do i accept the offer from tsb

[t.spoon]

iv just recieved a letter from tsb for ppi they offered me £729.00 for 3 loans that was taken out from 2004. not sure if this offer is right or not but just need some feed back pls

[teaboy2]

Re: do i accept the offer from tsb

Well not sure how anyone can give you accurate feedback or response to your question of whether to accept or not, without knowing just how much PPI you have paid over the years. And i suspect it will be higher than £729 that you paid, especially on 3 loans from 2004 and i bet they have not included 8% interest on each single payment you paid towards PPI.

[di30]

Re: do i accept the offer from tsb

Hi

If they upheld your complaints, they should then put you back in the position as if you had no PPI.

So you should get back what you actually paid of the PPI, plus interest to each payment made.

Do you have any paperwork on these by any chance?

With an offer they can offer what they think reasonable.

This link below may also be of some help for you, by Turbo......"Understanding PPI Calculations"

http://www.legalbeagles.info/forums/...play.php?f=125

http://www.legalbeagles.info/forums/...play.php?f=277

Check out the above links and any probs please let us know.

[t.spoon]

Re: do i accept the offer from tsb

hi yes they have included 8 % intrest on all 3 loans but dont have any paperwork for when i took the loans out so am not sure how much i have paid. if i refuse the refund what happens next an are they likley to offer more refund sorry for sounding thick but im not really clued up about all this stuff

[di30]

Re: do i accept the offer from tsb

Have you tried asking for a written breakdown?

Did they say if it was an offer or if they upheld your complaint?

The difference is that if upheld, then they are going by what you paid of the PPI, so if the loans only ran for a short term, then you would have only paid the ppi for that short term, and when settled the loans, and/or maybe to open another to pay off the previous, they possibly would have reduced the balance which included the PPI.

So basically when I say rebate, it's different to a refund, this means the balance was reduced and they possibly carried it over to the next loan with PPI.

But if you have no paperwork, do ask them to send you a calculation breakdown, this will show how they worked out the refund etc.

Hope this helps.

customer.care.insurance@lloydstsb.co.uk

You could call into your local branch and maybe they will work this out with you.

[Angry Cat]

Re: do i accept the offer from tsb

I am surprised that you did not make a subject access request prior to submitting your complaint. However, you can still do this before accepting their offer of settlement.

[di30]

Re: do i accept the offer from tsb

A Subject Access Request (SAR) would have come in handy now, and with my experience of Lloyds, they go back further than the 6 years, so its possible they will still hold the data on these loan account now.
They must have had some information to work the calculations from.

[nelliewops]

Re: do i accept the offer from tsb

A Subject Access Request (SAR) would have come in handy now, and with my experience of Lloyds, they go back further than the 6 years, so its possible they will still hold the data on these loan account now.
They must have had some information to work the calculations from.

Very true Di - when I did my SAR to LTSB they sent documentation going back about 10 years. Also, even though they didn't have info on all the loans I'd had over the years, they did sent closing statements for a couple of them which I had completely forgotten about