Help with Lloyds TSB PPI (Asset Card)

[ims21]

Hi

 

What were the reasons fos gave for not upholding your claim?

 

ims

[ims21]

You can ask for the complaint to be escalated within fos but you should be prepared for it to take a long time.

 

The other option is for you to sue in court.If you take that route there will be a considerable amount of work involved but the payout will be higher than fos would award.

 

Hve you done a spreadsheet or calculation as to how much you feel you are due back?

 

ims

[ims21]

Hi

 

You need to get in touch with RM to find out what has happened to it

 

ims

[ims21]

Bump.........

 

Is there anything within the Data Protection Act which states that if an account is no longer active, then documents from a SAR request must be collected from a bank branch with some form of ID?

 

MP.

 

 

Not as far as I am aware

[ims21]

Not sure you can force them...they may just carry on playing silly billies.

 

Why not arrange to pop into a branch and get it....might save you a lot of time and grief.

 

As an added extra, lodge a formal compliant with the ICO about it too.

 

i s

[ims21]

You should be getting the premiums back plus any contractual interest charged on those premiums.

 

In addition the card account should be reconstructed with the above removed and if the reconstruction shows that in any month the account would have been in credit you should get 8% simple on that credit balance for that month.

 

In order to check the offer you will need all of your statements....do you have them all?

[ims21]

I would ask them for a breakdown of the figures to give you the amount for the actual premiums and the contractual interest.

 

The interest rate should be shown on your statements.

[ims21]

In order to check the interest you would need to complete a spreadsheet so I can't guess at the amount of interest.

 

When the account was defaulted and terminated, they would have stopped charging interest at that point. As a result there will be no further interest to come back after that event. That is what they mean by refunding up to that point.

[ims21]

Were those accounts still live or were they paid off in full?

 

This one has defaulted so no interest would have been added after the account was terminated so they are not required to repay any interest beyond that date.

[ims21]

I think if you go back and check the figures for those accounts, if the awards were done on a regulatory basis, then no interest would have been paid for a period after the date the account was terminated and interest stopped being charged.

 

I would be very surprised if they did unless it was an error on their part.

[ims21]

You may have been lucky but I am not aware that regulatory redress has changed.

 

The idea, as I am sure you are aware, is to put a claimant back in the position they would have been in had the PPI not been applied in the first place. In addition 8% is awarded for periods where they have been deprived of their money, hence the 8% simple on a reconstructed credit balance.

 

The way that 8% simple can run up to date is where a card is paid off in full and 8% is awarded on the difference between the actual balance paid off and the reconstructed balance. That is because a claimant would have effectively overpaid and been deprived of money from the date of payment right up to the date of settlement of the claim.

[ims21]

Okies

[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).

[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.