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Halifax want to pay my loan off?
andybailey2003
Posts: 4 Newbie
Hi Just had a chat with someone from the halifax, they sent me a letter a month ago saying they would payout on my claim, now the bloke says they are going to give me a new loan which is £2100 lower that the existing one so that my payments are lower?
I dont want a new loan i would prefer the money! Can they do this as im not in arrears or anything.
Cheers Andy
I dont want a new loan i would prefer the money! Can they do this as im not in arrears or anything.
Cheers Andy
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Comments
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New Loan Y pays off Old Loan X. You now have to pay off New Loan Y......0
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Yes but £2100 is this a way of getting their 8 percent interest back, can they do this or can i refuse?0
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You'd need to post some figures up.....0
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just tell them NO - you want to be put back in the position as if you'de never had the loan - you want ALL the premiums back you've paid plus 8% statutory interest and for the remainder of the loan you want the monthly premiums reduced by that amound - tell them you don't care how they do it but that's what you want !andybailey2003 wrote: »Yes but £2100 is this a way of getting their 8 percent interest back, can they do this or can i refuse?0 -
Hi I they have said i will be the same as if i hadnt had the loan for ppi inc 8% interest, i am a taxi driver and my car has died so i was waiting for this money to buy a replacment car. Now im stuffed! I will ask them when they ring.
Cheers Andy0 -
The new loan is the old loan with the remainder of the PPI taken off. They have to do it this way because otherwise you will be paying too much interest on the remaining balance.
The interest rate is the same and the term is as close as possible to the remaining term so you don't lose out.
You will not get your refund without the new loan. Even if you go to the FOS they will agree with Halifax on this one, Halifax's redress calculations are FOS approved.0 -
Hi Mel
Where have you been?:eek::D
Hope your well hunni X;)The one and only "Dizzy Di"
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Hi Mel, when I got home they had sent a letter with all of the figures on, basically the bloke I spoke to didn't explain it properly.
I will get my 2195 back ONCE I have set up a new reduced loan minus the PPI.
He told me I woulnt get a lump sum just a reduced loan payment.
Cheers everybody. Looks like halifax are dealing with my claim quickly as it only took a week to agree on a refund.0
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