lloyds PPI redress incorrect help please :(

[chris260483]

Hi all

I have received a redress offer & payment (sent pre offer letter) from Lloyds TSB and i really dont think it is correct so was wondering if you guys could help me understand the calculations The Letter says the following -

calculation start date - feb 02
data start date - may 06
account closed date - sep 09
refund date - sep 09

actual balance - 15,601.53
reconstructed balance - 10,963.52
difference between actual & reconstructed balances - 4638.01
8% simple interest for any months in credit - 0
8% simple interest from date account closed to refund date - 0
claim amount paid - 0
consequential loss - £36.00
total redress - £4674.01

total amount of ppi premiums paid - £3586.72

total amount of ppi premiums paid pre jan 2011 - 3586.72
total amount of ppi premiums paid post jan 2011 - 0

calculation start date - feb 02
data start date - may 06
account closed date - sep 09
refund date - sep 09
ppi cancelled date - sep 06

This really doesnt make any sense to me, they calculate from feb 02 but only have data from may 06?? The refund date says sep 09 but i only received refund in June 2013 (should there be interest in those 3 years 9 months. It also said that PPi was cancelled in Sep 06 but why was it and by whom?


Any advice you could offer will be much appreciated.

Thanks

[chris260483]

Re: lloyds PPI redress incorrect help please

:tinysmile_kiss_t4::tinysmile_kiss_t4::tinysmile_k iss_t4:

[Sapphire]

Re: lloyds PPI redress incorrect help please

Hi Chris, don't stress we have people on here that can help you, unfortunately they are not online at the moment, just be patient someone will pop along soon.

[Turboman]

Re: lloyds PPI redress incorrect help please

Working on another thread-will look tomorrow Chris

[chris260483]

Re: lloyds PPI redress incorrect help please

thanks guys

[chris260483]

Re: lloyds PPI redress incorrect help please

i have requested an SAR & CCA

[Turboman]

Re: lloyds PPI redress incorrect help please

Sorry not looked at this yet Chris as consumed by working with Skyways stuff--hve asked Bill to help if hes free

[Bill-K]

Re: lloyds PPI redress incorrect help please

Thanks for your patience, Chris - I'm afraid I was away this week, and Turbo has been working himself into the ground with Skyways' thread, which needed an awful lot of time and effort. Just bad timing, I guess. I see you have sent a DSAR and a CCA s.77-79 request - well done. Ideally, these should have been sent before sending your PPI claim - but we should be able to work around all that. They have 10 days to comply with the CCA request, but 40 days to comply with the DSAR. This appears to be a credit card account, so the DSAR is likely to be the more important request - but unfortunately the lenders tend to take all of the 40 days to comply - and often more than that, because they often omit to send important data, and we have to chase them for it.

I daresay they have issued you with a deadline for refusal/acceptance of their offer - and I daresay this expires well before the 40-day DSAR deadline. The details they have given you are insufficient for you to be able to make an informed choice as to whether their offer is acceptable or not, and I would suggest that you write and tell them this - asking for an extension, and for a clear explanation of their calculations as required by the FSA/FCA rules.

I assume that you do not have a set of monthly statements, but the DSAR response should provide you with statement copies over the past 6 years at least. You can then use these in conjunction with a spreadsheet program to calculate what your redress offer should be. It ain't easy, but the spreadsheet does the maths - you just need to do the data entry, which is tedious, but simple. Once we have a spreadsheet, we can fill in any gaps or estimate figures. Until then, we have nothing to indicate if their offer is adequate or not.

[chris260483]

Re: lloyds PPI redress incorrect help please

Thanks for your response, they actually paid the money to me prior to receiving any offer letter, i have called them/ e-mailed several times stating i am unhappy with there offer.

I will update everything once i have info from the SAR.

Is it normal for them to state refund date is Sept 09 when i only received refund June 13? Should there not be interest between these dates at the very least?

Thanks

[Bill-K]

Re: lloyds PPI redress incorrect help please

They often pay the refund without waiting for acceptance of their offer - but in that case, they cannot then say that you accepted the offer. You are treating the payment as an initial instalment of the eventual total redress. If you have emailed them to say you do not accept this as full settlement, then you have made this clear to them. Do try and get an acknowledgement of this, though, as it will act as proof of receipt.

Many of the listed items in their offer do not make much sense to me, either, Chris !! This is why I consider such offers to be inadequately explained, and therefore in breach of the FSA/FCA rules in that you are not given sufficient information to make an informed decision on whether to accept their offer. I think it would be worth asking them for a clearer explanation, as this will also explain why you need time to evaluate the offer. You might want to quote the FSA rule DISP APP 3.9.4 from the PPI Redress Handbook "The firm should make any offer of redress to the complainant in a fair and balanced way. In particular, the firm should explain clearly to the complainant the basis for the redress offered including how any compensation is calculated and, where relevant, the rescheduling of the loan, and the consequences of accepting the offer of redress."

It appears that they have used the data from May '06 to calculate the refund, as that is as far back as their records go. The date of Feb. '02 implies that they have estimated the PPI from this date, using the data they have (from May '06). This needs to be checked, I reckon.

My guess at the "Refund Date" of Sep. 09 is that, because this is the date of account closure, then this is the date when the apportioned account interest was calculated to, as no further account interest would normally have been charged after that date.

As for the 'alleged' cancellation of the PPI in Sep. 06 - if you didn't cancel it, then perhaps this needs to be queried. The bottom line here though is to check whether PPI was still being charged to the account after this - and this is where the statements are important. If PPI was stopped for any reason, then as long as you weren't charged after that, there is little to be gained by pursuing this aspect IMHO.

The 'actual' and 'reconstructed' balances are the actual balances as recorded in the montly statements, and a 'notional' balance. The 'notional' balance is the theoretical balance which would have existed if the PPI had not been charged to the account. If this becomes a credit balance in any month, then you are entitled to compensatory interest on that balance for that month at the rate of 8% p.a. simple interest. However, this does not seem to have been the case here, so no 8% interest has been awarded. Again - this needs to be checked.

[chris260483]

Re: lloyds PPI redress incorrect help please

thanks bud, will update once have received SAR.

[chris260483]

Re: lloyds PPI redress incorrect help please

Sent CCA request to LLoyds 26/06/2013, they sent letter back 02/07/2013 saying it has been passed onto correct department, please allow 30 days to receive CCA - Obviously this is over the time they shoud do it in 10 + 2, Shall i just wait or shall i issue them with a further letter?

Thanks

[chris260483]

Re: lloyds PPI redress incorrect help please

can anyone please help?

[Bill-K]

Re: lloyds PPI redress incorrect help please

Sorry for the delay, Chris - been on holiday. The 10 day CCA deadline would normally apply if the request was sent to LTSB's registered office, which I believe is
Lloyds TSB Bank plc
25 Gresham Street
London
EC2V 7HN.

Otherwise, I guess they could be allowed another couple of days to pass the request to the correct department. I see no harm in reminding them of this, and that 30 days is far too long. However, there's not really much we can do if they don't comply within the prescribed timescale, other than to withold any further payment until the CCA request is fully complied with.

[chris260483]

Re: lloyds PPI redress incorrect help please

still no CCA from lloyds mmmmmmmmmm