Reconsolidation of loans

music2dance2

I had PPI for 3 loans with the same bank. Before I finished paying the 1st one, I re-consolidated some debts including the remainder of the 1st loan. I then did this a 2nd time. So I now have a final 3rd loan with PPI, which I have around 2 years left to pay.

My query is there are 3 separate amounts of PPI from the 3 loans taken out. In reclaiming would it be a total of those three? Just the last PPI amount?

Thanks

di3004

music2dance2 wrote: »

I had PPI for 3 loans with the same bank. Before I finished paying the 1st one, I re-consolidated some debts including the remainder of the 1st loan. I then did this a 2nd time. So I now have a final 3rd loan with PPI, which I have around 2 years left to pay.

My query is there are 3 separate amounts of PPI from the 3 loans taken out. In reclaiming would it be a total of those three? Just the last PPI amount?

Thanks

Hi there

Good luck with all 3 of your reclaims.

If you taken out one to have another they probably given a rebate to reduce the balance on the original loan to go on to the other sort of thing. Send together, they should still split them into individual complaints.

They did with our loans split them into 2 separate complaints though but you should if they uphold in your favour, receive all you have paid in PPI, minus any rebate from all loans, and interest, also interest of what a court would award for being deprived of your money of 8%.

Check this thread out on how the FOS calculated refunds, banks should follow the same procedures if upholding in your favour:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

They will probably separate them when it comes down to calculating.

And when you write to them and was mis sold all for the same reasons, you can write about all on one complaint letter, but do write all account numbers they apply to.

Hope this helps.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
Fingers crossed.

music2dance2

Many thanks for replying so soon. Ive drafted up a letter and had put all a/c no's on one letter. Thanks for the info and advice on what they might do and the 1st link you posted is very helpful.

I'm going to make sure all is good with it tonight and send it tomorrow (once I fix my damn printer) I'll post a new thread once I get any news.

I do remember getting some kind of refund on a loan repayment after I consolidated the 1st time. Thanks again

di3004

music2dance2 wrote: »

Many thanks for replying so soon. Ive drafted up a letter and had put all a/c no's on one letter. Thanks for the info and advice on what they might do and the 1st link you posted is very helpful.

I'm going to make sure all is good with it tonight and send it tomorrow (once I fix my damn printer) I'll post a new thread once I get any news.

I do remember getting some kind of refund on a loan repayment after I consolidated the 1st time. Thanks again

Hello there

Your welcome.

They should refund you all you have paid in PPI minus any rebates, you should also receive varous interest as well.

Good luck with this, and we look forward to hearing the outcome of this.

Fingers crossed.;)