Help with Lloyds TSB PPI (Asset Card)

[makkapakka69]

Sorry for the delay, but here goes:

 

I found some more statements from 2000, so i'm only missing about 6 months worth now from 1999.

 

The total of all the premiums from the statements I have comes to £1754, and that is without any interest added on top, so they have clearly tried to diddle me like I thought.

 

They haven't given me an acceptance form to sign, and the cheque for what they offered arrived today. Can I bank it and accept it as a partial settlement only, then go after the rest?

 

MP.

[dx100uk]

per no i'd send it back

 

do the CISHEET with the info you have

 

where you don't know that months PPI

use an avg of all the months you do know.

 

dx

[makkapakka69]

dx

 

Could you do me a link to the spreadsheet you mention? I cant seem to find one.

 

Also, when you say an average of all the premiums, do I include the months where the ppi was zero? i.e. when the account was in credit?

 

I am only missing the initial 7 months of statements from 1999 when the card limit was only £1,000, and it wasn't maxxed. My first statement from Jan 2000 shows ppi of £6.68, so all of the earlier months would have been less than this.

 

I think an average of all the premiums I have available would be much higher than this, and this would have been impossible with a credit limit of only £1,000.

 

MP.

[dx100uk]

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

[makkapakka69]

Many thanks dx

[makkapakka69]

A couple of questions:

 

Do I need to complete a separate claim form for each time the apr changed?

 

Also, what dates do I put in for claim from and claim to?

 

IMS said that I could only claim upto the default date??

 

Cheers,

MP.

[dx100uk]

no - use an average on the spread

 

claim from is first charge date.

 

if you can identify the date they stopped interest

 

that's the claim too date.

 

then take that date AND the TOTAL from the CISHEET

 

and pop that in the statint sheet

that will give you the statutory interest you are entitled too from the date THEY stopped their int

to the date they settle.

 

dx

[makkapakka69]

Thanks dx.

 

The apr ranged from 16.4% to 21.4%.

So do I take the average of that range which would be 18.9%,

or do I need to add up each individual apr

and divide the total by the number of months?

 

In their offer letter they said that they calculated up to the date the account was charged off,

but they actually stopped interest well before that.

 

Also what about when the account was in credit as no interest was charged then also?

 

MP.

[dx100uk]

they'll pull you up anyway

the idea of the spready is to give a rough idea.

[makkapakka69]

Right, here goes:

 

I've used an apr of 18.9% and so far only calculated all the statements I have from Jan 2000 onwards.

 

The total inc compound interest is just under £4,000

 

Then putting the £4000 into the other spreadsheet gives a grand total of just over £5,500 with stat interest on top. Does this sound right?

 

Should they be paying this now, or would this only be payable if I went to court?

[dx100uk]

there are two ways of doing it

 

 

you could use the running spready but that's a lot of work.

 

 

 

 

you are entitled to stat int on the bal from when they stopped int

 

 

or you can run the CISHEET right uptil today

if you goto court.

 

 

dx

[makkapakka69]

Would that be stat interest on the balance at default including the compound interest, or just stat interest on the ppi premiums? Either way they have short changed me as they have only paid £1,250 before the extra for distress etc.

 

If I run the CISHEET up to todays date, then it totals just over £10,000 in payments and contractual interest alone. Would s69 interest be added onto that figure too? If so, then there's a massive difference between the 2 options.

 

I'm tempted to go down the court route as they have already admitted liability by agreeing that the ppi was mis-sold? Surely they would be foolish to defend knowing that???

 

Does the £10,000 small claims limit include the interest, or is only based on the principle amount of the premiums?

 

MP.

[dx100uk]

typically the cisheet claim tto date is the day they stopped interest

 

you then take the total from the sheet

the claim to date.

 

and put those two into the statint sheet

 

post 85 is correct.

 

if you claim in court under restitution

then you run the cisheet to the day they settle in court or you issue your claim form.

 

you cant have both ci&si in court.

 

the £10k limit includes int at a daily rate.

 

dx

[makkapakka69]

Thanks again dx,

 

So I am I right in thinking that they should have paid me £5,500 now rather than the £1,250 they actually paid - as per post 85?

 

If I take it to court then I claim up upwards of £10,000, but I cannot also claim s69 interest as well on top of this?

 

Will get back to them and ask them to provide a breakdown of their figures. I'm hazarding a guess that they have only gone back 6 years, and not all the back to 1999.

 

Will post when I hear back from them.

 

MP.

[dx100uk]

you cant claim interest in restitution & stat court 8% one or the other.

 

 

dx

[makkapakka69]

Just a quick update:

 

Have contacted Lloyds again challenging their refund and asking for full breakdown of figures. Have received a reply saying that they will be in touch within 10 days.

 

MP.

[makkapakka69]

As an aside to the ppi:

 

Having just been looking through my credit report with Experian,

i've noticed that this account is listed twice with Lloyds and DCA.

The balances are the same, but the default dates are about 3 days out.

 

Now I know that you can only be defaulted once,

so an error has already occured,

but is there any way I can attempt to get the defaults removed completely

as the account is made up of a now confirmed PPI mis-selliing?

 

I reason I ask is because we are looking at moving house next year and therefore require a new mortgage.

My defaulted debts all happened in October 2007 and have now started to drop off my credit file.

However, I thought that this account would be gone early in the new year,

but the default dates are showing as December 2008,

meaning that they wont drop off for another 13 month.

 

It seems that Lloyds waited over a year after my DMP started to register the account as defaulted.

The months leading up to the default are shown only as "in arrangement".

 

I dont understand this as I only stopped paying the account in January 2009 when I put the account in dispute

when they couldn't provide a valid cca and when they first refused my ppi reclaim.

 

I never rectified the original default letter sent in October 2007,

so surely the default should start from that date, as was the case with the other debts.

 

Any advice?

 

MP.

[makkapakka69]

Update,

 

Right, Lloyds have finally got back to me and have increased their offer.

 

They have also provided a full breakdown of the account from when it was opened in May 1999 to when it was closed in December 2008.

 

This includes figures with the ppi included, and a reconstructed version with the ppi element removed.

 

Their revised figures are as follows: (I've rounded them up or down)

 

Actual closing balance £6,600

Reconstructed closing balance £3,700

Difference between closing balances £2,900

 

PPI Premium Paid £1,800

APR interest attributed to PPI £1,100

Total premiums plus interest £2,900

 

Simple interest on difference from account closed to refund date £0.00

Simple interest on credit balances £210

Simple interest on difference between payments £0.00

Other indirect losses £0.00

Tax payable to HMRC £-42

 

Total refund £3,120

There is no mention of any statutory interest being paid?????

 

Their figures seem all over the place, and the columns look like they may have got mixed up in places!

However, opening and closing balances seem to tally, as do the monthly ppi premiums.

 

The interest rate applied at any though is highly erratic, and changes from month to month.

This definitely does not tally with what is on my statements!

Some are higher than the statement, and some are lower.

There are only very few months when they are constant.

 

They insist that this is their final offer and state that it is in line with FOS guidelines.

 

Very confused at all this...........

[dx100uk]

you would need to post up statements and spreadsheets

for us to even be able to comment further.

 

dx

[makkapakka69]

My old scanner got chucked when I updated my computer, but i'll see if i can do it at work or borrow one.

 

Can you comment on the fact that they haven't paid any stat 8% interest?

 

The refund only consists of refund of premiums plus their alleged APR attributed interest plus simple credit balance interest.

 

Why have they got zero for interest on difference from account closure date to refund date?

 

MP.

[ims21]

 

Why have they got zero for interest on difference from account closure date to refund date?

 

MP.

 

Probably because the account was closed and passed to a DCA and therefore the closing balance wasn't actually paid off by the claimant? (Without reading the whole thread).

[makkapakka69]

Are there any previous cases similar to this where the account has previously defaulted?

 

I thought that you always got the 8% stat?

[ims21]

You get 8% on any period where the reconstructed account was in credit.

 

If the card is closed and paid off by the claimant then 8% is awarded on the difference between the actual balance paid off and the reconstructed balance. If the card was not paid off then the claimant has not parted with any money at the time of default/account closure and so there is no 8% awarded on money that has not been actually paid.

[birchave0]

the amount they've given you is EXACTLY the same one they paid me!!!!

so it sounds like they are paying out an average payment, not a correctly calculated one!!!

Do their figures match your spread sheet???

[makkapakka69]

Hi all,

 

Sorry not been on here for a while, but I thought it was time to post an update.

 

In the end, after much pressure from my better half, I decided to cash the cheques sent by Lloyds as partial settlement only.

 

They did not send me any forms to accept the settlement, so I thought by doing this I wasn't closing the file altogether.

 

I then sent Lloyds a detailed letter of complaint to their head office including a full schedule of charges asking for the difference between the two amounts.

 

Also in the letter were details of the defaults as described in post 92.

 

Heard back from Lloyds last week saying that their refund was correct and in line with FOS guidelines,

 

and that this was their final decision and to take to FOS if not happy.

 

Also said the matter of the defaults and sale of debt to DCA was being passed to their Birmingham customer care centre

and that they would be in touch shortly.

 

About to send the LBA, but dont know how to play it.

 

All I have asked for is the compound interest up to the day they stopped charging interest in 2008.

 

Their payments to date total approx 75% of this amount, so I am only short by about a grand.

 

however if they refuse to back down and this ends up in Court,

then I could claim interest in restitution up to today's date.

 

This would be significantly higher than what I am asking for now.

 

Am I still entitled to claim this extra in Court even though I am not asking for this amount now, or would I be only able to claim the amounts details in my SOC?

 

As Lloyds have already admitted mis-selling by refunding me, surely if I file a claim for restitution, they could not submit a defence because the whole claim is based around their mis-selling of the ppi in the first place? With this in mind, would I not win by default?

 

I've finally got a new scanner, so will post up their breakdown of the figures when I figure out how to do it!

 

MP.