Cooperative Bank PPI

beverley75_2

Hi, my husband got a loan back in 1999 and paid £572.07 PPI, we sent them a letter regarding reclaiming because we still had all the paperwork. We received a questionnaire off them which we completed to the best of our knowledge but could not remember if we had made a claim on it. We could only remember that they sold the debt on because we could not keep up with the monthly installments but back in 2005 we offered the debt recovery company a settlement figure which was accepted. Today we have received a letter from the cooperative stating that we were missold PPI and would be refunded with an extra 8% totaling £962.25, however thay are now saying that because in 2005 we still owed them £451.78 in repayments and that we made a claim back in 2001 paying £1391.16 so they are saying we have to sign an agreement that we accept the £962.25 but it is to be taken off our out-standing debt. Could anyone please tell me if this is correct?

Thanks Bev

di3004

beverley75 wrote: »

Hi, my husband got a loan back in 1999 and paid £572.07 PPI, we sent them a letter regarding reclaiming because we still had all the paperwork. We received a questionnaire off them which we completed to the best of our knowledge but could not remember if we had made a claim on it. We could only remember that they sold the debt on because we could not keep up with the monthly installments but back in 2005 we offered the debt recovery company a settlement figure which was accepted. Today we have received a letter from the cooperative stating that we were missold PPI and would be refunded with an extra 8% totaling £962.25, however thay are now saying that because in 2005 we still owed them £451.78 in repayments and that we made a claim back in 2001 paying £1391.16 so they are saying we have to sign an agreement that we accept the £962.25 but it is to be taken off our out-standing debt. Could anyone please tell me if this is correct?

Thanks Bev

Hi Bev and welcome

Well done on your success as well.:beer:

If there is outstanding arrears from missed payments they do tend to redund towards the debt and the interest and anything remaining should come back to you.

I would also request for a detailed written breakdown on this to be sure first.;)

Andy_Boro_2

seems you just need to show the bank you have made seperate arrangements with the company they sold the debt onto.

beverley75_2

Hi, thanks for your advise. I have found the letter showing that the loan has been paid off in full and have forwarded it to the co-operative bank, they are now saying that because they paid out on £1391.16 in payments I am not entitled to any money as what they paid is more than what i have paid in of £962.25 is this right because I have never tryed to reclaim before.?? Thanks

di3004

beverley75 wrote: »

Hi, thanks for your advise. I have found the letter showing that the loan has been paid off in full and have forwarded it to the co-operative bank, they are now saying that because they paid out on £1391.16 in payments I am not entitled to any money as what they paid is more than what i have paid in of £962.25 is this right because I have never tryed to reclaim before.?? Thanks

Hi Beverley

Did you make a claim on this at all? For example, sickness/unemployment etc?

Sorry if I have mis read.

I would request for an explained written breakdown of this.
And ask when did they pay that amount as you have no record of this.;)