confused about all this PPI Claims??

Nat75

Hi all
I've had a call from one of the many companies who are getting back money for wrongly sold PPI.

I'm not using them as they want £299 up front - no way!!!

Anyway i'm a little confused, I told the company i don't think I had PPI with my Loan with Abbey National.

The loan was for £20,000 taken in 2006 for 8 years, repayments, were £388 per month, 19% APR!!!
Anyway hubby and i paid this loan for 3 years, then used my husbands inheritance to pay it off in 2009. Abbey National said we had to repay approx £17,000 even though we'd already made repayments totaling approx £14,000.

This company then went on to tell me that i shouldn't have paid so much on the final balance, it sounded like i'd paid all the interest and that they would claim it back?? Are they having me on, or can i reclaim this interest?? If i can then i will do it myself, but need to find out if i can and how i go about it??

Thank you to anyone who can advise me.
Regards
Nat75

Tixy

The calculations look about right - after 36months of paying £388 you would owe around £16600 capital, so it looks like you probably paid the outstanding balance plus 1months interest as an early repayment penalty.

Obviously it depends on exactly when you made the settlement etc and if there had been 36 or a few more or less repayments.

You didn't pay all the interest you would have done as £388* 12 * 8 = £37248, so the total amount if you hadn't paid off early would have been £37248 whereas you paid around £31k so saved yourself over £6k in interest.

Nat75

Thank you for that information, great help...so basically this company just wanted my £299!!!! Good job i told them i wasn't interested.
I've asked Santander to provide me with a copy of the load agreement i had with Abbey National, so that i can see if i had PPI, but i'm quite certain i didn't )
Once again thank you.

CHR15

Of course they just want your money.

They rang you out of the blue, that should be enough to convinve you of their intentions.
They will tell you whatever you want to hear.

I'm surprised they didn't tell you to charge the £299 to a Credit Card, which they will get written off anyway so you will not actually pay it.

If they ring you...it is a scam.