PPI refund....is this a success?

Moneymadness

Hi,

I used the letter from the site for my Wife to reclaim the PPI on her loan, as we believe it was mis-sold, we sent the letter & got a reply saying;-

'I am pleased to confirm that the redress calculation of your PPI on your Halifax loan has now been completed...........................................
You will receive a refund of the premiums paid, plus the interest charged on these premiums at the rate of your loan, plus a refund of the last 3 months interest accrued on loan */********-* to off-set the forthcoming 2 month deferred period on your new loan, plus interset at 8%.

This has been calculated as follows:

refund of premium paid to date = £****
refund of interest at 13.3% paid to date =£****
Interesr at 8% =£****
Refund of last 3 months interest =£****
Total =£****

In addition we need to arrange a new loan without PPI for you and this will be set up with a balance of £*****. We have calculated the balance on your new loan by taking the outstanding balance on your current loan account and reduced this by the amount of your original PPI premium, less the additional premiums that are being refunded.'

it goes on to say the new documents for the new loan will be sent to you and any money paid to the old loan will be refunded etc and if we're not happy we can refer to the FOS.

So does this look OK?, I'm just a bit worried about signing up for a new loan, could they not just do it all automatically IE reduce payments & send refund?

Cheers,

Mark

maxdp

Moneymadness wrote: »

Hi,

I used the letter from the site for my Wife to reclaim the PPI on her loan, as we believe it was mis-sold, we sent the letter & got a reply saying;-

'I am pleased to confirm that the redress calculation of your PPI on your Halifax loan has now been completed...........................................
You will receive a refund of the premiums paid, plus the interest charged on these premiums at the rate of your loan, plus a refund of the last 3 months interest accrued on loan */********-* to off-set the forthcoming 2 month deferred period on your new loan, plus interset at 8%.

This has been calculated as follows:

refund of premium paid to date = £****
refund of interest at 13.3% paid to date =£****
Interesr at 8% =£****
Refund of last 3 months interest =£****
Total =£****

In addition we need to arrange a new loan without PPI for you and this will be set up with a balance of £*****. We have calculated the balance on your new loan by taking the outstanding balance on your current loan account and reduced this by the amount of your original PPI premium, less the additional premiums that are being refunded.'

it goes on to say the new documents for the new loan will be sent to you and any money paid to the old loan will be refunded etc and if we're not happy we can refer to the FOS.

So does this look OK?, I'm just a bit worried about signing up for a new loan, could they not just do it all automatically IE reduce payments & send refund?

Cheers,

Mark

Hi there

It is quite normal for them to refinance the Loan. They have to do this because the PPI on the original loan was front loaded and included interest. You will find that when they refinance the loan it will not be much cheaper per month. Anyway well done to you.

di3004

Hi there

Well done to you Mark, great news this, Congratulations. :beer::T:beer: