PPI Reclaiming Discussion part 4

Cyan

The_Marksman wrote: »

have a little look here to see if any of the reason for mis-sell jog your memory:

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

Hi, thanks, though I've seen that and it still doesn't help me remember a conversation from a long time ago I'm afraid!

The_Marksman

Cyan wrote: »

Hi, thanks, though I've seen that and it still doesn't help me remember a conversation from a long time ago I'm afraid!

I hate to say it and i dont mean to sound nasty but most people know the reason and know why they were mis-sold and when it comes to being wronged over monies most of us are like elephants

Have a read and a think and see if any apply to you, if not, the ppi may not have been mis-sold

hope it helps a little :cool:

Cyan

All I have to say regarding that is that I'm 27, and was younger when I first had a credit card/loan, etc. And frankly I was inexperienced and unsure of what a lot of things banks, credit card companies, etc said to me. I think the one thing that sticks in my mind is the mention of being covered for if I was sick for any reason from work and needing to have the loan/credit card covered, which I prob agreed to as I know I would stress out about that if indeed I was to be off sick for any reason. Though 12 years on from starting my first job - i've never had a day off sick.......touch wood.

IANC

The 31st August deadline is now 4 weeks away.

Show me the money

Assuming it is upheld obviously. :eek:

The_Marksman

IANC wrote: »

The 31st August deadline is now 4 weeks away.

Show me the money

Assuming it is upheld obviously. :eek:

Fingers crossed for you & all

viccaleva

Hi, just after a bit of advice. I have had a letter from Black Horse today upholding my complaint (it's been with them since last September). The letter reads " if your agreement and payment protection policy are currently live, we will make the following adjustments to the agreement
Cancel the policy to inception and credit the agreement with the full cost of the policy of £1,543.92
Reverse any monthly added interest that has been charged on the cost of the policy and credit this to the agreement
Amend the monthly payment to the first schedule (loan only) amount"

Now does this mean that the amount will be paid back towards the loan or directly to me? As the letter goes on to say

Redress due to you

Refund of premiums paid including interest £1,993.00
Interest at 8% calculated up until 26th August 2012 £349.47
Total £2,342.47

Any help would be massively appreciated

IANC

viccaleva wrote: »

Hi, just after a bit of advice. I have had a letter from Black Horse today upholding my complaint (it's been with them since last September). The letter reads " if your agreement and payment protection policy are currently live, we will make the following adjustments to the agreement
Cancel the policy to inception and credit the agreement with the full cost of the policy of £1,543.92
Reverse any monthly added interest that has been charged on the cost of the policy and credit this to the agreement
Amend the monthly payment to the first schedule (loan only) amount"

Now does this mean that the amount will be paid back towards the loan or directly to me? As the letter goes on to say

Redress due to you

Refund of premiums paid including interest £1,993.00
Interest at 8% calculated up until 26th August 2012 £349.47
Total £2,342.47

Any help would be massively appreciated

I read that as they are effectively restructuring your loan as if it never had PPI and working out how much interest is owed on the PPI you have already paid, plus the 8% and removing that from the amount you borrowed.

The monthly premiums will then be restructured accordingly.

The last bit does sound like they are paying it to you, but I think it is just badly worded.

You are basically going to owe far less and pay a much reduced premium for the remainder of the loan IMO.

viccaleva

Thank you, i'm within the last 12 months of the loan now anyway, so fingers crossed if it is all paid directly back to me, we can finally afford a family holiday

viccaleva

Sorry, forgot to ask, once I send back the acceptance, will I get a new letter with the revised payments or will they just change?

Niggly_2

viccaleva wrote: »

Hi, just after a bit of advice. I have had a letter from Black Horse today upholding my complaint (it's been with them since last September). The letter reads " if your agreement and payment protection policy are currently live, we will make the following adjustments to the agreement
Cancel the policy to inception and credit the agreement with the full cost of the policy of £1,543.92
Reverse any monthly added interest that has been charged on the cost of the policy and credit this to the agreement
Amend the monthly payment to the first schedule (loan only) amount"

Now does this mean that the amount will be paid back towards the loan or directly to me? As the letter goes on to say

Redress due to you

Refund of premiums paid including interest £1,993.00
Interest at 8% calculated up until 26th August 2012 £349.47
Total £2,342.47

Any help would be massively appreciated

You will get the monthly premiums you have paid to the cost of the ppi plus 8 % £2342.47

They will take off £1543.92 off the loan (credit the account) plus any interest at the apr on your loan. This will reduce the amount owing as if the account for ppi hadnt existed and the last 12 months will see your repayments reduce by the cost of the monthly ppi contribution

Enjoy the holiday

N