Lloyds TSB - Claim Upheld - Is amount correct?

[olekingcole]

Hi Guys,

Thanks to the people of Legal Beagles I have had my refund back from Lloyds. They've paid £2667.35 - is there anyway I can verify that this is the correct amount?

They've broken it down as follows:
Refund of premiums: £2319.57
Interest at 8% calculated up until 26 Mar 2013 £347.78
Total £2667.35

The loan was for £15000 @ 13.2% APR taken out in January 2010. I've been paying monthly installments of £398.73 plus £70.29 for PPI. I cancelled the PPI in October 2012. Is there any more information you need to check they've calculated it correctly?

Matt

[olekingcole]

Re: Lloyds TSB - Claim Upheld - Is amount correct?

Can anyone help with this? Pretty pleeeeaaase?

[Sapphire]

Re: Lloyds TSB - Claim Upheld - Is amount correct?

Bumping for one of our PPI people.

[di30]

Re: Lloyds TSB - Claim Upheld - Is amount correct?

Hi Guys,

Thanks to the people of Legal Beagles I have had my refund back from Lloyds. They've paid £2667.35 - is there anyway I can verify that this is the correct amount?

They've broken it down as follows:
Refund of premiums: £2319.57
Interest at 8% calculated up until 26 Mar 2013 £347.78
Total £2667.35

The loan was for £15000 @ 13.2% APR taken out in January 2010. I've been paying monthly installments of £398.73 plus £70.29 for PPI. I cancelled the PPI in October 2012. Is there any more information you need to check they've calculated it correctly?

Matt

Hi Matt

First of all well done on your success.

I am not usually the one to work out refunds, but what you should get back is all premiums you actually paid, plus the relevant interest calculated to date.
So you would have to work out how many months you paid over, in your case 70.29 x to the cancellation date.

Interest of paying loan interest should be worked out per FOS guidelines.

Also below there are links that lead you to how to calculate refunds (PPI) posted by both Turbo and Bilk etc.
Any probs, let us know. (Sorry for the delay in responding) been having techie issues, hopefully sorted for now lol ;-)

http://www.legalbeagles.info/forums/...I-Calculations

Again, well done ;-)

[olekingcole]

Re: Lloyds TSB - Claim Upheld - Is amount correct?

Hi Matt

First of all well done on your success.

I am not usually the one to work out refunds, but what you should get back is all premiums you actually paid, plus the relevant interest calculated to date.
So you would have to work out how many months you paid over, in your case 70.29 x to the cancellation date.

Interest of paying loan interest should be worked out per FOS guidelines.

Also below there are links that lead you to how to calculate refunds (PPI) posted by both Turbo and Bilk etc.
Any probs, let us know. (Sorry for the delay in responding) been having techie issues, hopefully sorted for now lol ;-)

http://www.legalbeagles.info/forums/...I-Calculations

Again, well done ;-)

Thanks for that Di. I used one of the spreadsheets and the calculations look to be correct. Looks as though they refunded a few quid over what the spreadsheet suggest for the statutory interest but I wont argue with that. The actual 'refund of premiums' figure matched up so I guess they finally did something right. Onto my credit card PPI now. Think this one will be more difficult what with all the changes to the balance etc...

Again, thanks for the help!