Request for assistance with calculations for complicated Lloyds PPI Reclaim ** SUCCESS **

[dx100uk]

hey great news

 

well done

 

publish that numbner by the way!!

 

dx

[ims21]

Yes, very well done.

 

And a bonus with a refund on a loan you knew nothing about

[mad_dr]

Thanks guys! Ah yes - the phone numbers. They are:

 

Claims Line:

0845 601 2683

option 3

I didn't use this number in the end - I did the claim itself via the post but someone might find it useful.

 

 

Information Line:

0800 092 2290

Option 3

This is the one to use. As I mentioned before, they're a really helpful, friendly bunch of people. It's a freephone number and I only every spent around 3 minutes maximum on hold before getting through to a human. They were happy to answer all of my questions and to provide detailed breakdown of figures which were surprising in their complexity and frankness:

 

- The amount of money I borrowed

- When and where I took out the loan

- How many months I borrowed the money for

- The interest rate applied to the loan

- The amount of interest that the loan amount attracted

- The cost of the PPI

- The interest applied to the PPI

- The dates on which each of my DD payments were made

- The total cost of the DD payment each month

- The amount of the DD each month that was to pay off the loan and how much was to pay off the PPI

- How many DD payments were made before the loan was closed

- What the settlement figure was at the point I paid off the loan

- What proportion of the settlement figure was for PPI

 

They then sent me all of the above in paper format with a full statement showing each DD and how that ate away at the loan capital, etc.

 

The only slightly confusing thing is that initially I thought I only had ONE loan. On calling the helpline they identified that I had had FOUR of them. But the settlement was for 5 loans so I'm not sure why the helpline guys and gals were unable to uncover that one but the claims folks were. Not that I mind, of course!

I'm happy to post my covering letter too if it helps anyone? I was never sure (even now) how much bearing on their decision my covering letter had.

 

To recap, my situation was that I'd bought PPI knowingly but just hadn't really fathomed how much it would end up costing me (despite signing paperwork that seems to make it clear). When I answered the FOS questionnaire's 'why do you now think the PPI was missold?' question, my answer felt like a very weak reason to me and I fully expected them to say "you didn't read the paperwork correctly to realise how much you'd pay for it in the end? How is that our fault?!" But they didn't.

 

Thanks!

Andy

[NGEddie]

Hi all!

 

Sorry to bring up an old thread but this is quite similar to mine.

 

Where there had been a rebate, on the spreadsheet you list the monthly payments and it works out the simple interest.

 

The last entry being the ppi % amount from the settlement figure, so where there has been a rebate do I then deduct the rebate from the settlement figure, so add a less amount on the spreadsheet?

 

Cheers

 

E!

[ims21]

Hi all!

 

Sorry to bring up an old thread but this is quite similar to mine.

 

Where there had been a rebate, on the spreadsheet you list the monthly payments and it works out the simple interest.

 

The last entry being the ppi % amount from the settlement figure, so where there has been a rebate do I then deduct the rebate from the settlement figure, so add a less amount on the spreadsheet?

 

Cheers

 

E!

 

Work out what the proportion of the settlement figure is PPI prior to the rebate being applied. The deduct the rebate from that PPI proportion and enter the resultant figure in the spreadsheet.

.

[NGEddie]

Great stuff, thanks Ims

 

I believe you are looking at one of mine via Citizen B, so thanks in advance

[ims21]

Yep....just need a clear run of time....bear with me

[dx100uk]

don't forget to blank the resultant minus figure in the int col

 

I usually enter the PPI % of any rebate as a minus figure and blank the 8% column

 

dx

[NGEddie]

Cheers dx ill look when I get home.

 

It was a bit deflating to be honest finding some bits had been refunded, although I guess if it shouldnt have been sold and paid for in the first place its still worth claiming back!

[Nickpan]

Goodness, that was some maths!

 

So the bank worked out the refund for the loan that you didn't know about

- would they have worked out the refund for the rest of your loans?

 

This would have saved some manpower this end, and quite some internet paper!

 

Also, did you double check the sum they gave you for the forgotten loan?

 

Should we all do this level of calculating?

 

Is it because the banks will dodge what they can?

 

A lot of people have received more than they were expecting, which kind of makes all this calculating redundant!

 

I've been browsing for a couple of hours, and I am beside myself with joy

- I've had mortgages on 4 properties since the 90s, I may be able to retire!

 

One final question,

do I tackle car insurance and home insurance?

 

Many thanks, and watch this space,

 

Nick

[dx100uk]

better to start a new thread

 

dx