lloyds PPI redress incorrect help please :(

[Bill-K]

Re: lloyds PPI redress incorrect help please

Are you sure this is the CCA request, and not the DSAR, Chris ?

[chris260483]

Re: lloyds PPI redress incorrect help please

still waiting on the SAR, received my CCA but what Lloyds sent me was a cover letter stating that they enclose a copy of the reconstituted version of my executed agreement and a signed statement of my account.

but what i received was a Lloyds TSb asset, gold and Platinum credit card terms & conditions

and

a statement of account for an old loan i had with them???


no statement of account for my credit card and no copy of any agreement for the credit card, is this just a mistake on their behalf?

Confused

[chris260483]

Re: lloyds PPI redress incorrect help please

will update once i have received SAR

[Bill-K]

Re: lloyds PPI redress incorrect help please

If you clearly specified the account that you were requesting your CCA for, then I think this would have to be taken as a mistake on Lloyds' part. I would suggest that you point out this mistake to them VERY CLEARLY - and insist that they acknowledge this.

[chris260483]

Re: lloyds PPI redress incorrect help please

i have attached a copy of the spreedsheet, please can someone advise if redress amount correct. i have attached info from all statements i have.

cheers

[chris260483]

Re: lloyds PPI redress incorrect help please

this is the redress i received -

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

[Bill-K]

Re: lloyds PPI redress incorrect help please

Hi Chris. From what you have posted, I would say that congratulations are in order, sir !!!

The offer they have made is in excess of the claim quantum that our spreadsheet calculates is due to you.

So - my personal suggestion is - take the money and run !!!!

Well done, that man !!!

[chris260483]

Re: lloyds PPI redress incorrect help please

Is there no interest due from 09 - 2013?

[chris260483]

Re: lloyds PPI redress incorrect help please

is it common for them to over pay on estimates?

[Bill-K]

Re: lloyds PPI redress incorrect help please

Is there no interest due from 09 - 2013?

Without a clear set of figures, that is a difficult question to answer. Can you supply these ?

[chris260483]

Re: lloyds PPI redress incorrect help please

what more do you need other then what is on spreed sheet?

[chris260483]

Re: lloyds PPI redress incorrect help please

it looks to me like there is no simple interest -



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

i may be wrong and no simple interest is due?

[chris260483]

Re: lloyds PPI redress incorrect help please

as in there letter they say refund date is sept 09 but i didnt get refunded until june 2013

[Bill-K]

Re: lloyds PPI redress incorrect help please

My apologies, Chris - we seemed to have been at cross-purposes there. There is only a small amount of 8% simple compensatory interest due to you - as I attempted to explain in post #10...

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.

If you believe that you are entitled to more than this, then I need to know why. The figures I have so far, and the calculation in the spreadsheet , show approx. £30 due in compensatory 8% interest. The amount offered exceeds this - hence my suggestion that you accept.

The idea of using the 'Notional Balance' for revolving credit accounts was adopted in the FSA Policy Statement PS 10/12 - and I have never been happy with it. But it is there, nevertheless - and the FOS have to apply it. Without knowing how they have estimated your PPI, I can't comment much upon their offer - other than what I have posted so far. If you need to see their method of calculation & estimation, then I would also be interested to see it - but you must demand it first, and they must supply it.

[chris260483]

Re: lloyds PPI redress incorrect help please

i will ask them for that, the thing i cant understand is on their letter to me it states 2 different interests -

8% simple interest for any months in credit - 0
8% simple interest from date account closed to refund date - 0

i understand that the 8% on months in credit is around 30 but shouldnt the 8% from date account closed to refund date be something? on their letter they say date account closed sept 09 and refund date sept 09 yet i didnt receive the refund until june 13, so should it not say date account closed sept 09, refund date June 13, and their should be 8% paid from those dates?

or am i being a bit dumb?