LLoyds PPI from Jan 2003

[DJM10118]

Hi All,

I have received a old loan statement from Lloyds Bank which shows a one off PPI payment of £1174.85 on a £5000 loan.


Is there a chance that I could reclaim the amount + interest even after 10 years+


Thanks in advance

[pressandgo]

Re: LLoyds PPI from Jan 2003

yes if you think it was mis-sold. have a read around and download the FOS ppi questionnaire.

I am about to do a reclaim on at least 2 old Llyods loans from 2002 - just waiting for SAR to come back - one definitely has ppi, fairly sure one other has.

go for it - you have nothing to lose. Lloyds have been sending out reclaim packs to customrers over last 18 months - I have 3 forms but am building my own case - would not rely on them.

[Victoria27]

Re: LLoyds PPI from Jan 2003

Well done, Pressandgo, do not rely on them and build your own case. Good luck.
DJM, if it was mis-sold, you should definitely go after them and reclaim.
if you were not told that it was optional or in your circumstances it was not suitable, you have a case.
Anyway, as Pressandgo said, you have nothing to lose.
all the best.
V

[L'pool64]

Re: LLoyds PPI from Jan 2003

Hi DJM, Pressandgo

good luck with building your cases. Not that I believe reclaiming PPI is ever easy but it appears to be less difficult with loans rather than credit cards because of the reason below:

" If you were sold a 'single premium' policy - where the whole cost of the loan is paid for up front with money that is also borrowed at the same interest rate as the loan - you should at least be able to get a refund by cancelling the PPI. If you cancelled or repaid the loan early, but were unable to cancel the PPI, then you can claim for a refund."

I have taken this from the internet, simply because it is worded better than I could......however this advice has come from the regulators. So just change a few words, add to your mis sale reasons, hopefully this will help you with your cases.

best regards

:beagle:

[di30]

Re: LLoyds PPI from Jan 2003

Yes definately!
Some of mine were from the mid 90's and still succeeded (Lloyds) x :tinysmile_twink_t2:

[Victoria27]

Re: LLoyds PPI from Jan 2003

Yes, Di, L'pool, you are right 100%. Reclaiming PPI with loans usually goes much easier than with credit cards.
Xxx

[pressandgo]

Re: LLoyds PPI from Jan 2003

just looked at the loan statement and the PPI amount was the same for £5k loan so you can work out how much of each months repayment was for PPI - 19.35% can then work out refund amount. Llyods have been done for mis-selling so should have strong case - but please state you would not have bought PPI or they will reduce the redress.

[DJM10118]

Re: LLoyds PPI from Jan 2003

Hi All,

Thank you for the information. I was unsure whether there was a time limit to reclaiming PPI.

I will start to put together the complaint letter to Lloyds and see where we get with them.

[Victoria27]

Re: LLoyds PPI from Jan 2003

Good for you, DJM!
best of luck!
we shall wait for your good news.
V

[DJM10118]

Re: LLoyds PPI from Jan 2003

When putting the letter together would I have to calculate the total amount including interest over three years? Can I add anything else to the amount i.e. interest I would have earned on the figure had the monies not been paid out?

My calculator has a basic program for calculating loan amounts.

£1174.85 x 14.01% x 36months = £1428.84 total

Is this what I can try and claim?

[pressandgo]

Re: LLoyds PPI from Jan 2003

No - need to use one of the spreadsheets that calculate the interest from the payment date - usually 8%. You input the amount paid montly and the date paid and it works out the interest due to the claim date. Think one is on this site.

[di30]

Re: LLoyds PPI from Jan 2003

Hi there

You can write a letter or even complete the ppi complaint form as shown on lloyds website below, there are also details of the address etc, always keep copies in case you need to refer to it again and post by signed for recorded delivery if your able to.

No need to let them know the amounts to reclaim, as they will work this out and send you a calculated breakdown, good luck x

http://www.lloydsbank.com/payment-pr...complaints.asp

However, there is no harm in doing your own calcs in order to know what to expect back, and this should be every monthly ppi premium you have paid to settlement or cancellation, plus the relevant interest on top.

[DJM10118]

Re: LLoyds PPI from Jan 2003

Forms completed and will send off tomorrow


Cheers for all your help

[di30]

Re: LLoyds PPI from Jan 2003

Good luck! x