PPI - restructure proposed? HELP ME

emy_2

I have pursued Martins letters to reclaim PPI back, the first letter they ignored, the second they took heed of and offered £2K on a loan of £25K which I have paid monthly a sum of £497 and am on year 3 of paying it and only 8K has been paid - so now with a balance of £17K they have finally offered a settllement of £7800 and restructure of the remaining loan.

HSBC have said that they are proposing a 40 month payment plan paying £579 per month = how on earth can i stop paying PPI and yet have a hoick in the payment. I feel caught between a rock and a hard place - I need the settlement as times are tough and yet I will be worse of monthly?

Is this legal -surely if I stop paying PPI my payments should go down. Its as though vulnerability is exploited and I feel angry that I don't know how to work things better with the bank? Any suggestions

di3004

emy wrote: »

I have pursued Martins letters to reclaim PPI back, the first letter they ignored, the second they took heed of and offered £2K on a loan of £25K which I have paid monthly a sum of £497 and am on year 3 of paying it and only 8K has been paid - so now with a balance of £17K they have finally offered a settllement of £7800 and restructure of the remaining loan.

HSBC have said that they are proposing a 40 month payment plan paying £579 per month = how on earth can i stop paying PPI and yet have a hoick in the payment. I feel caught between a rock and a hard place - I need the settlement as times are tough and yet I will be worse of monthly?

Is this legal -surely if I stop paying PPI my payments should go down. Its as though vulnerability is exploited and I feel angry that I don't know how to work things better with the bank? Any suggestions

Hi there

Hopefully someone will come along to help you here in this actual case.

I am not sure on the legal side of this to be honest, but like any other complaint, if your not happy with this then write to complain, if they don't fix it in your favour by 8 weeks you are entitled to move this on to the financial ombudsman service (FOS) who will look at this case for you.;)

Good luck with this and with a bit of luck someone will post up soon.

melorablack

If the term of the new loan is longer it can cause the repayments to be higher.

marshallka

melorablack wrote: »

If the term of the new loan is longer it can cause the repayments to be higher.

How long was left on the original loan when you cancelled or won for misselling? I would certainly say they are not treating you fairly and perhaps have a look through this

http://www.fsa.gov.uk/Pages/Doing/Regulated/consumer/tackle/ppi.shtml


The new loan should really be over the same terms to be fair and not of a higher rate if it was only the exact same loan and nothing else has changed other than you winning a complaint for misselling.