Miss-sold PPI... but i might need to use it now! help needed.

controversialmike

Hello again Di and Marshallka,

I hope all is well.

I take it from what you have said i that I have been paying off my PPI first of all but they will calculate it as though I have been paying it off according to the monthly structure as laid down on the Credit Agreement and refund accordingly. So, the monthly costs of the PPI will be refunded + interest but the rest that I have already unkowingly paid towards the PPI will be taken off my outstanding cash loan amount.

I suppose it's up to them how they settle the debt once you have given them the repayment but it seems a little strange that a bank would state, on a contract, how the debt will be repaid and then use the repayments to settle the debt in another way which is more profitable to them.

Next step then is a call to say thanks for an effective resolve and to request a final figure.

Yeah, good news eh! If my calculations are correct then the PPI payments to date add up to a lot more than I was covered for anyhow (12 x loan payments).

:beer:..... oh, sod it, it's a wednesday... let have another:beer:

Maybe it was just my circumstances that they agreed were inappropriate for the insurance but I like to believe that it was my manner of dealing with the matter. I did get frustrated in their initial responses but, thanks mainly to you guys informing me of the standard protocol that must be followed by all bank representatives, I was able to see the bigger picture and therefore deal with it in a very calm and friendly manner (telephone and letters).

Still no fat lady so lets not hold our breath just yet!

marshallka

controversialmike wrote: »

Hello again Di and Marshallka,

I hope all is well.

I take it from what you have said i that I have been paying off my PPI first of all but they will calculate it as though I have been paying it off according to the monthly structure as laid down on the Credit Agreement and refund accordingly. So, the monthly costs of the PPI will be refunded + interest but the rest that I have already unkowingly paid towards the PPI will be taken off my outstanding cash loan amount.

I suppose it's up to them how they settle the debt once you have given them the repayment but it seems a little strange that a bank would state, on a contract, how the debt will be repaid and then use the repayments to settle the debt in another way which is more profitable to them.

Next step then is a call to say thanks for an effective resolve and to request a final figure.

Yeah, good news eh! If my calculations are correct then the PPI payments to date add up to a lot more than I was covered for anyhow (12 x loan payments).

:beer:..... oh, sod it, it's a wednesday... let have another:beer:

Maybe it was just my circumstances that they agreed were inappropriate for the insurance but I like to believe that it was my manner of dealing with the matter. I did get frustrated in their initial responses but, thanks mainly to you guys informing me of the standard protocol that must be followed by all bank representatives, I was able to see the bigger picture and therefore deal with it in a very calm and friendly manner (telephone and letters).

Still no fat lady so lets not hold our breath just yet!

I completely understand what you are saying here mike but its actually proving it happened that way.

controversialmike

Think i'll leave someone else to kick up a stink about that eh LOL

Talk soon.... and, if it hasn't been said too many times already, thanks for all your help!

Have a great week.

Newkid

controversialmike wrote: »

Think i'll leave someone else to kick up a stink about that eh LOL

Talk soon.... and, if it hasn't been said too many times already, thanks for all your help!

Have a great week.

Controversialmike

I have just read all your ongoing saga - it made me smile - especially the ending - I always like a happy ending- Well Done for your perseverance.
It also highlights the value of collective help there is on this site.
Nice one.

Newkid