PPI query...can anyone help me :-D

sammiejayne_2

Originally Posted by sammiejayne on the wrong forum :-o

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

melorablack

A; means that they will change you loan (or set up a new one) without the PPI with the monthly repayments and interest amended to make it as though there was never any PPI on it

B; means that they will pay back all the ppi you have paid to date plus interest charged on the loan because of the PPI (plus 8% interest as compensation)

C; They will tell you what your new loan amount and repayments are going to be.

sammiejayne_2

Hi Melorablack

Thanks for that, you are a star....:-D

Can I be cheeky & ask another little question...do Carcraft have to comply with this or can they refuse?

Sam x

di3004

sammiejayne wrote: »

Hi Melorablack

Thanks for that, you are a star....:-D

Can I be cheeky & ask another little question...do Carcraft have to comply with this or can they refuse?

Sam x

Hi there
I expect Mel shall be back here at some point today.;)

In my opinion I'm sure they have to comply and get paying this out to you now.
Meanwhile check on the FOS site as well for more into on this:
http://www.financial-ombudsman.org.uk/

melorablack

I'm pretty sure that Carcraft will have to comply with this because the FOS have said this is what they need to do, if they don't then complain to the FOS again.