PPI on refinanced loans

Shakeystevo

Morning,

I got an interesting letter from First Direct a few weeks back. They stated that I had PPI on a loan I had taken out when I was younger (11 years ago!). I remember the loan but certainly didn't take PPI.

I've filled in the paperwork they sent me in terms of claiming it back. They rang me to discuss it in a bit more detail. Turns out it was added on my initial loan of £3,500 and I didn't know... Furthermore, I refinanced the loan 5 times... (This was back when I was younger and had no money management lol)... Turns out it was added every time I refinanced...

My question is... How will the refund be calculated? The lady from FD couldn't tell me specifically how much I paid but she guessed at around 10% I.e. £350... For the PPI on the initial loan. Does this mean each time I refinanced I paid 10% upfront for the PPI? I had the loan for five years in total when it was paid off. Each refinance was for a slightly bit more each time... Up to around £5,500 in the end.

Just having a hard time trying to calculate what I could get back.

At a minimum I am thinking the £350 +8%..?

Any help would be greatly appreciated.

Andrew

-taff

Don't bother trying.

Your redress will be, if upheld, and I don't see why not as they are a consolidated chain of loans, what you paid in PPI, plus associated interest, less a rebate each time the loan was refinanced, plus 8% simple interest.
Without knowing how much yuou borrowed, the interest, and when you refinanced, you're fighting a losing battle guessing.

Ladyinwaiting

Cant help with figures but what I can tell you is that I was in a similarish position with FD.

They were v quick at turning things around and compared with some banks, v professional and fair.

You will get a letter detailing each loan, the ppi amount and interest

I hope this helps