Lloyds TSB want to pay PPI back on to loan.

marshallka

sharon666 wrote: »

hi di

wanted to ask a question, i paid ppi up front on one of my loans, 6,000 then interest on that, a monthly payment of £93 pounds per month, if they take the ppi off do they also give you back, all the money you have paid also? the 93 pounds a month i mean?
sharon666

Hi Sharon, you would have coming back to you in the form of a cheque (if no arrears on the account) the amount of PPI and interest you have paid to date and 8% statutory interest on it and then the rest of the PPI and interest is then taken from the loan and the loan redone to reflect this and your repayments reduced also.

(In fact just as mangle101 has posted - sorry!!!)

di3004

sharon666 wrote: »

hi di

good morning, to you, thanks for your reply, great advice has alwaysxxxi understand , thanks for making it clear, if i get any new news today, i will post up,
sharon:A:A:A:A:A:A:A:A

Hi Sharon

Bless ya and thank you.:beer:

Look forward to hearing from you later.

Di
Xxx

di3004

mangle101 wrote: »

Hi Sharon hunni, hope your well.;)

Right they should refund ALL what you have paid in PPI, and interest, and you can also request the 8% of what a court would award.

If the loan is still running, they will then reduce your monthly loan repayments, as if you did not have PPI.



Don't forget to arrange alternative cover, just to be on the safe side!

Yes cheers for bringing this up Mangle......:T.

As Mangle says Sharon, if you no protection for this, its wise to purchase a stand alone cover, check the insurance thread, where Martin has some information on this.;)

marshallka

di3004 wrote: »

Yes cheers for bringing this up Mangle......:T.

As Mangle says Sharon, if you no protection for this, its wise to purchase a stand alone cover, check the insurance thread, where Martin has some information on this.;)

You have to be very careful though about this matter where redressing is concerned now. IF a company finds that you WOULD have bought a stand alone policy then they can in fact take any amounts away from the redress amount to reflect (a reasonable cost of a stand alone I think) this by the looks of the new proposals coming out in Jan.

di3004

marshallka wrote: »

You have to be very careful though about this matter where redressing is concerned now. IF a company finds that you WOULD have bought a stand alone policy then they can in fact take any amounts away from the redress amount to reflect (a reasonable cost of a stand alone I think) this by the looks of the new proposals coming out in Jan.

Yes that is true, did not think of that......