re PPI OFFER

[sonic007]

I am claiming back my Husbands PPI on his loan they have sent a offer of £1,162.48 WITH INTEREST! This was a FIXED SUM LOAN and they say they will take this off the loan if he excepts, what shall i do? can anybody help please?

[reidnet]

Hi Sonic,

Well it is your Money, so it is up to you how you want the Money paid back, as usual they are applying a condition. Lloyds tried that with me too, I accepted the amound that they offered (Full Amount + Interest) and I requested that the Money was refunded by means of a cheque.. They sent me a cheque.

 

Ian

[sonic007]

hi there reidnet

 

yes thats what we was hoping for a nice cheque, but as my husband only took the loan out last year would we still be intitled to the money?

[hellhasnofury]

hi there reidnet

 

yes thats what we was hoping for a nice cheque, but as my husband only took the loan out last year would we still be intitled to the money?

 

Who's money are we talking about? your's I think?

 

They took it from you and therefore should return it to you.

Personally I would have the cheque and then you can make the decision of whether or not you paid that amount of the loan.

 

I agree with reidnet, they are still controlling it.

[sonic007]

is there a template for this?

[Keith22]

Hi,

 

I had this battle with LloydsTSB and unfortunately because my loan accounts were still open they simply deducted the refunds and interest from the amount outstanding. This happened in two of my claims - I received a cheque for the third one which concerned a closed account.

 

I won two of these cases via the FSO. Unfortunately their "brief" is to return the claimant to the position they were in had the mis-selling not occurred. In my case this meant a smaller loan which did not include PPI. This in turn meant that the loan amount was reduced and I could not get a cheque as a refund merely that the loan was recalculated using the original date and the smaller total. I should point out that these were business loans so I don't know if made a difference. Although I would dearly have liked a cheque there are some advantages in what happened. I now owe a lot less and my monthly premiums are much lower so I suppose that I have to accept (very grudgingly) what happened and bearing in mind all my circumstances it was for the best. Ah well, dreams of a good holiday on the back burner again!

 

Keith

[sonic007]

hi there keith

thanks for your reply, i,m not sure what to do now? It does say on the letter that refund will be taken off against loan with interest (on a ex-gratia basis?) what ever that means? and if he wishes to reduce monthly payments then the loan will have to be rescheduled. Also it says if he is dissatisfied with their decision you do have the option of escalating matters within Lloyds Ins?

 

any idea,s would be appreciated

[Keith22]

Hi

 

What happened in my case was they ran a printout of the payments I had made. They then ran another one but making payments as they would have been if the ppi had not been included. They difference between the two is interest due to be refunded plus the actual ppi payments. Thats how they calculated it and to within a few pence it came out to what I expected. My two loans were recheduled once I had the refund but the APR was much much better (4.9% lower) then I had originally so it was better all round for me. Depending on your circumstances it might be worth looking at your APR and seeing what they would offer on a rescheduled loan as over time you might save a great deal of money in addition to getting the refund. If the APR is likely to be higher then clearly its not an option nor is it if you need to have a cheque.

 

If they are making you an ex-gratia payment does the letter say it is their final response? If not they are obviously expecting you to try to negotiate further.

[hellhasnofury]

hi there keith

thanks for your reply, i,m not sure what to do now? It does say on the letter that refund will be taken off against loan with interest (on a ex-gratia basis?) what ever that means? and if he wishes to reduce monthly payments then the loan will have to be rescheduled. Also it says if he is dissatisfied with their decision you do have the option of escalating matters within Lloyds Ins?

 

any idea,s would be appreciated

 

Hello,

 

I think that you have two choices.

 

1. agree to have the amount taken of the loan and that is that, but be aware what does the loan will have to be rescheduled. A new loan with probably a higher interest rate I think. This will recope the amount they are giving you I think. New terms and conditions. Also what was the actual ppi fee plus interest, are they being fair. Becareful and do what is best for you

 

2, Argue with them, that In fact the money was taken from you by their mis-selling of this ppi and that you wish to have the money in your hand. The money that they took for the ppi was yours and the fact that they took it, they deprived you of the choice of how you would have spent it.

 

I am having a bit of a fight with one company who mis-lead me into paying for a ppi 5years ago, which they admit. The payments were extortionate and I ended up being defaulted on the loan. They are now trying to refund me the £5,060 to themselves, but I am not having it. And I will fight to the death for it(not literally). I was not given a choice by them about this money. I do believe I would have found a better cause for it than ppi.

 

Have a look at my thread on a mission v ppi.