Need some advice on my PPI offer please.

Rainyday77

Hi, i am new to this forum and I am looking for some help and advice.
I took out a total of 4 loans (which were refinanced each time) from Chartered Trust to which PPI was added. I have made a complaint to Black Horse regarding the sale of these and they have replied back and sent me an offer letter with a breakdown of the offer explained. I don't understand how they have worked the amounts out on the form and i would be very grateful if someone could explain what each column means.

To give you a brief insight, after the 4th loan was taken out i was made redundant and without notice i was sent to a debt management agency. I have paid the loan off in full to them. It states in the offer breakdown that there are arrears live on the loan which is untrue as i paid it off to the debt management agency in 2009.

I hope there is someone who has been in a similar situation and can help me understand this before i reply back to Black Horse.

The first link is the offer explained. The second is the same with the columns added together and enlarged to try and make more sense of it.

Thanks in advance.

dropbox.com/s/umwwin8nd05yjwn/PPI_Offer.pdf

dropbox.com/s/f8j0z4dzn1lhyde/PPI_Offer%20%282%29.pdf

(Please add www. to above links)

amersall

The offer is correct, they have given you the PPI you paid, the interest on those payments, the interest and payments that you made from the new loans when you re-loaned after all the rebates for early settlements and the 8%.
You need to send proof to the bank that the arrears on the loan were repaid in full in 2009 and they will give you that money back, if you are a non taxpayer, you need to contact HMRC and get the tax back that you paid.

[Deleted User]

Rainyday77 wrote: »

I have paid the loan off in full to them. It states in the offer breakdown that there are arrears live on the loan which is untrue as i paid it off to the debt management agency in 2009.

Are you sure you paid the entirety of the loan back to them?

A more likely scenario is that the Debt Management Company arranged for interest to be frozen and that would account for what you call "arrears" on the debt.

The Bank can re-coup this written-off interest by off setting your redress against these monies.
http://www.moneysavingexpert.com/banking/setting-off


If, as you claim, you in fact paid back all of the loan plus interest then you should contact the Bank with your proof of payment.

Rainyday77

Thank you for both replies.
I do have proof that i paid the debt management agency. I would have thought that Black Horse would know this though.
I will contact them with them with this.
Thanks again

dunstonh

I do have proof that i paid the debt management agency

But did you pay the full amount of the loan or was it a lower agreed settlement figure?

Rainyday77

I was passed to the debt agency in 2002 and the balance was over £3000, it took me until 2009 to repay the debt which i paid on a monthly basis.
I have a letter in 2009 saying the outstanding balance then was £341.76 and they would accept £260 for final settlement, i paid this amount to settle the debt.

[Deleted User]

Rainyday77 wrote: »

I have a letter in 2009 saying the outstanding balance then was £341.76 and they would accept £260 for final settlement

So straight away we can see that you failed to pay back the total sum owed. Even though they accepted £260 instead of £342 (a deficit of "only" £82), I expect they also wrote off interest which you would have otherwise paid.

The Bank are correct that you have "arrears" and this will be recouped from your redress, exactly as you have been told already.

It's pointless you sending the Bank "proof" that you settled the debt, you paid an agreed lowered settlement figure which the Bank will off set. Read the link I provided earlier.

Rainyday77 wrote: »

I would have thought that Black Horse would know this

They do. It's you who is misinformed.

Rainyday77

I called Black Horse today and told them that I settled the debt in 2009 and I am not in arrears. I also said I had spoken to the debt agency this morning who also confirmed this (which I did).
They apologised and said that they don't receive regular updates from debt agency's and that was the last balance they had on record.
So they hadn't checked with them.
I will now receive the full amount back.

Thanks again for all your advice.:)

[Deleted User]

Rainyday77 wrote: »

I will now receive the full amount back.

Even though by your own admission, you paid at least £82 less than originally agreed?

Banks don't normally refund more than was paid.

amersall

They will most likely take the £82 back, but the op had a good result in the end

Rainyday77

I don't mind that. I'm now happy with the outcome. Thanks again for your advice.