We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
PPI success - but need advice on aftermath
MsDenshaw
Posts: 3 Newbie
Hi all.
This is my second post, first was in PPI success stories.
I recently received a PPI refund of 2000 GBP from a major high street BS after a complaint to the FOS. In his judgement he stated, a full refund of PPI payments, plus 8% interest, restructuring of loan ( I still owe about 4200) and a mention of compensation but no figure.
A cheque came for refund of ppi & interest with a letter stating a new loan payment figure would be sent out shortly. So I cancelled my direct debit of the old figure which included the PPI ( an extra 36 pounds a month.)
Within two weeks I received a phone call AT WORK from the DEBT COLLECTIONS DEPARTMENT ( I wasn't there to answer the call) and a letter at home entitled DEMAND FOR ARREARS of about 1200 GBP. This figure was a mystery, has no resemblance to any figure involved in my loan. I have never missed a payment on this loan or anything, ever in my life, so it was disturbing too.
I contacted the lender who assured me it was an error and also stated the account with the ppi had been closed and a new acount/agreement with the new payments (old payment minus the ppi) would be sent asap so I could renew my direct debit to reflect this.
6 weeks went by and another arrears letter, same mystery figure. Another phone call and I was told it was a computer error and also this time told my new payment figure so I could set up a direct debit. I asked for the new figure and new agreement to be sent and told them I wanted to see the figure and agreement(length of time, interest rate etc) before setting up a direct debit. They agreed with this. (Is this a reasonable request?)
Another month went by, no phone calls or other letters but then another demand for arrears letter, different figure though, now it's for the new figure I'd been told over the phone, monthly payment (x 2). I phoned again, early morning, quite stressed now because no one seems to be competent in dealing with this. I explained again and asked to be called back that day by the manager or someone, just to confirm it will be sorted out this time. Days later and still nothing.
I am sick of chasing their errors. I am always made to feel like a rouge debtor, which I am not. I just want the new agreement with the correct figures, APR and x months left to pay the loan off. I am loathed to just take a figure given over the phone and arrange the direct debit.
Am I asking too much and what should I do about this? I worry that all the arrears letters may affect my credit record as this is mentioned in the letters.
Sorry for rambling, I am confused and seething.
This is my second post, first was in PPI success stories.
I recently received a PPI refund of 2000 GBP from a major high street BS after a complaint to the FOS. In his judgement he stated, a full refund of PPI payments, plus 8% interest, restructuring of loan ( I still owe about 4200) and a mention of compensation but no figure.
A cheque came for refund of ppi & interest with a letter stating a new loan payment figure would be sent out shortly. So I cancelled my direct debit of the old figure which included the PPI ( an extra 36 pounds a month.)
Within two weeks I received a phone call AT WORK from the DEBT COLLECTIONS DEPARTMENT ( I wasn't there to answer the call) and a letter at home entitled DEMAND FOR ARREARS of about 1200 GBP. This figure was a mystery, has no resemblance to any figure involved in my loan. I have never missed a payment on this loan or anything, ever in my life, so it was disturbing too.
I contacted the lender who assured me it was an error and also stated the account with the ppi had been closed and a new acount/agreement with the new payments (old payment minus the ppi) would be sent asap so I could renew my direct debit to reflect this.
6 weeks went by and another arrears letter, same mystery figure. Another phone call and I was told it was a computer error and also this time told my new payment figure so I could set up a direct debit. I asked for the new figure and new agreement to be sent and told them I wanted to see the figure and agreement(length of time, interest rate etc) before setting up a direct debit. They agreed with this. (Is this a reasonable request?)
Another month went by, no phone calls or other letters but then another demand for arrears letter, different figure though, now it's for the new figure I'd been told over the phone, monthly payment (x 2). I phoned again, early morning, quite stressed now because no one seems to be competent in dealing with this. I explained again and asked to be called back that day by the manager or someone, just to confirm it will be sorted out this time. Days later and still nothing.
I am sick of chasing their errors. I am always made to feel like a rouge debtor, which I am not. I just want the new agreement with the correct figures, APR and x months left to pay the loan off. I am loathed to just take a figure given over the phone and arrange the direct debit.
Am I asking too much and what should I do about this? I worry that all the arrears letters may affect my credit record as this is mentioned in the letters.
Sorry for rambling, I am confused and seething.
0
Comments
-
Hi there
Have you put anything in writing to them?
I don't think they can put anything on your credit report unless you default on the loan and that is a while away.
Send them a letter, recorded delivery, asking for the info and then put in a complaint.
Good luck0 -
Hi and thanks for replying.
I haven't written to them yet. A complaint will be the next step I think.
Do you think it is a reasonable request to be sent the new agreement before setting up a direct debit? Or am I the one being awkward here?0 -
Hi and thanks for replying.
I haven't written to them yet. A complaint will be the next step I think.
Do you think it is a reasonable request to be sent the new agreement before setting up a direct debit? Or am I the one being awkward here?
Hi there
Yes there is no harm in doing this, go for it, good luck.;)The one and only "Dizzy Di"
0 -
Hi, as this was won through FOS I would ask FOS if they can intervene perhaps. Hope you get it all sorted.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards