PPI Repayment Offer From Llyods TSB

[dandy1764]

Hi there all,

 

Have not had a chance to frequesnt the forums as of late due to a family illness but I have now had an offer from Llyods TSB, fully accepting responsibility and offering compensation and the refunded premiums.

 

I feel it is a victory....but was wondering there was no mention in the letter regards the outstanding balance of the credit card in question. sitting at £5K.

 

It goes without saying that if they agree the PPI was not suitable for me in the event of me losing my business then I could have found cover that would have been suitbale therefore the outstanding balance should be cleared.

 

Can anyone tell me if this is the standard procedure here.....This one has been refered to the FSA and they have given Llyods a kick up the backside that has initiated there offer.....Not sure if there offer is maxed out as I have read around the forums re compound interest amounting to ££££.

 

Any help or tips on how the bank will deal with the balance is appreciated.

 

Donation will be on the way after settlement.

 

Without this site I would not have put up a fight.

 

all the very best

 

Dandy

[alanalana]

Hi there all,

 

Have not had a chance to frequesnt the forums as of late due to a family illness but I have now had an offer from Llyods TSB, fully accepting responsibility and offering compensation and the refunded premiums.

 

I feel it is a victory....but was wondering there was no mention in the letter regards the outstanding balance of the credit card in question. sitting at £5K. (any repayment will no doubt be offset against any arrears you have)

 

It goes without saying that if they agree the PPI was not suitable for me in the event of me losing my business then I could have found cover that would have been suitbale therefore the outstanding balance should be cleared. (they will fight this without a doubt and I am not sure the FOS would agree but you can always give them a call details for the FOS are in the stickies at the top of this forum)

 

Can anyone tell me if this is the standard procedure here.....This one has been refered to the FSA and they have given Llyods a kick up the backside that has initiated there offer.....Not sure if there offer is maxed out as I have read around the forums re compound interest amounting to ££££.

 

Are you sure this is FSA and not FOS ?? The FOS normally adjudicate on issues between banks etc and consumers. The FSA normally do the issuing of very large fines on the bad ones.

 

Any help or tips on how the bank will deal with the balance is appreciated.

 

Donation will be on the way after settlement.

 

Without this site I would not have put up a fight.

 

all the very best

 

Dandy

 

My guess is that if you have any arrears then any refund will be used to offset the arrears due.

 

This I know to a lot of people is not acceptable but I have claimed in a similar situation and the refund has considerably cut the arrears.

 

The issue of Compound Interest is debatable and if CI has been applied month on month on a Credit Card with PPI attached (especially PPI which was mis-sold) then IMO you should be able to reclaim the CI. However the FOS seem to be only interested in recovering the PPI premiums + 8% statutory interest from the date the payment was made up until a settlement is reached. This still IMO puts the banks and credit card companies in the driving seat as to their earnings from the CI that was charged to you.

 

I hope the info above helps you.

 

aa

[dandy1764]

Hi there alanalana,

 

I would have agreed with you if this was simple bank charges refund and there was arrears.

 

However, as Lloyds TSB put it if they refund me the PPI premiums and interest etc then I am as close to a position I was in prior to taking the PPI out. Yes, but unfortunately this is a little flawed as I cannot turn back time and select a PPI that would have been suitable to cover us in the event of our business going into liquidation at this stage.

 

Our business went into liquidation leaving a large balance outstanding and witht he appropriate cover then perhaps we would be resting easy some three years down the line, but we accpeted the sub standard not fit for purpose PPI they sold us.

 

It is my viewpoint that had we the correct insurance then there would be no balance. Have loads of other arguments regards this PPI that was miss sold.

 

thanks for your help and input ...really appreciated.

 

Dandy

[alanalana]

You could perhaps then pursue the Court route for mis-sold PPI there are a lot of caggers who actually like to go to Court and reclaim.

 

Are you aware of the legal forum areas? This could be another option.

 

The only issue is if you accept the LTSB offer it would no doubt preclude you from any further action via the Courts.

 

You could of course tell them to get totally stuffed and go the Court route on mis-selling claiming the mis-selling eventually pushed you into the position of going into liquidation due to lack of Insurance cover/

 

aa

[dandy1764]

Hi there thanks for the advice.

 

I have just recieved a letter asking for the full balance of the credit card as they had been informed from ther agent that we could not agree payement terms.

 

I feel the banks are still making up the ruls as they go along.

 

We specifically asked for PPI when we took the CC out as we were new in business and wanted some protection. When our business was liquidated we did not have many options...but were assured not to worry but to claim on the PPI policy.

 

We did this and then they sent up and agent who informed us that if the claim was succesful the balance would be cleared off due to timescale involved. They then wrote to us telling us that our claim was being refused for some absurd reason that my wife was pregnant again and was not actively seeking employment. ???

 

They then wrote to us asking us for a reduced payment of half the outstanding amount to clear the debt off...which we refused as we want our day in court.

 

Since that time we have been preparing to go to court and no the bank have offered a full refund of PPI premiums plus compensation which we have told them to shove it unless they confirm that the balance of the CC would be cleared also.

 

Now we have received a letter from the bank asking for the full amount to be paid again.

 

I am about send them ther summons and was hoping someone could help with the Statement of Claim and confirm that if they have admitted the mis-sold the PPI then the terms of the CC are now Unenforceable.

 

If anyone can help appreciated and thanks for the info before alanana....but having the PPI offset against the balance is no better position in after losing our business.

 

Again any help is appreciated.

 

Dandy

[alanalana]

This forum on the site that may be able to take you concerns further.

 

Legal Issues

 

If you view and would like you thread moved just post back and I will move it across for you.

 

aa