Ppi help

LOOPYLOU_3

Hi All,
We decided to claim back our PPI in August last year and yesterday we received a letter from the FOS letting us know that our bank wanted to make us an offer to settle our complaint. What we need to know is can the bank reduce our loan with the money they award us or can we just simply have the cheque with the amout they owe us? It's all very confusing so any help would be appreciated. Cheers Loopylou

di3004

LOOPYLOU wrote: »

Hi All,
We decided to claim back our PPI in August last year and yesterday we received a letter from the FOS letting us know that our bank wanted to make us an offer to settle our complaint. What we need to know is can the bank reduce our loan with the money they award us or can we just simply have the cheque with the amout they owe us? It's all very confusing so any help would be appreciated. Cheers Loopylou

Hi and welcome

This can vary from one bank to another, I would ask your adjudicator and see what they suggest.
What I am aware of is - they can use the refund to award towards "any arrears" and the remaining back to you with interest, or they may want to use the refund to reduce the amount owed to the loan, but personally I would speak to the fos about this.

Well done to you anyway.:beer:

amersall

LOOPYLOU wrote: »

Hi All,
We decided to claim back our PPI in August last year and yesterday we received a letter from the FOS letting us know that our bank wanted to make us an offer to settle our complaint. What we need to know is can the bank reduce our loan with the money they award us or can we just simply have the cheque with the amout they owe us? It's all very confusing so any help would be appreciated. Cheers Loopylou

Well done on your win:beer::beer:

marshallka

Hi, if the loan is ongoing they usually pay over to you in the form of "money" the amounts of PPI you have paid out already (the amount of the repayments that went towards your PPI) and then they take the remaining PPI and interest off you loan hence reducing your repayments. It is not unusual for them to draw a new loan to refect this also but at the same remaining months and APR.

If you have any arrears etc then they can use to reduce the amount you owe on the loan.

Well done

LOOPYLOU_3

Thanks for the replies.

It cleared it up for me.

I will get the paperwork signed and away today.

I will let you all know how much we receive.

Just hope it's a good amount and it has taken 15 months to resolve.

:j:j:j:j:j:j:j:j:j:j:D