Confused with Lloyds proposed PPI Refund

[whizzkid001]

We've just had Lloyds PPI refund calculations through but disagree with a few things, I'd be very grateful if anyone could clarify:

1) Despite the credit card being taken out in 1998, their statement has only calculated premiums paid since 2004. As they will not send us more than 6 years statements, is it normal for FOS themselves to calculate for missing years/amounts?

2) They have calculated that we are not entitled to ANY simple 8% interest as the statement shows we did not have any credit balance during this period. I was under the apprehension that 8% simple interest was paid irrespective of whether there is/was a credit/debit balance in any given month, but was based on restitution for being deprived of our money for all those years. Am I wrong?

[pompeyfaith]

Re: Confused with Lloyds proposed PPI Refund

1) Despite the credit card being taken out in 1998, their statement has only calculated premiums paid since 2004. As they will not send us more than 6 years statements, is it normal for FOS themselves to calculate for missing years/amounts?

Have you sent a SAR to the credit company for all info relating to this account. If you can proof that PPI was paid before the 6 yr rule then they should pay up if you cant back to 2004 is all you will get.

2) They have calculated that we are not entitled to ANY simple 8% interest as the statement shows we did not have any credit balance during this period. I was under the apprehension that 8% simple interest was paid irrespective of whether there is/was a credit/debit balance in any given month, but was based on restitution for being deprived of our money for all those years. Am I wrong?

Correct and have seen this tactic used many times before by Lloyds they are merely trying to keep there costs to a minimum.

You mention the FOS are they now dealing with this complaint for you?

[di30]

Re: Confused with Lloyds proposed PPI Refund

Hi there

I understand this can vary from a credit card ppi to loan ppi, maybe someone will confirm on this one.

But still you should be refunded what your owed plus interest up to date.
You could though ask the FOS about this and they will let you know how it should be calculated.