Need help please, ( Loan PPI )

dinerodinero

Hello,

I am a bit confused and I need some help, please. I have applied for the PPI in my current loan and at the beginning of February I received a letter saying that I will be getting £990.
They told me that I need to have a new agreement and to wait for the letter. Today I have received the new agreement and when I was looking at it and comparing it with my other loan, I realised that in the new one I will have to pay interest of £3,156 which is added to the amount of the loan credit. I did not have to pay that in my old loan and the more worried thing is that the credit on the new loan agreement is higher that the PPI that I was paying before.

My question is do I need/have to pay the interest in the new agreement? And why?

If I do not have to pay it, can you let me know how I can tell them that I would not like the new agreement and the reason why.

Thank you very much for all your help and support

Emma

di3004

dinerodinero wrote: »

Hello,

I am a bit confused and I need some help, please. I have applied for the PPI in my current loan and at the beginning of February I received a letter saying that I will be getting £990.
They told me that I need to have a new agreement and to wait for the letter. Today I have received the new agreement and when I was looking at it and comparing it with my other loan, I realised that in the new one I will have to pay interest of £3,156 which is added to the amount of the loan credit. I did not have to pay that in my old loan and the more worried thing is that the credit on the new loan agreement is higher that the PPI that I was paying before.

My question is do I need/have to pay the interest in the new agreement? And why?

If I do not have to pay it, can you let me know how I can tell them that I would not like the new agreement and the reason why.

Thank you very much for all your help and support

Emma

Hi Emma

There is also a PPI reclaiming thread where you will also receive some help on this matter, myself with others can try to help all we can.

Obviously when it comes to calculations I am not by all means any good at that sort of thing but I am sure someone will work this out for you, if you want to post on the PPI reclaiming discussion thread, there is a helpful guy called Turbo who will be happy to look at these figures for you, but he may require a little more info.

Such as loan amount
PPI
And so on, but he will let you know when you post, maybe it will be easier for you to copy and paste your above post rather than write it all out again, then take it from there.

However, I take it you have applied for the PPI as a mis sold policy?

Do you still have the loan agreement for this?

So by having the PPI refunded to you, they have given you a new agreement and the interest is as high as that???
Again maybe someone can clarify something here for you, but its does seem rather an extortionate amount.

Do you know if that amount of £990 is the full amount of the PPI, plus interest etc?

Cheers hun.;)

di3004

Sorry was to add the PPI reclaiming thread to my above post, here it is here:
http://forums.moneysavingexpert.com/forumdisplay.html?f=169

dinerodinero

Thank you very much for your help. I really appreciate it

Emma

Godders

MOVING THREADS FOR BETTER RESPONSES


Hi, Martin’s asked me to post this in these circumstances: I’ve asked Board Guides to move threads if they’ll receive a better response elsewhere(please see this rule) so this post/thread has been moved to another board, where it should get more replies. If you have any questions about this policy please email [EMAIL="abuse@moneysavingexpert.com"]abuse@moneysavingexpert.com[/EMAIL].

dinerodinero

However, I take it you have applied for the PPI as a mis sold policy?
Yes, I did.


So by having the PPI refunded to you, they have given you a new agreement and the interest is as high as that???
Yes, that is whatI found very extrange

Do you know if that amount of £990 is the full amount of the PPI, plus interest etc
Sorry I had a mistake it is £912.68. Which is a refund of premium paid to date, refund of interest at 8.4% paid to date; interest at 8%; and refund of last 3 months interest.

Maybe it is easie with this information:

My first loan:
Cash loan: £12,310.00
Loan insurance: £3,137.83
Annual Interest Rate: 8.44%
Original amount of credit: £15,447.83
Agreement opening date: 14/11/2007 for 86 months

With the new agreement that HALIFAX want me to sign is as follows:
Amount of credit ( the loan ) £11,098
Duration of agreement: 74 months
Total amount: £14,254.56
APR: 8.4%
Total charge for credit on the loan ( interest on the loan ): £3,156.56

I need to send the agreement back before the 20th of March and I am in a total confusion at the moment.

Please I need someone's help

Thank you

di3004

dinerodinero wrote: »

However, I take it you have applied for the PPI as a mis sold policy?
Yes, I did.


So by having the PPI refunded to you, they have given you a new agreement and the interest is as high as that???
Yes, that is whatI found very extrange

Do you know if that amount of £990 is the full amount of the PPI, plus interest etc
Sorry I had a mistake it is £912.68. Which is a refund of premium paid to date, refund of interest at 8.4% paid to date; interest at 8%; and refund of last 3 months interest.

Maybe it is easie with this information:

My first loan:
Cash loan: £12,310.00
Loan insurance: £3,137.83
Annual Interest Rate: 8.44%
Original amount of credit: £15,447.83
Agreement opening date: 14/11/2007 for 86 months

With the new agreement that HALIFAX want me to sign is as follows:
Amount of credit ( the loan ) £11,098
Duration of agreement: 74 months
Total amount: £14,254.56
APR: 8.4%
Total charge for credit on the loan ( interest on the loan ): £3,156.56

I need to send the agreement back before the 20th of March and I am in a total confusion at the moment.

Please I need someone's help

Thank you

Hi hun

I did leave a post for Turbo on this, but I will add this to the thread above for you as a link to Reclaiming discussion thread, now that you have out down the calcs, Turbo should be back tomorrow and will more than likely take a good look through for you.
So keep a check on your threads here and the reclaiming thread just in case, again thanks for adding the information.;)

This is the thread of where your post above is posted onto the PP reclaiming discussion thread, you will find on top of the page.
http://forums.moneysavingexpert.com/showthread.html?p=19180565#post19180565

Di
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