@asklloydsbank PPI interest rate/how long to response/can I charge lloyds at their own interest rates

[hackedoffwithllyods]

I just interested in where the 8% interest limit comes from, in my case the have offered my a repayment off my PPI + 8%.interest They have not detailed how the figure has been calculated, they have offered about 4000GBP

 

My PPI was on an overdraft product, it has been going for more than 6 years

 

Its my understanding that Lloyds would charge interest of 24% if I wanted to borrow 3000 over 6 years.

If I go over an agreed overdraft limit they want to charge me 15 per day, by talking out this PPI product Lloyds have had in effect a free overdraft from myself.

 

Q. Do I have to accept their offer of 8% interest when they would want so much more?

Q. Can I charge them the same 15GBP per day?

Q. I have been told that it will take 28 days to transfere cash to my account, how long does it actually take?

[hackedoffwithllyods]

It slipped out in one off my many conversations with Lloyds that they are using some type of document scanning system to send one document from one department to another which is one of the reasons that its taking so long to settle ppi cliams even after they have offered a settlement.

 

Is it just me or when somebody says that the will offer you a settlement you expect it to be paid by exchange of letters or do bank live in a different world when it comes to refunding things.

[dx100uk]

you need to get the offer in writing with calculations

and find out

 

the statutorty rate is 8%, but thats when the PPI payments already include their interest levied on the PPI payments.

 

dx

[citizenB]

Now that 10 of their top execs have had their bonuses reduced.. you might find you get your money quicker !

 

Seriously, LTSB are one of the worst for keeping claimants waiting for their refunds

[hackedoffwithllyods]

The text off Lloyds off is

 

"As out final response we would like to offer you a refund of all the PPI premiums paid (inclusive of interest), plus simple interest at 8%. Should you accept out offer, the payment will also take into account any other factors there are relevant to your circumstances" etc.

They want me to sign something to effect that this is a final offer, i.e. in later years it can not be question etc.

 

I would prefer to see a spread sheet of some other way of known has this figure has been calculated. I am also question their interest rate. The wish to offer a simple 8% for the 2729.36 they have had out of over the last 7+ years. If I had requested a the same about they would have charged be interested at 24%.

Also their offer does not cover the time, resources I have put in to chasing paper work, requesting information, making me go overdrawn etc. I am freelance engineer I should have been working for my client instead of chasing bankers. The moment you step out of line with a bank they charge you, I think that Lloyds have step out of line and there is case for charging them for the privllage. If I sign their standard letter of acceptance I lost that privllage.

 

Any suggestions?

[dx100uk]

text back

 

the FOS nor i, agree that any conditions should be attached to PPI refunds , and also i should be party to how you have calculated the reclaim

again, inline with FOS guidelines

 

dx