My loan has gone down!!!!

littlehenrydog

Hi Can someone help me. Im awaiting my redress and just checked my online account and my loan has been reduced by over 4k!!!! Now Ive no idea why cos Im expecting my £9300 redress by cheque, does that mean they have miscalculated my redress and are not paying me back and have taken 4k off my loan??? Im very confused

di3004

littlehenrydog wrote: »

Hi Can someone help me. Im awaiting my redress and just checked my online account and my loan has been reduced by over 4k!!!! Now Ive no idea why cos Im expecting my £9300 redress by cheque, does that mean they have miscalculated my redress and are not paying me back and have taken 4k off my loan??? Im very confused

Hi there

I would double check on this.
Do you know what the balance was on your loan (such as if you were to settle the loan)?
Just wondering if they have cleared that, and the remaining will be coming back to you.

I could be wrong, but definately check.

However, well done on your succes and I'm sure this will be resolved, good luck.;)

littlehenrydog

Thanks my letter def said I would be recieving a cheque for the ammount but Ill ring them tomorrow now

Nuttygooner

littlehenrydog wrote: »

Thanks my letter def said I would be recieving a cheque for the ammount but Ill ring them tomorrow now

I had this happen on my loan - I explained what happened on one of the "Lloyds delay in payout" thread. Basically, when I spoke to Lloyds, as my PPI was front-loaded, they need to reduce your loan amount, to bring to the level it should have been, had PPI not been applied, you should still be getting your redress, but they have the alter the loan amount also.

It will be worth calling your bank, they should be able to explain it better than my feeble attempt!

littlehenrydog

Nuttygooner wrote: »

I had this happen on my loan - I explained what happened on one of the "Lloyds delay in payout" thread. Basically, when I spoke to Lloyds, as my PPI was front-loaded, they need to reduce your loan amount, to bring to the level it should have been, had PPI not been applied, you should still be getting your redress, but they have the alter the loan amount also.

It will be worth calling your bank, they should be able to explain it better than my feeble attempt!

Thanks I did ring them they are 'getting' back to me later today with the answer, wont hold my breathe thou

di3004

littlehenrydog wrote: »

Thanks I did ring them they are 'getting' back to me later today with the answer, wont hold my breathe thou

Good luck.

With lots of backlogs, it may have been an error as well with doing what they had done, so hopefully they will resolve this today for you, fingers crossed.;)

ALIBOBSY

My understanding is the FOS guidence is for the banks to put you back into the state you would have been in had the PPI not existed. So they refund all the premiums paid (including any interest charged), plus the 8% compensation interest AND if the loan still runs they have to restructure it to no longer include the PPi.

Ali x

littlehenrydog

ALIBOBSY wrote: »

My understanding is the FOS guidence is for the banks to put you back into the state you would have been in had the PPI not existed. So they refund all the premiums paid (including any interest charged), plus the 8% compensation interest AND if the loan still runs they have to restructure it to no longer include the PPi.

Ali x

Thanks, when I rang them today the guy reasured me I will be getting a chq for my full redress, so fingers crossed there is a chq for £9300 with my name on coming to me.

Nuttygooner

littlehenrydog wrote: »

Thanks, when I rang them today the guy reasured me I will be getting a chq for my full redress, so fingers crossed there is a chq for £9300 with my name on coming to me.

See, what did I tell you?

It's nice to have a cheque as well as a reduction in one's outstanding loan amount :beer:

mrs-stressed

Whom did you ring? Was it the 0845 6012683 number? I cannot get further with anymore information as to why my redress is taking so long to come back from this number at all. Can someone please post another more effective number to ring??

Many thanks

littlehenrydog

mrs-stressed wrote: »

Whom did you ring? Was it the 0845 6012683 number? I cannot get further with anymore information as to why my redress is taking so long to come back from this number at all. Can someone please post another more effective number to ring??

Many thanks

Yeah, I rang them 8am this morning and the call was answered straight away