PPI Reclaiming Discussion part 4

Jman316

di3004 wrote: »

Hi there

first of all well done and Congratulations.:beer:

This is entirely up to you, if your happy to accept or get back to them and tell them their salesperson was very pushy and your not happy and so on, either way good luck on this.;)

So how can i calculate the amount that i have been paid is correct?

I totalled the ppi i paid and that came to £4027. They are offering me £5067 which inludes 8% interest.

How do i check if this is correct?

cot1198

Jman316 wrote: »

So how can i calculate the amount that i have been paid is correct?

I totalled the ppi i paid and that came to £4027. They are offering me £5067 which inludes 8% interest.

How do i check if this is correct?

If you have added the PPI you have paid to £4027 and the offer is £5067 inc 8% interest, depending on the dates when the PPI was added to your loan I would say it looks about right

Jman316

cot1198 wrote: »

If you have added the PPI you have paid to £4027 and the offer is £5067 inc 8% interest, depending on the dates when the PPI was added to your loan I would say it looks about right

In which case i guess they have done their sums correctly.

One last question though. Can I call out HFC on the high rate of interest that the loan (and indeed the PPI) was sold to me. In the case of one loan for example the interest rate was 26%. Same with the PPI!

cot1198

I don't think so, not on a PPI complaint anyway. Take a look at the sticky on 'how the FOS calculate refunds'. I think if you wanted to complain about the interest rate you would need to make a new complaint.

Jman316

So in the esteemed view of this forum i should accept what they are offering? I dont want to complain about interest rates and then lose what they are giving as well you see!!

cot1198

Jman316 wrote: »

So in the esteemed view of this forum i should accept what they are offering? I dont want to complain about interest rates and then lose what they are giving as well you see!!

It's really up to you, personally I would accept the offer as it look like it's a fair one. Make another complaint if you really feel the interest rate was unfair, but I would think a lot of other people will have had the same interest rate on the same sort of loan, it probably would have been on of their standard loan rates.

Jman316

On the details sheet HFC have provided it lists something called "balancing premium refund for early settlement" what does this mean?

cot1198

Jman316 wrote: »

On the details sheet HFC have provided it lists something called "balancing premium refund for early settlement" what does this mean?

It looks like the refund you would get back from the PPI premium if you payed the loan off before the full term.

well done BTW on your win

Jman316

cot1198 wrote: »

It looks like the refund you would get back from the PPI premium if you payed the loan off before the full term.

well done BTW on your win

Those dodgy scammers!lol

One loan did finish early but only because it was consolidated to start a new one. This one was not paid off early though...

Oh and thank you, though i am not quite there yet.

cot1198

Jman316 wrote: »

Those dodgy scammers!lol

One loan did finish early but only because it was consolidated to start a new one. This one was not paid off early though...

Oh and thank you, though i am not quite there yet.

I know what you mean the last of my loans was used to payoff an exiting loan, and the thing is I had to pay off the previous PPI making the new loan higher than it should have been and adding more interest and making the new loan PPI even higher than it would have been had I not needed to pay off the previous loan PPI.....oh no I've gone cross eyed !