Jonny v Lloyds CC PPI

[jonnyt79]

Ok so.....

 

My Credit card was taken out with Lloyds TSB in 2003. I have been sent my CCA, which is enforceable.

 

I've recieved my SAR and just started to go through the mass of paper work to start a claim for being mis sold PPI.

 

ive started a spreadsheet which contains PPI charges each month.

the total of PPI charges are £2480.

 

I need a bit of help please as to where to go next!!

 

thanks

jonny

[maroondevo52]

Hi,

 

This thread might help...............

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/61081-ppi-some-notes-claimants.html

 

Regards.

 

Scott.

[jonnyt79]

Many thanks for your reply scott!!

 

Ill have a read through..

 

Do i have to add compound interest and also add 8% to the PPi figure?

 

thanks

 

jonny

[maroondevo52]

Hi, jonny.

 

Sorry, I'm not too hot with PPI Issues . I'll see if I can get someone to help you.

 

Regards.

 

Scott.

[pompeyfaith]

Hiya Jonny,

 

Right just got a message from site team Maroondevo request help on this thread.

 

Right if the PPI Payment was listed on the statement before the monthy interest then yes claim the contractual interest at the rate they charged you

 

Can you scan a statement removing personal details like name address account number then I will confirm the above for you.

 

You can use Image hosting, free photo sharing & video sharing at Photobucket to scan and save documents to then just post the link in the thread.

 

As for 8% s69 statutory interest yes always add this onto the total last.

 

Regards

 

PF

[jonnyt79]

Many thanks Scott for getting me help!!

 

Hello Pompeyfaith!!

 

ok, i think ive got it...but to be sure here is a copy of my CC statement,

 

When im calculating compound interest using egalegal.com calculator on this example it would be..

 

Principal £78.24

Rate of interest 1.313%

Number of 'rests' 12- Compounded Monthly

each year

 

Does this look right? then after calculating compound interest on each month, add each month up then add 8%?

 

Thank you very much for your help!!

[jonnyt79]

Bump.

[pompeyfaith]

Hiya Jonny,

 

Firstly sorry I did not get back to you last night was tired so needed my zzzzzz.

 

Right, yes I can confirm that compounded interest was charged.

 

I also notice that your credit limit has been decreased, did they inform you of that action first ?

 

Now that the right calculator, but you use the APR RATE and not the monthly rate very convenient that the APR RATE is not on the statement !!!.

 

I will get this rate for you so hold on and ill be straight back

 

PF

[pompeyfaith]

Right here you go:

 

Enter the interest rate % convert Monthly to Yearly Yearly to Monthly

If your monthly interest is 1.313%, that means an annual rate of 16.95%

 

SO IN RATE OF INTEREST PUT 16.95%

[jonnyt79]

Many thanks Pompeyfaith!! i'd just pm'd you.

 

thanks john

[pompeyfaith]

Yes take each monthly ppi payment add on the compounded interest write each one done so you remember !! then take the ppi plus compounded figure and use that as the principal sum.

 

then go here Blake Lapthorn - simple interest calculator to work out the s69 statutory interest at 8%

 

PF

[pompeyfaith]

Oh and once you have the PPI money back start another claim for the fees.

 

PF

[jonnyt79]

I was not informed of the decreased put onto the account.....they have done this a few times.

 

john

[pompeyfaith]

Right im off to bed now ill have a look im tomorrow evening to see if you are all ok.

 

Rehards

 

PF

[jonnyt79]

Thanks!! ill get the calculator out!!

[pompeyfaith]

They should of informed you first, this they are doing a lot at the moment and i believe to force people over there limit.

 

They know there is a recession and by cutting credit limits and the fact a lot of folk can only manage the minimum payment.

 

and because more often than not the minimum payment does not cover the added monthly interest this puts them over and there by incurring fees

 

PF

[pompeyfaith]

Your Welcome

 

Regards

 

PF

[jonnyt79]

Good evening!!

 

can i just get confirmation what im doing is right....the totals look a bit high?

 

Amount PPI.........1.14

Date 21/5/03

+13.95%= 2.79

+8% simple interest= 4.23

 

Regards

 

Jonny

Edited November 4, 2009 by jonnyt79
spelling

[pompeyfaith]

Hiya Jonny,

 

Yes that is correct, it will be high because of the compounded part of the interest just look at the interest charged on your monthly statements !!!!!!

 

Regards

 

PF

[jonnyt79]

sorry i hadnt got back to you Pf.....thanks

 

I've been looking into the reasons of being mis-sold PPI, to write a letter and ive came across something interesting. I had only started a new job at the time of my Credit card application - 4 months. and im sure you have to be in employment for longer than 6 months to benifit from the PPI. Isnt this a case of selling me a product that dosent meet my needs?

 

Would that be a good case? along with the usual of i was told i had to have PPI to get the CC.

 

regards

 

jonny

Edited November 10, 2009 by jonnyt79
mis type

[alanalana]

sorry i hadnt got back to you Pf.....thanks

 

I've been looking into the reasons of being mis-sold PPI, to write a letter and ive came across something interesting. I had only started a new job at the time of my Credit card application - 4 months. and im sure you have to be in employment for longer than 6 months to benifit from the PPI. Isnt this a case of selling me a product that dosent meet my needs?

 

Would that be a good case? along with the usual of i was told i had to have PPI to get the CC.

 

regards

 

jonny

 

There may well be something in these links to back that up.

 

PPI - Some Notes for Claimants..

 

loan payment protection insurance

 

Another Useful article on Single Premium PPI and why the FSA say it was unfair.

http://www.moneymadeclear.fsa.gov.uk...insurance.html

Payment protection insurance (PPI) – Refunds of single premiums : FSA Money made clear – Unfair contracts

 

There is a lot more in the stickies at the top of this forum

 

aa

[pompeyfaith]

Any Update on this Jonny.

 

PF

[jonnyt79]

hi PF

 

I sent off a letter a few weeks ago explaining that I have been mis-sold PPI. Gave my reasons, one of them being I was given the PPI with not being told that I wouldn’t of been covered for unemployment because id only been in a new job 2 months.

 

I received a letter a few days ago from them saying they are looking into my complaint and they want the matter resolved swiftly!

 

thanks

 

 

jonny

[jonnyt79]

UPDATE!

 

this is the letter i received a few weeks ago

 

 

so it looks like I’ll be starting a complaint to the FOS!

 

but yesterday I received a strange letter, has anyone seen a letter from Lloyds like this?

 

I don’t understand because the "arrears" are automatically taken out if im late paying the credit card so I have no missed payments! also the letter has many mistakes my surname is spelt wrong, an the letter is not signed by a member of staff! can anyone shed any light on this?

 

 

thanks jonny

[jonnyt79]

Hello, thought id update my thread....its been a while, ok over a year! this is where im at.

 

Sent the fos forms in october of last year, received a letter in January from the fos stating that fos are upholding my complaint and recommends that Lloyds makes a settlement to me plus £200 compensation.

The end of January received a letter from fos saying they have received no response from Lloyds! the adjudicator has passed my file onto another Ombudsman for a 'final outcome' but the decision maybe different to the first outcome!

 

Has anyone come across this before? is this normal for the banks to not reply to the fos?