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Philwatki
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PhilWatki
Posts: 3 Newbie
We have a secured loan with Barclay's First Plus. The loan was for £53,500.00 PPI of £13,102.15 was added. The repayments for the loan were at a rate of £436.50 per Month, The PPI was paid back at £106.90 per month.
We reclaimed the ppi,this £13.106.90 was deducted from the balance of the loan along with £4943.67 interest. We received a cheque for £6423.56 this being for the payments we had made for the ppi. What i want to know is why have Barclay's First Plus added £6423.56 back onto the balance of our loan. To us they have given with one hand and taken back with the other. The letter we originally received from them stated that the loan would be put back to what it would be without the ppi.
We reclaimed the ppi,this £13.106.90 was deducted from the balance of the loan along with £4943.67 interest. We received a cheque for £6423.56 this being for the payments we had made for the ppi. What i want to know is why have Barclay's First Plus added £6423.56 back onto the balance of our loan. To us they have given with one hand and taken back with the other. The letter we originally received from them stated that the loan would be put back to what it would be without the ppi.
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What i want to know is why have Barclay's First Plus added £6423.56 back onto the balance of our loan.
Because you received the money by cheque. To take it off the loan and pay you by cheque would mean you would get it twice.To us they have given with one hand and taken back with the other.
No. You have a choice of taking the cheque or taking it off the loan. Doing both would be paying you twice.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
They never took the £6423. off the loan in the first place they just added it0
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Yes, they did.They never took the £6423. off the loan in the first place they just added it
It was part of this 13,106.90.We reclaimed the ppi,this £13.106.90 was deducted from the balance of the loan along with £4943.67 interest.Do you not know that a man is not dead while his name is still spoken?
― Sir Terry Pratchett, 1948-20150 -
How have you come to that conclusion when the premium was £13,106.90 and our monthly payments for that premium were £106.90 per month. So you are saying i can't have my payments back?0
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They have refunded you all of the PPI and associated interest by taking it off the balance of the loan.
They have then sent you a cheque, but the cheque amount also formed part of the money that they have deducted. You have therefore been refunded £13106 + interest of 4943 + the cheque of 6423. That 6423 is also included in the 13106 premium so essentially they have given it to you twice.
I won't pretend to know much about reclaiming PPI, but I'm surprised you received a cheque at all, I thought it would just get removed from the loan.0 -
emmatthews wrote: »They have refunded you all of the PPI and associated interest by taking it off the balance of the loan.
They have then sent you a cheque, but the cheque amount also formed part of the money that they have deducted. You have therefore been refunded £13106 + interest of 4943 + the cheque of 6423. That 6423 is also included in the 13106 premium so essentially they have given it to you twice.
I won't pretend to know much about reclaiming PPI, but I'm surprised you received a cheque at all, I thought it would just get removed from the loan.
They should always offer the loan recalculation as it will save the borrower in the long run but some aren't aware of it and some want the money for more urgent debts (and some just see the £££ and go crazy) so they should offer both even though the loan one is the most sensibleSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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