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Hi all, ... very quickly.
Lowell sent me a letter today saying that they are prepared to offer me a reduction in my balance. I told them over the phone that I intend to make a LPI claim via Lloyds a week ago on my personal loan.
The amount of the personal loan was £4,000 and the LPI advance was £1,040.1 therefore a total of £5,040.1 + interest around 18% APR.
I have a statement covering all the transactions right up to when it was sent to LTSB recoveries at a balance of £4,527.18. From this statement, I can work out the monthly APR% rate on the Interest Charged (in £).
I entered all the transactions in to a spreadsheet, and then took off the LPI advance of £1,040.1.
Using the same regular payments I was making, I have then used the same monthly APR% rate to work out the Interest (in £) I would have been charged on just the £4,000 loan. Basically working out what the balance would have been if I was never mis-sold an LPI advance.
From this, I have concluded that if I was never mis-sold the LPI advance on my personal loan. The current outstanding balance would have been £3,086.84 (not £4,527.18) therefore a variance of £1,440.34 - therefore the £1,440.34 being the LPI advance + the extra interest.
In theory, if my calculations are correct, this is what I will go back to Lowell with and say that if I was never mis-sold the LPI in the first place, my balance should be £3,086.84 - please deduct £1,440.34 from the balance or I will just go through Lloyds myself and proceed with the claim/refund.
Do you think that this is a valid case people? Your advice/views/replies would be greatly appreciated!
Lowell sent me a letter today saying that they are prepared to offer me a reduction in my balance. I told them over the phone that I intend to make a LPI claim via Lloyds a week ago on my personal loan.
The amount of the personal loan was £4,000 and the LPI advance was £1,040.1 therefore a total of £5,040.1 + interest around 18% APR.
I have a statement covering all the transactions right up to when it was sent to LTSB recoveries at a balance of £4,527.18. From this statement, I can work out the monthly APR% rate on the Interest Charged (in £).
I entered all the transactions in to a spreadsheet, and then took off the LPI advance of £1,040.1.
Using the same regular payments I was making, I have then used the same monthly APR% rate to work out the Interest (in £) I would have been charged on just the £4,000 loan. Basically working out what the balance would have been if I was never mis-sold an LPI advance.
From this, I have concluded that if I was never mis-sold the LPI advance on my personal loan. The current outstanding balance would have been £3,086.84 (not £4,527.18) therefore a variance of £1,440.34 - therefore the £1,440.34 being the LPI advance + the extra interest.
In theory, if my calculations are correct, this is what I will go back to Lowell with and say that if I was never mis-sold the LPI in the first place, my balance should be £3,086.84 - please deduct £1,440.34 from the balance or I will just go through Lloyds myself and proceed with the claim/refund.
Do you think that this is a valid case people? Your advice/views/replies would be greatly appreciated!
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