. of Months Paid to Date6

PPI Interest Paid to date £ 150.38

Settlement (If applicable)Settlement Figure £ 11,759.96

PPI Kept by Lender £ 827.90

Settlement PPI Rebate £ 1,826.60

Actual Settlement £ 13,586.56

What should be refunded* £ 2,654.50

 

Then with interest £4295.77

 

Loan 2 was just about right what LLoyds quoted me £3296.66 with stat interest £5096.33

Please could anyone let me know if these look about right as I want to put these in writing and ask for immediate payment otherwise I will take legal action as its going on too long now and getting so much conflicting info from LTSB.

 

Thanks in advance everyone!!!

[angel17]

bump please could some one look over these as the figures i quoted before today lloyds are saying thats all i'm entitled to and not 8% when they get form

[alanfromderby]

I would say that your calculations are correct, and you should certainly be pushing for a much higher settlement on Loan 1 then they have made.

[angel17]

Thanks, I recorded my call, told LTSB that I was going to take legal action which would include restuitionary damages. Senior Team Member said he wanted a chance to look into this, I give him my calculations and said I would hold off action till Thursday. He said they would ring back. My hubby and I are sure that now they've upheld this complaint, that we will pursue this further if we have too. Got the impression that he was taken a back by my assertiveness ( suprised myself lol) as getting so much conflicting info even from senior members before this one. Told him to recall call with promises made on Friday- if not under data protection act I will instruct our solicitor.

[alanfromderby]

Excellent - sounds like you have them in a corner on this one.

[BankFodder]

Super. Very well done. Lloyds are just bullies and they will back down if you stand up to them.

 

Be prepared, they may call your bluff - in which case you must carry out your threat - but then eventually they will back down.

Restitutionary damages will get you far more than even the amount of interest you are seeking now.

[angel17]

Thanks all. Just worried abt calculations, confident with loan 2 but not too confident about loan 1 although I appreciate your opinions. Is it usual practice for them to come back with maybe a new offer or accept my calculations? The senior manager I spoke to, didnt know really what to say, I must admit I really dominated that call. He was flustered when I said that another senior manager had said quite the opposite.

[alanalana]

Thanks all. Just worried abt calculations, confident with loan 2 but not too confident about loan 1 although I appreciate your opinions. Is it usual practice for them to come back with maybe a new offer or accept my calculations? The senior manager I spoke to, didnt know really what to say, I must admit I really dominated that call. He was flustered when I said that another senior manager had said quite the opposite.

 

Well done keep up the good work. Half of the time they are just applying bull***t to their arguments to try and stave off the onslaught of consumers who now know the real story about the PPI mis-selling issue.

[angel17]

Thank you alanalana for your support? What are you opinions on the calculations please?

[angel17]

Hi all I have received the paperwork from LTSB on my return from work. They state the following in their letter:

 

Loan 1 they state they rebated 1923.43 it was in actual fact £1892

'Calculation 1

 

I will calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium not been added to your loan. The difference between these figures shows that the settlement figure should have been reduced by £392.71 We will then calculate an 8% interest payment on his sum from the day the loan was settled to the day the calculation is completed.

 

Calculation 2

 

I will then calculate the amount you have paid up to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid in respect of the insurance loan and then multiplying this figure by how many months the insurance was active for, which is calculated to be £348.99.

 

I will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

 

A further 8% simple interest will be calculated on this total amount from the date of early settlement of the loan to the present date.'

 

Total offer £1082.11

 

This first loan was therefore incorrectly refinanced into loan 2

 

Their calculations for loan 2 are as follows:

'Calculation 1

 

I will calculate the difference between the settlement balance you have paid on the loan and what the settlement would have been had the PPI premium not been added to your loan. The difference between these figures shows that the settlement figure should have been reduced by £1036.25. We will then calculate an 8% interest payment on his sum from the day the loan was settled to the day the calculation is completed.

 

Calculation 2

 

I will then calculate the amount you have paid up to the date of cancellation and refund this back to you. This is worked out by calculating how much you paid in respect of the insurance loan and then multiplying this figure by how many months the insurance was active for, which is calculated to be £1464,72.

 

I will then add simple interest at 8% per annum to each monthly payment from the date you paid each amount, to the date you settled the loan.

 

A further 8% simple interest will be calculated on this total amount from the date of early settlement of the loan to the present date.'

 

 

 

Total offer is £3293.66

 

As I mentioned yesterday I have disputed the figures with LTSB. I even had a call on moblie to ask if I had received these calculations today. The figures today dont seem to offer any consideration for the fact that both loan 2 and 3 have been refinaced incorrectly- I am probably been short changed by quite a bit more than I said yesterday?

[alanfromderby]

I would agree that you are definitely being short-changed from those figures.