PPI Offer From Lloyds - Should I Accept?

[22looking]

Hi everyone

This is my first post on this forum.

I made a claim for mis sold PPI to Lloyds TSB and they have recently come back with an offer of £895.22. I haven't accepted it yet but they have already put the money into my account and have advised me not to spend it while I take my claim to the Financial Ombudsman!

I have had a loan with Lloyds TSB since 25/02/2002 and still do but over the years I have either increased the loan or changed the monthly repayments. I guess they refinanced them each time so they show as 6 loans including the current one:

Loan Number Date
*********544 25/02/2002
*********583 20/09/2002
*********887 31/01/2003
*********582 09/12/2005
*********851 09/05/2008
*********511 29/01/2010 to present

I did cancel the PPI payments around Feb 2010. I was expecting a much larger payment offer from Lloyds as I was paying PPI almost 8yrs. I called to ask them to explain but I didn't really understand what the woman was saying but I think she was saying I had had PPI refunded when I refinanced the loan?

Would anyone be able to tell me if I have been treated fairly or if I am owed more from Lloyds?

I have added a link (below) to a dropbox folder which contains my PPI reclaim letter to Lloyds, Lloyds offer letter and scans of all my loan agreements for the above 6 loans. There is also a pdf called 'Loan Summary and Bank Statements' in which I have collated all the loan agreements figures with samples of bank statements showing what Lloyds paid in and took out from my account in relation to the loan.

https://www.dropbox.com/sh/3l0f9cbtjja57n6/co6MqjyQo5

Please let me know if you need any more information but any help would be greatly appreciated.

Thanks in advance

22looking

[Sapphire]

Re: PPI Offer From Lloyds - Should I Accept?

Hi 22looking

Just so you know I've removed the loan numbers for you, in case anyone can identify you from them.

[Bill-K]

Re: PPI Offer From Lloyds - Should I Accept?

Hi 22Looking - and welcome to you !!! Thanks Sapphire - I've just PM'd 22 about that, but you got there first !!! The contents of the DropBox appear to have been redacted OK.

I suspect that the offer is too low, from my initial look at the figures, but I'll take a closer look later. They appear to have only refunded PPI on 2 of the 6 loans - without saying why.

[brummie]

Re: PPI Offer From Lloyds - Should I Accept?

Hi

Just to let you know.... i have spoken to the ombudsman recently regarding PPI's. They are quoting a minimum 6 months back-log. The money looks great....but i would try to put it asside for the mo, if you can!

[miliitant]

Re: PPI Offer From Lloyds - Should I Accept?

stands back in amazement that lloyds have offered a refund on any loan

with them its like pulling teeth to get any sense out of them

[22looking]

Re: PPI Offer From Lloyds - Should I Accept?

I've just had an email from the Ombudsman saying it could take 12-18 months!

[Bill-K]

Re: PPI Offer From Lloyds - Should I Accept?

That seems to be about as fast as it gets at the moment, 22. It's why I always think it's best to try and get the lender to cough up, and leave the FOS as the last resort.

[Bill-K]

Re: PPI Offer From Lloyds - Should I Accept?

I've taken the 6 loan agreements and put the figures into 6 separate spreadsheets. These spreadies make a 'forecast' of each loan, based on the initial figures. But this is not the full story, as we cannot tell from the agreements how many repayments were made, nor if the loan was settled, consolidated or still active. Settled or consolidated loans also need the final settlement figure, along with any PPI rebates or actual policy claims made, so more data is needed before we can check LTSB's offer accurately.

The offer that LTSB have made is based ONLY on the earliest two loans (544 & 583), and they appear to have ignored the other four loans detailed to them in your list without giving any reason for this - so that in itself is reason to reject the offer, I reckon. The way they make their paltry offer their 'Final Response' is getting to become an annoying trend as well. I have recently had similar treatment from Santander and LTSB with other claims, and sent letters like the one below, which I posted in Kelly's thread. You might find it works - but tailor it to fit your circumstances:

http://www.legalbeagles.info/forums/...929#post288929

Going back to the individual loans, from the info I have, the offers made on the first two loans (544 & 583) look as though they may well be reasonable and acceptable. The other 4 loans all appear to have had PPI added to them, and I don't see how or why LTSB has just ignored them without comment. I note, however, that the final loan (511) appears to have had PPI initially, but that this was cancelled - probably before the first repayment was made - so we can probably leave this one out.

I hope I've been of use, matey. Here are the spreadies so far:

[22looking]

Re: PPI Offer From Lloyds - Should I Accept?

Hi Bill-K

Thanks for the info so far. Is it possible for me to get the missing data you need (settled or consolidated, final settlement figure, PPI rebates etc) from Lloyds and if so what exactly do I need to ask for? Can they give me this info over the phone?

[Bill-K]

Re: PPI Offer From Lloyds - Should I Accept?

What is needed is essentially copies of all the loan statements, which should then show all repayments made, with dates, and loan settlement dates with settlement figures and any PPI 'closing rebates.' Also, you would need to check HOW the loans were settled (ie., by consolidation or otherwise) - and if you made any claims under the PPI policies. This may need copies of bank statements, etc.

This is NOT data you can get over the phone !!! If you send a Data Subject Access Request (DSAR) to LTSB, you should at least get this data for the last 6 years - possibly more. They will often need 'nagging' at to provide earlier data, but it is possible. It will cost £10. If your bank account was/is with LTSB, that will be covered by the DSAR as well. Here is an example, but there are many variations, and someone may post a better one:

http://www.legalbeagles.info/forums/...ur-information

What you will then need to do is go through each loan separately, and check/amend the spreadsheet for each. I cannot do this for you, as it can be time-consuming, but I can help with it, and this should eventually reveal a fairly accurate claim quantum.

[Hurricane Puffrose]

Re: PPI Offer From Lloyds - Should I Accept?

bumped