Lloyds PPI, Upheld but Rejected

[Speirman]

Hi Readers

 

After doing a little digging,

I found out I had 4 loans with Lloyds TSB from 1988 to 2003 which had PPI,

 

all 4 loans total was £29,000 for varying amounts.

 

Unfortunately I didnt have the original documents however my local branch had the total amount I had borrowed

& the length the loans ran which was actually the full term of the loan.

 

I sent Lloyds the relevant documentation to complain about mis selling of PPI,

they replied & informed me that the PPI was not mis-sold.

I took the case to the FOS & in no time my case was upheld.

 

I received a letter from Lloyds with an offer of £4,800 stating it was a good will gesture & that they were not liable for mis-selling of PPI,

they also said it was an average payout without me having original documentation & that Lloyds also did not keep the original documents as it was more than 7 years.

 

I declined their offer & challenged it as feel Lloyds did not follow the FOS guidelines of simple interest from the start of the loan to the current day ( I believe its 8% per year)?

 

The FOS has acted in my favour again & upheld it a second time, informing Lloyds to follow their guidelines.

 

However i am not sure if Lloyds will try & fob me off with some silly offer or will they really apply the FOS guidelines of reimbursement?

 

How can a bank not admit liability but still offer you £4800 as a good will gesture?

Im still waiting for a 2nd offer from Lloyds!

 

Any help appreciated!

 

Thanks

Edited August 12, 2013 by citizenB

[ims21]

my local branch had the total amount I had borrowed & the length the loans ran which was actually the full term of the loan.

 

I would get down to your branch and get a print out of that information...it will be useful to you if you have to challenge Lloyds again .

 

Strange that the branch can access this data but the PPI department say they don't keep records that far back. Another fob off by the looks of things.

 

The gesture of goodwill and non admission of liability is standard....don't get hung up about the terminology.

[Speirman]

Lloyds are trying to wash their hands saying that because I did not have any of the original documentation they were unable to calculate the interest or PPI paid by myself, however with a little research its easy to obtain interest figures by banks from 1988 to 2003! My calculations were in excess of £10,000 using the guidelines set by the FOS!

[Speirman]

Thats just it, all evidence I had was from my local branch, they did not have original contracts but gave me all the printouts of how much I borrowed & how long the loans lasted for, I used this evidence when I rejected their good will offer & gave it to the FOS to review, since then its been upheld again, but im waiting to hear back with an offer from Lloyds. When I call them for information they are so unhelpful!

[ims21]

Yes it is easy to find generic rates that were being charged but of course we must remember that it is the rate that was specifically charged on your account(s) which is important.

 

What you would be due back is each payment made towards the PPI and the contractual interest on those payments plus 8% simple on each of those. This 8% simple runs from the date of the actual payment up to the date of settlement.

 

You would really need the details from the agreement (Cash Loan and PPI Loan) and a record of the repayments actually made in order to calculate the refund due correctly.

 

The item at No.1 in my signature has more information.

[Speirman]

I was hoping to see if any other CAG followers had a similar experience to mine & if anyone had rejected a good will offer!

[ims21]

There are threads on here where original offers are challenged and the lender suddenly makes a better one.

[Speirman]

Im struggling to find them!

[ims21]

Sadly I don't keep a log of them.

 

You could use the site search facility and over the course of the next day or so if I come across any I'll post the links here.

[dx100uk]

£1200 per loan claim is Lloyds std figure

 

if you cant prove what you paid and when you paid it.

 

I've had 2 sets of SAR's from Lloyds giving info back passed 2000

on other claims

 

dx

[Speirman]

Yes thats what they offered me first £1200 per loan, however ive gone back to FOS & its been upheld again, so im waiting with a revised offer from Lloyds, hopefully around the 10k mark!