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Loan Insurance
inforeq
Posts: 150 Forumite
We have today received a settlement letter from Paragon Loans, we took a loan out on our property about 3 years ago, they encouraged us to take the insurance on the loan, which bumped it it up by around 8K - after a few months we cancelled the insurance and they said that was the end of the matter.
in fact what they have done is only deduct around 1500 from the o/s and we actually still owe around 6K more than the loan was to start with. We were under the impression also that the interest on the loan had been put on at the top of the loan, on the settlement cert which arrived, they have put huge amounts of interest on again (for a second time) and added additional interest (again) as we are settling early.
Can they do that? In theory they are getting interest 3 times on the loan,
in fact what they have done is only deduct around 1500 from the o/s and we actually still owe around 6K more than the loan was to start with. We were under the impression also that the interest on the loan had been put on at the top of the loan, on the settlement cert which arrived, they have put huge amounts of interest on again (for a second time) and added additional interest (again) as we are settling early.
Can they do that? In theory they are getting interest 3 times on the loan,
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Comments
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You need to look at your original agreement that you signed and how much the PPI was. Then ask for a full breakdown of all transactions, that way you can see if you have been charged for interest twice.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0
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