ppi confussed

DEBSAYSHI

hi pple hope someone can clear my confused brain:( i put in a claim to lloyds got a reply saying i was owed 13 thousand yippee so i thought i waited and waited and finally some money went into my bank 3500 and i thought where is the rest as i was looking at my online banking i noticed my loan amount had changed from 8000 to 1500 so i thought id put 2 and 2 together and that they had paid part of my loan back with what they owed me i was annoyed but hey ho then as i looked at my online banking again yesterday i noticed my loan had changed again it was now saying i had 5500 to pay back im so very confussed im not one for challenging ppl im quite shy has anyone any ideas what has gone on and how i can find out how this has happened much appriciated:o

DrSqueeze

If you don't feel comfortable phoning the bank, send them a letter asking them to explain how they are going to refund the PPI money.

Mention the changes you've seen online and tell them you don't understand what they're doing and would like it explained.

The_Logans

DEBSAYSHI wrote: »

hi pple hope someone can clear my confused brain:( i put in a claim to lloyds got a reply saying i was owed 13 thousand yippee so i thought i waited and waited and finally some money went into my bank 3500 and i thought where is the rest as i was looking at my online banking i noticed my loan amount had changed from 8000 to 1500 so i thought id put 2 and 2 together and that they had paid part of my loan back with what they owed me i was annoyed but hey ho then as i looked at my online banking again yesterday i noticed my loan had changed again it was now saying i had 5500 to pay back im so very confussed im not one for challenging ppl im quite shy has anyone any ideas what has gone on and how i can find out how this has happened much appriciated:o

I'd phone them, you're not challenging them, just asking for an explanation, I'm sure it happens all the time and they'll be absolutely fine about it.

However, what might have happened is, the money that went straight into your bank is the interest. The money that went in to reduce your loan has now been taken off again and issued as a cheque (halifax did this to me - put it into my credit card then straight back out again and sent me a cheque. Not a clue why!) The reason your loan has reduced in amount is perhaps due to cancellation of the remaining PPI amount?

Hope that makes sense.