Another Lloyds TSB Claim

[daveharlow]

Hello all, I've been searching through your forum for a while now but couldn't quite find the answer to a few questions.

Here's a quick low down, I took out a loan with them online in 2004 for £6000, then in 2007 I had £4000 added onto it, this was done in the bank itself.

Basically i've made a claim with them & got a reply back saying that they will cancel the loan protection and I will recieve a rebate of £679.38, but as I am a valued customer they are willing to back date my cancellation to when they first recieved my compalint on the 15th Februrary 2010 making the rebate £1,318.

This amount will be paid into my loan account shorting the term of the loan but it will not change the amount I repay every month.

They finish the 5 page letter by saying "You should be aware the this is our final response & as such your complaint will now be closed"
If i'm to accept the offer I'm to sign & send back a pre written letter to them.

But I have a couple of questions as I'm not sure what to do next.

1. If I'm not happy with this can I contact them further as I feel this is a small amount considering I've been paying this loan off since 2004?

2. If I complain to the Financial Ombudsman like they have suggested I do, will this affect the original amount they have offered to me.

I'm sorry to have waffled on but I feel I'm way out of my depth when it comes to banks!!

Many thanks for any help recieved

[rhos123]

hi, was your complaint about mis-sold PPI? have you got any missed payments on the loan?

[afee12345]

Originally Posted by daveharlow

Hello all, I've been searching through your forum for a while now but couldn't quite find the answer to a few questions.

Here's a quick low down, I took out a loan with them online in 2004 for £6000, then in 2007 I had £4000 added onto it, this was done in the bank itself.

Basically i've made a claim with them & got a reply back saying that they will cancel the loan protection and I will recieve a rebate of £679.38, but as I am a valued customer they are willing to back date my cancellation to when they first recieved my compalint on the 15th Februrary 2010 making the rebate £1,318.

This amount will be paid into my loan account shorting the term of the loan but it will not change the amount I repay every month.

They finish the 5 page letter by saying "You should be aware the this is our final response & as such your complaint will now be closed"
If i'm to accept the offer I'm to sign & send back a pre written letter to them.

But I have a couple of questions as I'm not sure what to do next.

1. If I'm not happy with this can I contact them further as I feel this is a small amount considering I've been paying this loan off since 2004?

2. If I complain to the Financial Ombudsman like they have suggested I do, will this affect the original amount they have offered to me.

I'm sorry to have waffled on but I feel I'm way out of my depth when it comes to banks!!

Many thanks for any help recieved

hi daveharlow

can you give more details on the loan and the PPI

you should be refunded the total amount of ppi payments paid + interest+8%.

the amounts they have offered does that add to the above.

[daveharlow]

Hi, yes the complaint was about being mis-sold the PPI and no I didn't miss a single payment.

The original loan amount was for £8000 (sorry I put £6000 in the first post!) Then with the interest added equals to £10,129.29

The total PPi was for £2,884.20 including interest making the total loan combined £13,013.40

So if I get it right then the Ppi refund should be £2,884.20 plus 8% equals to £3114.93

[afee12345]

Originally Posted by daveharlow

Hi, yes the complaint was about being mis-sold the PPI and no I didn't miss a single payment.

The original loan amount was for £8000 (sorry I put £6000 in the first post!) Then with the interest added equals to £10,129.29

The total PPi was for £2,884.20 including interest making the total loan combined £13,013.40

So if I get it right then the Ppi refund should be £2,884.20 plus 8% equals to £3114.93

from my understanding your total 2884.20 will be taken out of your 13013.40 and the premiums you have paid to date on the ppi +8% will be refunded.

please correct if wrong

[daveharlow]

Originally Posted by afee12345

from my understanding your total 2884.20 will be taken out of your 13013.40 and the premiums you have paid to date on the PPI +8% will be refunded.

please correct if wrong

I'm not sure what you mean! Sorry!

The 2884.20 is the amount that was added to the loan for the PPi.

[afee12345]

Originally Posted by daveharlow

I'm not sure what you mean! Sorry!

The 2884.20 is the amount that was added to the loan for the PPI.

basically you will be in the position as if you did not have the ppi added on 13013.40-2884.20=10129.29

the payments you had made for the ppi will be refunded back+8%.

[daveharlow]

Thats right, but the offer I got from them was £1,318.40.

[afee12345]

Originally Posted by daveharlow

Thats right, but the offer I got from them was £1,318.40.

i am not good at calculations but if you post your payment details,there are some brilliant members here,who i think will be able to calculate for you.

[daveharlow]

The payment details are

Loan Amount: £8000.45 Plus interest @10.1% = £10,129.20 Repayments £168.82
PPI Loan: £2,277.96 plus interest @ 10.1% = £2,884.20 Repayments £48.07

Total Monthly Repayments £216.89

This is the payment information only for the loan since 2007, they haven't taken into account the loan has been going since 2004