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PPI Please help I am so confused


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HI All

 

I have been reading through various threads about reclaiming PPI. I sent of my SAR to lloyds and got all my paperwork back.I had three loans between 15th November 2002 until the 25th january 2005.

I have read somewhere that Lloyds would have been regulated at this time and all loans should be o.k.

 

At the time I was self employed and this was marked as my employment status on all my paperwork.All my ppi policies where one of payments and most of my loans where papyed of within 12 months but I was stiil charged £4134.86 in ppi payments.

 

Loans

 

15th Nov 2002-18th April 2003

loan £1500

ppi £159.16

 

18th April 2003-30th Jan 2004

loan £6300

ppi £1451.27

 

30th Jan2004-25th Jan 2005

loan £12000

ppi £2523.86.

 

Is there any way to claim this back???

 

Also on one of the loans I signed a disclaimer saying I had been explained the ppi terms and conditions to Speed things up and was told I would recieve a copy in the post because they had run out. I know very foolish but this was at the time banks where considered trustworthy.

 

Labasblue.

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Ladasblue,

 

You are far from the first and certainly will not be the last to be sucked in by banks.

 

You may wel have a case for claiming back mis-sold PPI, especially if you never received prescribed terms and conditions and certainly if you were self employed.

 

In order to help with how much you may be able to claim back, I need to know:

 

1) The interest rate on each of these loans

 

2) Dates of first and final payments on each loan

 

3) Whether you received a rebate of PPI upon settling your loans early

 

Send me the details and I will do the calculations for you.

 

Good luck

 

DJ

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Hi

Thanks for your reply here is the dates and payments,

 

1st Loan

15th Nov 2002-18th April 2003

loan £1500

ppi £159.16

interest rate16.62%apr

First payment 16th Dec 2002

PPi advanced on the loan 15th Nov 2002

Early repayment caharge £27.34

 

2nd loan

12th April 2003-30th Jan 2004

loan £6300

ppi £1451.27

interest rate13.12%apr

First payment 11th May 2003

PPi advanced on the loan 12th Nov 2002

 

3rd loan

30th Jan2004-25th Jan 2005

loan £12000

ppi £2523.86.

interest rate 9.15%apr

First payment 16th Feb 2004

PPi advanced on the loan 30th Jan 2004

Early repayment caharge £140.02.

 

There was no early settlement charge on the second loan as it was paid of with the third loan. Does this mean I have been charged for the ppi twice on the second loan:?:.

 

Thanks again

Labasblue

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Ok Labasblue,

 

I have attached a spreadsheet with all your calculations on it.

 

So that you understand what I have done, the claim is worked out as follows:

 

1) Total cost of PPI

 

2) Plus cost of compound interest at rate charged on loan.

 

3) Plus 8% simple interest on each monthly repayment you made, from date of repayment until date they settle your claim. As you cannot know this date at the moment, I have used 31/10/10 for the purpose of these calculations.

 

4) Plus 8% simple interest on total cost (charge for ppi + compound interest) from date you settled the loan until date they refund your money. Again we cannot know this date so I have used 31/10/10

 

Write a letter to Lloyds detailing why you believe the PPI was mis-sold and ask them for a refund of all monies paid.

 

Send the letter either recorded or special delivery and keep the receipt as proof of purchase.

 

Lloyds will have 8 weeks to investigate your claim and come back with a response.

 

I am aware they have said they will be putting PPI claims on hold until the outcome of a court case between FSA and BBA. But the guidelines from the FSA are that banks must continue to progress claims as usual.

 

So if they do not provide a response within the statutory 8 weeks they are allowed, contact the Financial Ombudsman Service and ask them to investigate the claim on your behalf.

 

Ignore any letters Lloyds may send you about claims for PPI being put on hold.

 

Good luck

 

DJ

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HI All

Recieved a letter from Lloyds today. We are sorry to hear that you are not happy about..................... .I think you will all know the rest. I did get a phone number to call and the name of the person dealing with my complaint.

 

Suprisingly I didn't get the all claims are on hold response I was expecting at least not yet anyway:???:. Has there been a change of plan or are they just saving that one to buy themselves more time:?:

 

Will post again with any more news.

 

labasblue

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No change in views of the banks that I am aware of, unless of course the FSA has finally grown some teeth and added a little pressure on them.

 

Look forward to hearing your update.

 

Good luck

DJ

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  • 1 month later...

Hi All

It has now been 8 weeks since I registered my complaint with Lloyds and I haven't heard anything since my first standard letter. Should I call them to see what is going on or do I need to contact the FOS?

 

Labasblue

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Go straight to the FOS they have had their 8 weeks.

Despite what you signed, you were not covered by the insurance as you were self-employed. I sent LTSB a SAR and when they failed to supply the t&cs I asked for them and received a copy. LTSB will not find in your favour, however the FOS usually does!

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Agreed,

 

Do not waste your time and energy writing back to Lloyds.

 

Send your complaint including copies of all correspondence to the FOS and let them do the chasing on your behalf.

 

You may well have a long wait on your hands, but will be worth it in the end.

 

DJ

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Hi All

Recieved a letter today from Lloyds, Cutting all the usual out it says,

 

I am sorry I am not in a position to provide a final response to your complaint. We will consider your complaint as soon as possible and then we will write to you to let you know what happens next.

 

If you are un happy with the delay you are entitled to take your complaint directly to the FOS. The Fos contact details are enclosed in the explanitory leaflet.

 

Is 8 weeks not long enough to come to a decision?

 

Looks like it's going to be a long drawn out saga.

 

Thanks

Labasblue.

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