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Hi all - hoping somebody might be able to help out here.
My parents submitted PPI claims to Lloyds for 3 loans - 2 were taken out in February 1997 and 1 was in March 1999. All three loans were paid off in July 2000 when my father retired and they moved house, etc. The loans were paid. Settled. Finished. No rollover into other loans, no pay off the mortgage and the loans together. They were paid off!
Anyway, so far one of the 1997 loans and the 1999 loan has been upheld and and they received payment for the 1999 loan last week. We're a little concerned over the figures. They are as follows:
A - Original cost of the single premium PPI £535.31
B - Number of monthly payments (contractual) 60
C - Actual number of payments made 15
D - Total value of monthly premiums paid £101.80
E - Interest applied to premiums paid due to it being added to the loan £83.80
F - Total cost of policy (D+E) £185.60
G - N/A
H - Excess Balance and Interest. This is an additional payment to cover the extra amounts you paid when you refinanced your loan/PPI. The outstanding balance on the loan you refinanced was higher because you had PPI so you had to take out a larger loan and paid more interest when making your repayments on the next loan. £159.95
I - Other indirect losses - N/A
J - Insurance rebates, previous refunds of PPI and previous successful claims £0.00
K - Total adjustments (H+I+J) £159.95
L - Net refund due £345.55
M - 8% per annum simple interest on L £365.58
N - Gross refund £711.13
Now then... my parents do not know the exact details of the loan. A SAR request showed a loan of £6000 but what the terms, repayment details, etc were is anybody's guess. We'll just take their word for it. What they do know for certain, however, is that they did not refinance the loan. They paid it off. They used money from retirement and selling the house, etc. Can anybody suggest whether they have seen something similar to this on their offers?
There is another issue too. Presumably, as my parents paid the loan early, they would have had a rebate on the PPI loan. However, this isn't featured on the calculation (J). Any ideas on this? How should we proceed next?
Thanks in advance
My parents submitted PPI claims to Lloyds for 3 loans - 2 were taken out in February 1997 and 1 was in March 1999. All three loans were paid off in July 2000 when my father retired and they moved house, etc. The loans were paid. Settled. Finished. No rollover into other loans, no pay off the mortgage and the loans together. They were paid off!
Anyway, so far one of the 1997 loans and the 1999 loan has been upheld and and they received payment for the 1999 loan last week. We're a little concerned over the figures. They are as follows:
A - Original cost of the single premium PPI £535.31
B - Number of monthly payments (contractual) 60
C - Actual number of payments made 15
D - Total value of monthly premiums paid £101.80
E - Interest applied to premiums paid due to it being added to the loan £83.80
F - Total cost of policy (D+E) £185.60
G - N/A
H - Excess Balance and Interest. This is an additional payment to cover the extra amounts you paid when you refinanced your loan/PPI. The outstanding balance on the loan you refinanced was higher because you had PPI so you had to take out a larger loan and paid more interest when making your repayments on the next loan. £159.95
I - Other indirect losses - N/A
J - Insurance rebates, previous refunds of PPI and previous successful claims £0.00
K - Total adjustments (H+I+J) £159.95
L - Net refund due £345.55
M - 8% per annum simple interest on L £365.58
N - Gross refund £711.13
Now then... my parents do not know the exact details of the loan. A SAR request showed a loan of £6000 but what the terms, repayment details, etc were is anybody's guess. We'll just take their word for it. What they do know for certain, however, is that they did not refinance the loan. They paid it off. They used money from retirement and selling the house, etc. Can anybody suggest whether they have seen something similar to this on their offers?
There is another issue too. Presumably, as my parents paid the loan early, they would have had a rebate on the PPI loan. However, this isn't featured on the calculation (J). Any ideas on this? How should we proceed next?
Thanks in advance
