barclays ppi

buckleyskj

:eek:can anyone addvise me please .. i contacted a company about my ppi wich was 8,700 on a 25,000 loan from barclays i have had a letter of the fsi saying that it was mis sold and barclays would refund it plus 8% a nother letter has come today from barclays saying your original loan was for 33,742.36 wich includes 8,742.31 ppi they then say we will repay you 5,027 plus 787.69 interest then in the next paragraph they say restructuring of your loan is .. balance 24,749.77 but if you had not taken ppi it would be 18,504.02 therfore we think this is a better position we think is better for you ?? to acheive this we will cancel the ppi and provide a replacment loan for 18,000 over 72 months then they say please be aware that your current account will onnly be credited with the total amount overpaid for the ppi on your loan plus 8%interest once youhave signed and returend the new agreement form and your replacment loan has been opened WHAT DOES THIS MEAN ???? are they going to refund me 5,027 plus 8% please enliten me thanks

robbedofmymoney

buckleyskj wrote: »

:eek:can anyone addvise me please .. i contacted a company about my ppi wich was 8,700 on a 25,000 loan from barclays i have had a letter of the fsi saying that it was mis sold and barclays would refund it plus 8% a nother letter has come today from barclays saying your original loan was for 33,742.36 wich includes 8,742.31 ppi they then say we will repay you 5,027 plus 787.69 interest then in the next paragraph they say restructuring of your loan is .. balance 24,749.77 but if you had not taken ppi it would be 18,504.02 therfore we think this is a better position we think is better for you ?? to acheive this we will cancel the ppi and provide a replacment loan for 18,000 over 72 months then they say please be aware that your current account will onnly be credited with the total amount overpaid for the ppi on your loan plus 8%interest once youhave signed and returend the new agreement form and your replacment loan has been opened WHAT DOES THIS MEAN ???? are they going to refund me 5,027 plus 8% please enliten me thanks

the wording on these offer letters can be confusing.

if you need clarification please speak to Barclays, however it is normal for them to restructure the loan in this way, and then pay you the premiums you have paid + the 8% providing you have not missed any payments on the loan itself.

so you should get back 5K + the 8% simple interest into your bank account with your loan reduced to 18k

well done on your win.

di3004

Hi there

Wow, first of all well done on your success.:beer:

I must agree with Robbedofmymoney, the wording of it looks like they are saying after reducing your loan, by removing the ppi, that they will refund you £5814.69 which includes the interest you posted, but I would definately double check by ringing the bank to make sure on this.
If no debt/arrears from missed payment, it should be refunded to you.

Good luck and again well done!:beer:

buckleyskj

i have missed the last three payments do you think that will make a big diference ?

di3004 wrote: »

Hi there

Wow, first of all well done on your success.:beer:

I must agree with Robbedofmymoney, the wording of it looks like they are saying after reducing your loan, by removing the ppi, that they will refund you £5814.69 which includes the interest you posted, but I would definately double check by ringing the bank to make sure on this.
If no debt/arrears from missed payment, it should be refunded to you.

Good luck and again well done!:beer:

di3004

buckleyskj wrote: »

i have missed the last three payments do you think that will make a big diference ?

They may possibly refund the amount towards the arrears missed and everything else back to you, worth giving them a ring to double check though.;)