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I have a 'goodwill' letter from Lloyds TSB - but not satisfied. Should I be?

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This may sound like I'm being spoilt... but I'm not. Honest!


I took out a loan with LTSB in Apr 2004. I was at the counter and the teller said ' you should have a financial review' so me being all trusting.. Did !


We had a meeting - she said 'you're a very good customer, and we can offer you a loan' - so I agreed, she filled in the form - marked where I had to sign - and I did, and wham - money in my account. Marvellous.


Now - I was (and still am) self empoyed at the time, and she at no time mentioned anything about PPI, but when I got my statement I noticed it was on there. So off I trotted down to the bank and got a little stroppy, and told them to remove it forthwith. That was in 2004.


I paid the loan off not long ago, although oddly I'd left £14 outstanding. Then they took a £230 out of my account to settle the account (nice of them) an of course put it all back when I grumbled like merry hell at them and they then put it back in my account (so I was lending THEM money !!!)


However - because that had happened, I wanted to get to the bottom of it and lo and behold - they hadnt cancelled my PPI at all - and I had paid it for the duration - a whacking £1900 plus interest.


So I wrote them a letter - and straight away they replied with a 'complaint upheld' letter, saying they'd offer to repay me the 1900, plus 8% simple since it was paid off, plus 8% simple on each repayment I'd made over the years. To get it - I had to sign a form saying I accepted it in full and final settlement.


Now - that has really peeved me. Because I was paying 10.43 p/a on the loan, so thats 2% theyve made already. Plus whatever theyve reinvested my money in. Irrespective of any 'goodwill' payments - I asked them to remove the charge at its inception - and therefore should get everything back surely?


I wrote back saying not good enough - and they replied with best they can do - go take it to Ombudsman if I want.


I coudl do with the money if the truth be known - but can I ask them for the money back with no interest (it is my money after all) and then go the Ombudsman / Court route to recover other stuff - such as bank charges on my account that I wouldnt have got if they hadnt taken the money?


Where it all falls apart is that I cant prove that I asked for the PPI to be dropped. I can vividly remember doing it - can even rememeber which window I went to ! But have no actual evidence. Hmm


So - guys - what advice can you give me? Am I being greedy and just accept what theyve offered and lump it, or shoudl I go the whole hog - and if so whats the best way?


Very much appreciated

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If it was me, I would work out what it would be at 10.43% and see what the difference is. You will then be in a position to decide whether it's worth the hassle of chasing them for the full amount.

If you are asked to deal with any matter via private message, PLEASE report it.

Everything I say is opinion only. If you are unsure on any comment made, you should see a qualified solicitor

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Over how many months did you take the loan out?


Whether you accept or not is entirely your decision, but in order to make that decision there aer a few things I feel you should know.


1) How much the interest charged is

2) The ombudsman have been known to side with the banks and refuse to repay compound interest, even though their guidelines state that they should.

3) The ombudsman are snowed under with PPI claims and it is likely to be several months before they even have a look at your case.

4) Instead of going to the ombudsman, you do have the option of filing a claim in the small claims court.


Good luck



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