Still waiting - lloyds tsb

[stetford1]

I was offered my PPI refund of £371 in August 2011.

 

However, after a million phone calls, involving the FOS

- who told me they too are in a queue waiting for a response from Lloyds

- a letter from me complaining about the dissatisifaction at the way they have handled the pay out,

I am still left with no refund 10 months later.

This is not a large amount is it?????

 

I even got a really nice woman from my local Loyds TSB branch to try and help me

- she too hit a brick wall.

 

They lied to her and said they sent me a cheque out last October.

 

I asked how they could even begin to say this when it is clear from the amount of contact I have had with them that this is not the case.

 

Thoroughly frustrated and now angry - any thoughts on what I can do???

Grateful thanks in advance:-D

[ims21]

If you have your offer in writing and have not been paid then you may like to consider issuing in court. This would involve sending a 14 day Letter Before Action to the registered office and then issuing if they o not pay.

 

You should also ensure that they pay you extra interest right up to now.

[stetford1]

Many thanks ims 21 - appreciated.

 

Does anybody have an e-mail address for:

 

Lloyds TSB

Compliance Dept.

Mountbatten House

Military Road

Chatham

ME4 4JF

 

Tel: 01634 834 207

Also try: 01634 829 222

[ims21]

If you are talking about the LBA it should go recorded to the Registered Office

[dx100uk]

whats the claim about?

CC

loan

bank acount?

 

that seems a very small figure?

 

dx

[stetford1]

PPI on a bank loan. I cancelled the PPI in March 2011 and put a claim in to get back what I had already paid. The loan is due to finish in July 2012. I owe them £50 and that is it.

[stetford1]

Is there a template for Letter Before Action??

Many thanks

[ims21]

As dx says, it does seem a low figure.

 

Have you calculated how much you should be getting back including 8% interest right up to date?

 

Have you got your loan agreement and the dates of all repayments you have made thus far?

 

There isn't a template for an LBA on this.

[stetford1]

Not really a wizz with the fine tunings of it but my loan was for 3 years due to finish in July 2012. I paid £18 per month PPI but I cancelled it in March 2011, so only pay loan payments back now minus the PPI. Therefore, they offered me £371 in August 2011 which equates to what I had paid in PPI prior to cancelling it.

I do not know how to calculate it and then add the 8% so am not sure what the final refund will be. All my payments have been on direct debit.

I was not sure if I used the £371 offered in August and then for each month they failed to refund kept adding 8% to this. I did it this was and got a crazy figure of over £900 - surely this can't be right??

[ims21]

If it were me I'd be wanting to know exactly what I should be getting back.

 

Have you got the agreement (or all the figures from it) and the dates that you made your repayments?

[stetford1]

The loan was for £2750 - taken out on 31.08.09 - the final payment is on 16.07.12

The total of the loan with interest will be £3805.56.

 

I have just rang Lloyds and they said that I had a separate PPI payment of £18.74 per month. This was also paid on direct debit but was separate to the loan payment direct debit. They said that as this was the case and the PPI was not attached to my loan then I would simply get back the £371 they offered in August 2011.

 

They also said that what is stated in my offer letter that I should add 8% is not true and that they do not need to recalculate any refund from their offer in August 2011 to present date.

 

I have to say I am totally totally confused. I cannot speak to anybody about it as the PPI Helpline are useless and different operatives tell you and promise you something different each time in terms of when to expect your money back. I have been told so many times that I will receive a fresh recalculated offer which has never happened.

 

I have today written to Lloyds TSB Compliance Department and e-mailed the FOS for an update as they took on my complaint in April 2012 but even they cannot get a response for 3 months as they too are in the queue.

 

Again it is not a great amount but it has become a matter of principle!!!!!

 

What now.

[ims21]

Ok so it was a premium being paid separately from your loan.

 

They should pay you 8% right up until the date the settle.

 

Use this spreadsheet....list the payments you have actually made giving the date, a description and the amount. It will work out what you are due.

 

StatIntSheet v101.xls

 

 

When you have done that, let us know the figures that the spreadsheet comes up with.

[dx100uk]

hey good guess dx!!

 

dx

[ims21]

hey good guess dx!!

 

dx

 

 

[stetford1]

I canot open it to fill in the details!!!

 

I paid £18.74 per month from 16.08.09 to 16.02.11.

[ims21]

Have you got Excel?

[ims21]

£18.74 being paid on the 16th of the month from 16/8/09 to 16/2/11 inclusive gives the following

 

 

Premium Payments £356.06

8% Interest on those payments to 26/6/12 £60.39

Total due to you £416.45

 

 

and rising for each day they delay payment

[stetford1]

After much searching no Excel!!!!!

Not doing very well am I?????

[stetford1]

Thank you, thank you, thank you.

 

So rising each day they delay payment - does that mean each day from date of offer letter in August 2011??? Or am I being extremely optimistic and delerious now:lol:

[ims21]

You get 8% simple interest on each ppi payment made running from the date of payment right up to the date they settle.

 

Go and grab yourself a copy of OpenOffice from here

 

http://www.openoffice.org/

 

Its free and is pretty much as good as Microsoft Office.

 

You will then be able to open the spreadsheet.

 

I assume you are using Windows?

[stetford1]

YesI am using Windows but will wait for my Son to explain your directions as ot sure what I am doing!!!!

The offer was for £391 not £371 as I have been saying!!! They offered this with a simple 8% interest attached to it.

I am really sorry but I am still not getting the final figure to expect. Do you mean that on top of the offer of £391 I should expect 8% per month on the rolling figure:

 

£391 + 8% = £391 + £31.28 = £422.28 for August

£422.28 + 8% = £422.28 + £33.76 = £456.04 for September etc. etc.

 

Or have I got it badly wrong?????

[ims21]

£18.74 paid on 18/8/2009 is 1045 days ago (at the time of writing)

 

You get 8% simple on that from the date of payment to the date of settlement.

 

8% of £18.74 is £1.50 for a year. £1.50 / 365 x 1045 = £4.30 interest on that payment from the date it was paid to now.

 

The same applies to each payment of £18.71

[stetford1]

I have got it badly wrong - just realised what I was doing in the maths department!!!! Getting carried away I think!!!!

 

Anyway, at least I have got some idea of what I am owed. The rising each day they fail to pay still confusing me but think I have drove you crazy enough for one night!!!!

 

Thanks again Ims21for your invaluable support.

 

If I eventually do get paid out I will let the forum know.

 

Good luck to everybody out there in the same boat as me:wink:

[ims21]

It rises each day because the longer they take to settle the more interest is added.

 

Think of it that if you put £100 into a savings account you would get more interest if you left it in there for 18 months than if you left it in there for a year.

 

[stetford1]

:-)Wow now you have blown my mind totally:???:

Thanks for all your patience Ims21 - still not getting it fully but appreciate your responses all the same and will wait for the refund landing in my bank account.