James178

james178

Hey guys, new here so stay with me on this please.
A&L have offered to pay back my paid amount of ppi plus 8% interest-which is nice :j- but they then sent me a new credit agreement to sign at the lower amount without the ppi and I'm in 2 minds to sign it or not...

Do i have to sign this new agreement, and what happens if I dont? After all, they're the ones who did the dirty in the first place and I've heard that if they sold the ppi and loan together then both are null and void contracts and the outstanding loan amount should be quashed and the paid ppi refunded. Not trying to get out of paying, just dont want to if I dont have too!
please help, dont want to sign it if I dont have to. Any/all help greatly appreciated and good luck to you all I hope you get your money and more!

di3004

Hi James

So you have received the PPI back, well done to you.:beer:

And now you have a new loan without the PPI?

I would check if the rate is equal to the one you had the first time, and I am aware that some companies do this if you cancel the ppi etc.

But please wait for opinions from others also.;)

james178

Thank you, but in all honesty, I didnt even ask them, they wrote to me and I called them and they looked into it wrote back to me and made the offer. The interest rate on the new amount outstanding is actually lower than the original too but question is, do I have to sign this new agreemnet and what happens if I decide not to?! If there's no agreement, then there's really no loan-or is there? :0)

di3004

james178 wrote: »

Thank you, but in all honesty, I didnt even ask them, they wrote to me and I called them and they looked into it wrote back to me and made the offer. The interest rate on the new amount outstanding is actually lower than the original too but question is, do I have to sign this new agreemnet and what happens if I decide not to?! If there's no agreement, then there's really no loan-or is there? :0)

Hi James

So its a lower rate then?

I have never actually been in this situation myself to be honest with you, but I take it they have not given you the opportunity then?

And of course, the repayments should now be lower as well, which should help.;)

melorablack

If you don't sign it you probably wont get your refund because really, by signing the new agreement you are completely getting rid of the PPI on the old loan. It's the only way to do so unless you want to keep paying higher interest because of the PPI.

di3004

Hiya Mel

Glad you came along again, just when we need you as well lol :T:T:D.

Of course the payment will not be paid out without the agreeing to the new loan will it?, and not only that is a lower rate as well.;) Cool X

james178

Yeah, kinda thought that, but no harm in trying it on a bit eh?! lol
The letters came in two seperate envelopes 3 days apart so if i agree to the refund and hang on for a few days before signing the new agreement maybe they'll send the refund and I wont have to pay it back?... (Just dreaming though eh! lol) Thanks for your help guys. :0)

melorablack

james178 wrote: »

Yeah, kinda thought that, but no harm in trying it on a bit eh?! lol
The letters came in two seperate envelopes 3 days apart so if i agree to the refund and hang on for a few days before signing the new agreement maybe they'll send the refund and I wont have to pay it back?... (Just dreaming though eh! lol) Thanks for your help guys. :0)

Nope...at least where I work the refund can't be actioned until the new paperwork has been received. Sorry

james178

thanks for all your help, i'll get the paperwork off tomo and be grateful. All the best guys. :0)

di3004

james178 wrote: »

thanks for all your help, i'll get the paperwork off tomo and be grateful. All the best guys. :0)

Good luck James.:D;)