Loan restructure

MRS_A_3

Hello all

I've posted this on the PPI reclaiming forum but was wondering if anyone in the loans forum would know anything about loan restructures.

Welcome are offering me PPI compensation but want me to sign another loan agreement. Can anyone tell me if the original agreement should have a restructure sheet or something attached, or is it a totally new form I have to sign and should it say restructure on it?

They have sent me a new CCA agreement to sign. The existing one was for 48 months and I am 24 months into this, the new one says 48 months so does this mean that my original term of 48 months would turn into 72 months if I sign the new agreement?

I'm confused and don't really want to make a mistake with this.

CLAPTON

you need to be very very careful as they often up the APR so you end up paying more than with the PPI

check the new amount
the APR
check the monthly payments
check the number of payments

if the agreement does spell these out then don't sign it under any circumstances
and post up the details if you wish to as we can help better with the full information

MRS_A_3

https://forums.moneysavingexpert.com/discussion/2627491

Clapton would you be able to take a look please.

Thank you


MRS A

Xbigman

CLAPTON wrote: »

you need to be very very careful as they often up the APR so you end up paying more than with the PPI

check the new amount
the APR
check the monthly payments
check the number of payments

if the agreement does spell these out then don't sign it under any circumstances
and post up the details if you wish to as we can help better with the full information

Do you mean doesn't ???


X

MRS_A_3

I think re the number of payments alone Clapton means does lol