Birchave0 v Lloyds PPI *think I've won!!*

[birchave0]

I think I have won but may need some advice!

In 2002 I took a loan out which replaced a smaller loan, I was told the PPI would ensure that the application was accepted, so that was put on.

In 2003 I felt that the payments were too much so I rang Lloyds to ask if I could cancel the PPI, they said no. So what they did was sell me another loan again with PPI to cancel the 2002 loan and took it over 7 years instead of 5 to reduce the payments. After lots of reading and information gathering I discovered what they should have done was offer me a new loan but without the PPI, this was never mentioned.

I wrote and complained to Lloyds, I told them they had mis sold the PPI. Four weeks later they have rang me, I told them the whole story and now they have offered me the following;

 

All of the PPI payments plus interest for the 2003 loan, they are going to offset this against this loan, it will shorten the loan term.

All of the payments on the 2002 loan but no interest????

Some of the payments on the previous loan, but no interest.

 

I asked for all of this in writing before I agreed. It arrived in the post but I don't want to sign it yet. Shouldn't all of the interest be returned?

I know I have won but I just need to be sure that everything is right before I sign.

cheers

Birchave0

[Keith22]

Hi Birchave0

 

I have won against Lloyds TSB three times regarding PPI although two of them had to go through the FSO. When I asked Lloyds about interest they told me that they first ran off a printout showing all the payments made into the loan including the PPI. They then deducted the PPI from the loan amount and re ran the printout with reduced repayments. The difference between the two was the amount of interest to be refunded. They sent me full copies of the printouts which were very difficult to understand but I eventually received the interest I roughly expected. Incidently it took three weeks to get the interst refunded AFTER my loan amount had been reduced by the refund. Unlike the area managers who were very dismissive with my claims I found the actual people dealing with the refunds to be very helpful and friendly.

 

I cannot see why you are not entitled to a full refund of interest on all your accounts

 

Keith

[birchave0]

thanks Keith, the letter that came just shows the amounts to be repaid, it doesn't show how the figures are calculated. I think I may go to the branch at lunchtime and get them to explain everything, see what they have to say, thanks again:-)

[birchave0]

:)I won + interest!!!!! Yes!!!!

I rang Lloyds loan deparment to ask for details of my old loans, very helpful, explained the interest rates for each loan and sent me out statements for both. Nice chap also said he thought I should have the interest back too!

Statements arrived, rang the lady who made me the offer at Lloyds insurance, asked her for my interest back as well. She said it's too far back to calculate (2002??) I said if you give me the monthly PPI payment, I have the interest rate I'll work it out myself with a spreadsheet, oh we're not allowed to do that! You'll have to speak to the loan department, said I'm not ringing them again, it's easy, just give me the interest as well! She then went off to speak to someone else, came back and said yes I can have my interest back too!!! YESSSSS!!!!! Faxed through my acceptance should has cash in my account with 7 working days, smashing!!! Thanks to everyone on this site, couldn't have done it without you lot, donation will be made as soon as Lloyds cough up!!!

thanks

Birchave0:)

[dellydaisy]

Great to hear one of the few - so far success cases Well done!!!

[reidnet]

WEll Done,

I did find Lloyds to be in fact a very easy nut to crack over the PPI, Wish some of the other Companies would roll over like lloyds.

 

Well done on your win.. And please remember that CAG depends on Donations to keep running..

 

Ian

[birchave0]

I have dug this one up as I need some help

 

When I won this two years ago I was in the middle of a battle with the Halifax about my bank charges (which I won), so I had cancelled all my d/debits.

 

I had a current account with lloyds so transferred my d/debit there. Now I didn't set one up for the lloyds loan as I was waiting for Lloyds to come back with a new form, which never arrived.

For some reason it I received no contact from lloyds at all, I then found out why.

They told me they would refund my PPI against the balance and it would shorten to loan term. This would had left just over 5k on the loan. What they infact did was use the money for a years payments I don't know why they did this, and they never put this in writing.

 

I then had a couple of letters telling me I was in arrears, and a couple of statements, then nothing.

The last statement showed that the balance had gone up by about 1.5k

This is the bit I don't understand, how can they charge interest on the balance? It was a fixed term loan which I thought meant the interest had already been applied, then shared across the monthly payments.

 

It has now been passed onto someone called "Apex" who are now trying to collect. I have never received a default notice so i'm a bit confused now.

Apex wrote to me last month (I have never spoken or written to them at all) and said they would accept a full and final settlement offer of 3.5k which is about half of what they claim the balance is.

 

I have not replied, partly because i've been so busy with other battles and I'm not completely sure who to approach this one.

 

I must point out that when Lloyds gave the refund the account was up to date and not in arrears. So I believe they had no business refunding the money against the loan. At no time did they offer to restructure the loan without the monthly PPI payments which would have meant a lower monthly payment. All they were interested in was paying it back to the account to "shorten" the term. But surely this means I have had unfair treatment as I was not put back into the position I would have been in had I not taken the PPI??

 

Ideas anyone???

Should I SAR this Apex lot???

 

Or should I SAR Lloyds for all of the info on the three loans I've had with them????

 

thanks, Birch

[RedVixen]

I wouldn't worry too much about Apex they normally pass it back to Lloyds if you ignore them for long enough - If you need the up to date information on the loans SAR Lloyds and do a full one which might show up afew other things you can nail the bugger with and sen dit to their compliance team they seem to be a bit sharper then the other addresses

 

Until you have the full information on whats happened you won't really know what to do next

[birchave0]

a quick update, 4 years on I've just had word from lloyds to say they've sold this account to Lowell......

In the last 6 years I've had NO communication from Lloyds at all, apart from an occasional statement, nothing, nor have I paid a penny since I think March 2007, I never received a default notice either.

 

After reading the original thread I've realised they never refunded my PPI

[birchave0]

I have now received a statutory demand from BW Legal on behalf of Lowells, it arrived through my letter box yesterday.

The account is time statute barred as in fact after checking the last payment made was in January 2007.

So they are attempting to make me bankrupt over a TSB account.

 

There is also the fact that the account still somewhere has the PPI attached to it! And is now £1500 more in total than it was in March 2007!

The interest had been added on upfront, as had the PPI so where has this additional money come from???? This was a standard bank loan so I haven't got a clue where this final balance figure has come from.

 

I'll emailed them and informed them that the account is time statute barred, I did this yesterday.

As of today I've had no response.

 

Do I have to go down the set aside route as this account has no CCJ attached to it???

 

Thanks in advance

Edited October 8, 2013 by birchave0
update title

[birchave0]

Following my time statute barred letter to this lot last year I've heard nothing...

Although I had a missed call on my mobile last week, the number when googled was BW Legal

 

This account now belongs to First Credit who I've just seen off in court over another Lloyds account they bought, again time statute barred.

 

My question is as I received NO refund, the account when I first complained in 2007 was NOT in arrears and I had been paying it for 4 years, it had 3 years remaining on it, can I go back to Lloyds and ask for the PPI I actually paid against the loan?

 

I understand I wouldn't be entitled to a full refund, as I had only paid the PPI for just over half the term of the loan, so surely I would be entitled to what I had paid?

 

The account is time statute barred so no redress there, plus Lloyds sold the account to First Credit so no right to offset.

I was also told in court that any PPI refund must come from the original insurer/seller (lloyds) rather than the DCA who bought the account.

 

Thoughts people????