ppi claim - advice wanted!

millybilly

I took out a Halifax loan with PPI in 2007. I have put in a claim for PPI refund and have received a letter advising that I could expect a refund. From what I can make out of the figures the original cost of the PPI was 'cash price of the insurance premium' £1,363.56. I have been told I will receive the following:
Refund of premium to date: £548.93
Refund of interest at 7.9% paid to date: £302.97
Interest at 8%: £122.11
Refund of last 3 months interest: £97.66
Total: £1071.67
This seems quite a success (but really I don't have any idea!)
BUT I am concerned that they say because of the cancellation I will need to take out a new loan without PPI. The letter says I need to sign and send back documents in order to accept the new loan and AFTER they have received my signature they will release the refunded PPI into my bank account. My loan has an APR of 7.9% and I am concerned they will force me to take out a new loan with a higher APR. Are they legally allowed to cancel my current loan, this concerns me very much. If they can cancel my current loan can I shop around for a better deal or will I incur charges. I want to keep my current loan, I don't want it altered. I simply want my missold PPI back! Please help!

robbedofmymoney

millybilly wrote: »

I took out a Halifax loan with PPI in 2007. I have put in a claim for PPI refund and have received a letter advising that I could expect a refund. From what I can make out of the figures the original cost of the PPI was 'cash price of the insurance premium' £1,363.56. I have been told I will receive the following:
Refund of premium to date: £548.93
Refund of interest at 7.9% paid to date: £302.97
Interest at 8%: £122.11
Refund of last 3 months interest: £97.66
Total: £1071.67
This seems quite a success (but really I don't have any idea!)
BUT I am concerned that they say because of the cancellation I will need to take out a new loan without PPI. The letter says I need to sign and send back documents in order to accept the new loan and AFTER they have received my signature they will release the refunded PPI into my bank account. My loan has an APR of 7.9% and I am concerned they will force me to take out a new loan with a higher APR. Are they legally allowed to cancel my current loan, this concerns me very much. If they can cancel my current loan can I shop around for a better deal or will I incur charges. I want to keep my current loan, I don't want it altered. I simply want my missold PPI back! Please help!

well done on getting your money back.

what they are asking you to do is correct and in line with what the FOS would recommend,
the interest rate on the new reduced loan will be the same as your exisitng loan, if you need re-assurance just give them a buz to confirm, but i'm sure its fine.

a great result, your money back and reduced loan payments :beer::beer:

millybilly

Thank you Rob. If the loan will be at my original APR then that is excellent. I would recommend everyone to claim mis old PPI. It scared me trying, thinking I would get all sorts of threats. But, this result is from one email to my bank via this website.
Thanks for replying Rob - I should get the details through the post in the next 5 days so fingers crossed they won't try and cheat me again:T

halphy

well done! another success x

di3004

Well done MillyBilly, a great result! :beer: