Loan PPI - Court action!

jennyrand

Im glad to know that they refunded the money, I myself am going through a similar procedure. My husband and I were mis sold PPI on the premise that we could not have the loan without it!?!?!?! being desparate at the time we just took it as it seemed like the only way out. A couple of months later my husband got made redundant and things got slowly worse. We tried to cancel the PPI which was costing us £50 per month approx but they said this was not possible but they could restructure the loan which would be refused as my husband was unemployed. We had tried to claim on the insurance but for no good reason this was declined even though we were claiming JSA and my husband was unemployed for more than 60 days as required in the small print of the insurance. We eventually got the PPI cancelled after 15 months having already paid around £700 and having loads of fees added to our loan because understandably we got behind (incidentally I could not work at the time because I was pregnant) We have now sold our house to rid ourselves of the debt and we are trying to agree a settlement figure with them here are the figures, loan for £44,000, PPI paid to date £700 amount of loan paid off to date around £7,000, last account balance approx two weeks ago £45,500, letter sent offering £40,000 settlement. does this seem fair to you???