Loan reworking after succesful PPI claim

kim66_2

Hiya all - I had a succesful claim against Picture a few years ago I was paid out my PPI and the interest that would have been paid for the 5 years the PPI covered me for (16000) that was how it was explained anyway - I had had the loan for more than 5 years at that point) - I took the money and (stupidly) paid other debts that had crept up whilst paying the secured loan instead of deducting it from the loan (I was never advised that) - I queried at the time that I thought my loan should at that time have been reworked as the PPI amount (11000) was loaded onto the loan and even though the cover only lasted 5 years I belive I am paying interest on the PPI for the duration of the loan (15yrs) I may have completely misunderstood but the loan was never reworked on the basis that they paid me directly and didnt deduct the payment from the loan and the repayment wasnt handled by the then liquidated Picture - the loan has since been moved from Picture to Webb and now Idem servicing who say they cant help ? any helpful comments or anyone with similar questions / comments would be greatfully received, I do realise my stupidity but dont want to be ripped off even more.

amersall

Sadly, as you had the whole PPI back and the interest, they cannot then remove it from the loan, this would be giving it you twice.
You actually had a good deal there as you were only so far into the loan so had not repaid the majority of the PPI.

dunstonh

I took the money and (stupidly) paid other debts

That is point 1 to note.

I queried at the time that I thought my loan should at that time have been reworked as the PPI amount (11000) was loaded onto the loan and even though the cover only lasted 5 years I belive I am paying interest on the PPI for the duration of the loan (15yrs)

And that is point 2.

The loan will not be reworked as you took the redress money. You could have had it offset against the debt but you chose to have the cash. The redress is to put you in the position if you had never had the PPI. What you do next with that money is your choice.

you used the money to clear other debts and are no longer paying interest on those. had you used the money to go against the picture loan then the balance would have been reduced and you would no longer be paying interest on that bit. You don't get it twice.

kim66_2

Thanks for the reply - I am a little wiser now and at least I did clear other debts, still niggles though that no advice was given at the time just heres a cheque - lesson learned - query everything to the last detail when it comes to money - thanks again - Kim