PPI query....plse can anyone help me....

sammiejayne_2

Hi sorry for the LONG story below but please, please can anyone decipher this for me....I am really confused?

Hope someone can help me...I had a mis-sold PPI policy by Carcraft & took them to the financial ombudsman, the case has been ongoing for over 18 months and yesterday I received their final decision, which says it has been foundin our favour....I do not understand it and was hoping someone could help me, this is the decision:-

Carcraft must....

A. arrange for the loan to be restructured (without charge to Mr & Mrs Tanner) so that
- any interest charges in respect of PPI (inc interest and charges) are cancelled and;
- the number and amount of any future payments (inc any interest and charges) are the same as would have applied if they had taken the loan without PPI

B. Calculate and pay Mr & Mrs Tanner the amount of net payment s the consumers will make up to the time of settlement in respect of the PPI (inc interest and charges) by comparing:

- the payments actually made
- the payments which woul have applied it the had taken the loan without PPI and
- add interest on each of these net payments at the rate of 8% per year simple from the date of each payment to the date the compensation is paid less any premium refund actually paid to them on cancellation of he policy and

C. set out in writing for MR & Mrs Tannerthe amount outstanding and the number and amount of any future payments under (A) and the details of the calculation under (B)


.....Thats it :-D

di3004

sammiejayne wrote: »

Hi sorry for the LONG story below but please, please can anyone decipher this for me....I am really confused?

Hope someone can help me...I had a mis-sold PPI policy by Carcraft & took them to the financial ombudsman, the case has been ongoing for over 18 months and yesterday I received their final decision, which says it has been foundin our favour....I do not understand it and was hoping someone could help me, this is the decision:-

Carcraft must....

A. arrange for the loan to be restructured (without charge to Mr & Mrs Tanner) so that
- any interest charges in respect of PPI (inc interest and charges) are cancelled and;
- the number and amount of any future payments (inc any interest and charges) are the same as would have applied if they had taken the loan without PPI

B. Calculate and pay Mr & Mrs Tanner the amount of net payment s the consumers will make up to the time of settlement in respect of the PPI (inc interest and charges) by comparing:

- the payments actually made
- the payments which woul have applied it the had taken the loan without PPI and
- add interest on each of these net payments at the rate of 8% per year simple from the date of each payment to the date the compensation is paid less any premium refund actually paid to them on cancellation of he policy and

C. set out in writing for MR & Mrs Tannerthe amount outstanding and the number and amount of any future payments under (A) and the details of the calculation under (B)


.....Thats it :-D

Hi there

Looking through this again.


They must remove the PPI, (so as if you did not have PPI from the start), so the repayments will be lower than that of what it was with PPI, they must not put any charges on this.
They must cancel the PPI and Interest corresponding the PPI, or in relation to the PPI then.

So I take it this loan is still active then?

Its basically putting you back in the position as if PPI was not taken, where the amount will be applied to the loan, but the repayments will be lower than it was when you did take this out from the start.

Marshallka and Melorablack is sure to be along at some point and are good at explaining this type of issue.

As everyones can vary, depending if the loan is still active or not.;)