PPI offer from Barclays

aussiebird

Have received an offer from Barclays regarding my mis sold PPI. They have agreed to repay back approx £1400. They want to take this amount off the existing loan and then issue a new loan for the new reduced amount.

Is this the usual way of receiving the refund if a loan is still existing? Thanks anyone.

di3004

aussiebird wrote: »

Have received an offer from Barclays regarding my mis sold PPI. They have agreed to repay back approx £1400. They want to take this amount off the existing loan and then issue a new loan for the new reduced amount.

Is this the usual way of receiving the refund if a loan is still existing? Thanks anyone.

Hi there

Congratulations, well done.:beer::T:beer:

So they have not admitted liability but given you an offer?
I understand that especially with offers some tend to do it this way, but some write back to ask if they are able to pay you back direct as you have been out of pocket due to this.
If there are arrears, some do pay towards the arrears and pay the rest of it directly to you.

If your not happy with this, then let them know, ask if they are able to refund this directly to you as you have been out of pocket, and it was no fault of yours you were mis sold this policy.

If you get the chance browse the threads, hopefully someone who have had dealings with Barclays will also post up of their experience with these, good luck and remember if your not happy you do not have to accept this, as there is always the FOS, but its entirely your choice.;)

dec22

aussiebird wrote: »

Have received an offer from Barclays regarding my mis sold PPI. They have agreed to repay back approx £1400. They want to take this amount off the existing loan and then issue a new loan for the new reduced amount.

Is this the usual way of receiving the refund if a loan is still existing? Thanks anyone.

As Di said, unless you have arrears, they normally pay you out.

They are your funds that should never have been taken in the first place and are thus separate from your loan.

You just need to stress that you want to be put back in the position you have been if PPI have wrongly been added to you loan and tell them you will complain to the FOS. This sometimes makes them have a change of mind before lodging a complaint, although not in my experience with Egg.

Good luck!

maxdp

aussiebird wrote: »

Have received an offer from Barclays regarding my mis sold PPI. They have agreed to repay back approx £1400. They want to take this amount off the existing loan and then issue a new loan for the new reduced amount.

Is this the usual way of receiving the refund if a loan is still existing? Thanks anyone.

http://forums.moneysavingexpert.com/showthread.html?p=21747073#post21747073

Hi if it goes to the FOS they usually advise the lender to restructure please see link above which gives more info and links to relevant pages on FOS web site.

Good Luck

russt2000

hi, I would not accept it on face value , what ammount of ppi were you recaiming in the first place? they should repay you all the ppi payments to date ,the interest you have paid on the ppi payments to date, and restate the loan ,not make out a new one, they are trying to fob you off and make money off you too.

you need to work out what they truly owe you , then send another letter demanding that amount is paid as a refund directly to you as you have been deprived of it, they will then have to remove all future payments off the loan as it will have to be as if you never had it.
they may keep you waiting the full 8 weeks or they may issue a full and final answer sooner , then you can go to the FOS

russ

russ

nembot

In my experience HFC (Beneficial Finance) used my refund of PPI to reduce the balance of the outstanding amount.

I do think however as Di said, legally they can only take any arrears and if requested, they can pay you the rest directedly.

I've got two more claims ongoing currently, with Barclays and Egg who are playing hardball - both been sar'd so I'll have the information to hand to escalate to the onbudsman.