PPI, Percentages & Maths

[Mutley1968]

Evening All
So, here's the thing, I received a payout of £15,609.79 from Lloyds for miss old PPI, I had a credit card with them for 25 years or so.

I went through Think2Claim, so it's all being worked out between them and Freeman Jones, whilst it would have been nice to get the money. I knew going in that it would come off the amount owed, from the amount I would not be paying, if that makes sense, I actually think it will wipe out most of that so my payment to Lloyds at the end of my IVA will be almost 100p in the pound.

However, I have been told I will get the statutory interest as I started my IVA before a certain date and it's how my agreement is worded, but I cannot get my head around the maths Lloyds provided....read on.

"The difference between what you paid with PPI and what you would have paid without PPI - £15,440.68"

"Plus 8 % interest calculation" - £166.39"

Now I have never been a maths genius, but surely that cannot be the 8% statutory interest I would receive ?

I phoned Freeman Jones for clarification as they have had the paperwork for weeks, after a 26 minute wait....my all time record for patience, I was told that I would receive a letter in the post in the next few days to explain......nope, 10 days later and no letter, so I have came to a more reliable source.

Anybody got a clue about whose maths is right ?

I am going to lie down now, Maths make head hurt

[MelanieGiles]

Trying to work out PPI settlement offers is an absolute art, and the more I see the more confusing it can get! On face value your mathematical observations would seem appropriate, but let the claims company explain it a little better.

Hopefully you will get that letter soon.

[Mutley1968]

One of the things I find incredibly unfair is that money paid by one company to settle PPI and thrown into the pot, is being used to give other companies, that refused my claim, a better return.

My IVA is apparently worded that Lloyds money will go to Lloyds first and any change will then get divided amongst the rest, three of which refused my claim, one of which after 2 months has still not provided any reasons why I wonder if it's a delaying tactic by them, if there reasons are anything like the cobblers that Barclays provided, I will be pushing it further.

Strangely two that refused are also two that did not want me in an IVA.

There's a lot of hurry up and wait......I really should be used to it....sigh.

[MelanieGiles]

If the other companies refused your claim, is the claims management company referring these to the Financial Ombudsman on your behalf?

Your IVA should not be favouring one creditor first - all creditors should get an equal part of the spoils. I'd be interested to know more about this - what does your IVA actually say about the distribution of monies from PPI mis-selling claims?

[Sarah Jolly]

Morning Mutley1968

I believe Andrew is calling you this evening to talk you through the calculations and answer any questions you have.



Thank you
Sarah

[Shining]

Hopefully when you've had a chat with Andrew things will be clearer, maths was never my strong point I have to admit!