Citifinancial PPI Claim

JoannePick

Wonder if anyone could give me some advice please?

I have tried to claim back PPI from Citifinancial on a £32,000 Secured loan.

I have been successful and they have made me an offer! Their letter reads like this:

Total amount of PPI Premiums paid: £1071.87
Plus interest on premiums paid: £1043.43
plus 8% interest £417.76

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Subtotal: £2533.06
Less any rebate paid £229.38

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Total amount of compensation: £2303.68

They said i paid £1071.87 at the very beginning of my loan. The PPI is a one off payment and I am not paying this every month, therefore my payments for this loan will not change.

But I am also being charged £229.38 for cancelling the PPI insurance early! Surely i should not be charged for cancelling this policy as it was mis-sold in the beginning!

Also they are taking £580.42 from the total of £2303.68 and saying it is an adjustment and will be credited to my account to put my loan in the position it would have been had i not taken PPI. Surely they should pay this amount from their own pocket and not from mine??

Sorry this post is so long winded but i just want to amke sure i am doing the right thing by accepting their offer of £1723.26. Once i have accepted the offer that is it.

Thanks for any help and advice anyone can give me!

Kattie45

How can I claim ppi on a credit card for citi financial.

antrobus

JoannePick wrote: »

..Also they are taking £580.42 from the total of £2303.68 and saying it is an adjustment and will be credited to my account to put my loan in the position it would have been had i not taken PPI. Surely they should pay this amount from their own pocket and not from mine??..

They appear to want to credit the amount of £580.42 to your loan account. That is your pocket not theirs.