hmmm tricky one this - advice needed !

Old_iron_balls

Hi all

Strange one this, id appreciate your thought and advice.

Popped into my bank today who I have two loans with.
My intention was to ask for the interest rate to be lowered.

The chap serving me was looking into my account while I was telling him how im in debt and trying to sort myself out.
I mentioned that I recently wrote in to cancel PPI on both my loans.
The reply confused me – ‘but you have only got PPI on one of your loans, the other one you have never had PPI on it’

I told him ive been paying for it on both loans. He said according to the system Im only paying it on one of the loans.
The loan in question was took out in August 2002 for £3100. My repayments have been £95 per month. £76.41 + £19.01 PPI
I have the documents infront of me now in black and white !

He said his system said No PPI and payments of £76.41.
I told him to look at my bank statements. Indeed I have been paying £95.42 for 38 months !
He said he couldnt understand it.

I asked him for more details on the loan. He said the balance was £499
I nearly had a heart attack, last night I looked on internet banking and it was showing £1799
Overnight £1300 has been deducted from my loan balance ! ! ! !
Check it when i get home i thought !

The only thing I can think of is that they have received my letter asking to cancel PPI on the loan, realised the !!!! up and refunded me.
I dont know for sure as ive not had anything in writing yet ?
Its strange as ive received a letter regarding the other loan saying they cant cancel the PPI as its over 30 days since I took at the loan ( its been over two years ! )

Anyway, the chap at TSB gave me a settlement figure in writing of £515 and told me to pay it off over the counter (which im doing on payday in five days time)
He said it will be valid no matter whats gone on, system fault etc

Ive just checked my account online and the balance on my loan is as he said £499.21 so Yes overnight its gone down £1300 

Now question is, do I just get it paid off on payday and ask no questions or do I complain etc and see if im entitled to any sort of further refund or compensation ????

Im just glad I plucked up the courage to go into the bank today !
Although It seems to good to be true so im not holding my breath !

Thanks in advance for your comments and advice !

Thefunkygibbons

Tricky indeed

Me I would not look a gift horse in the mouth

Clear the balance and start planning on killing your other loan off

tasha38

im v new to this and i have no idea of TSB rules and regs...but....seems like youve got nothing to lose either way as the mistake was theirs. so even if you decide to make a complaint, you cant lose anything...only gain..i think.

good luck

black-saturn

Your so lucky. I wish things like that would have happened to me :mad:

johannamse

Could the 1300 be the total PPI added to the loan at the commencment of it and upon cancelling it has come off.

If it was me I would pay off and get letter saying fully paid up (v important to get the letter), and not question it. I would not cause a fuss.

I may look at the small print of the other loan to see if there is any way I coule cancel PPI.

rbelcham

I looked at my two loans with the Coop last night and they have large PPI against them. Can I write to them to cancel them too? Or is it more complicated than that? :think: Any help would be appreciated....

Old_iron_balls

rbelcham wrote:

I looked at my two loans with the Coop last night and they have large PPI against them. Can I write to them to cancel them too? Or is it more complicated than that? :think: Any help would be appreciated....

im no expert but what have you got to loose !? :cool:

phil164

I think you'll just get a polite letter (usually with terrible grammar) saying it was their mistake, apologising and then saying you would have been covered had you claimed because it was on your application form.

I used to work in an insurance department and this was the standard procedure.

thesealeyboy

phil164 wrote:

I think you'll just get a polite letter (usually with terrible grammar) saying it was their mistake, apologising and then saying you would have been covered had you claimed because it was on your application form.

I used to work in an insurance department and this was the standard procedure.

Was the poor grammer standard procedure also? :rotfl:

ceegee

johannamse wrote:

Could the 1300 be the total PPI added to the loan at the commencment of it and upon cancelling it has come off.

If it was me I would pay off and get letter saying fully paid up (v important to get the letter), and not question it. I would not cause a fuss.

Agree with this completely.....especially about getting confirmation from them in writing that the loan is completely paid off.

I thought I read something in my beloved Daily Mail the other day about everyone now being able to ask to have the PPI stopped and previous payments reimbursed, after the FSA or someone decided that PPI had usually been mis-sold (I hate that word).Don't quote me on it though.......but I'm fairly sure that is what I read (as opposed to what I wrote, seeing as we are having a (non) grammatical free-for-all!)

Karma67

Very interesting situation!

Also I've worked out that 38 x £19.01 = £722.38 .....not £1300

Good Luck...i hope it's not a computer arraer! Same advice as others have given...DEFINATELY get written confirmation from your bank