was we forced into a new loan?

Woppo26_2

O.K here gos.......

My wife took a personal loan out with Lloyds in July 2004 for
£8,867.46p over 84 months @12.23% per annum. PPI was added (forced) £2,362.09p giving a total balance of £11,229.55p

We made the agreed payments of £199.66 for 4 months then decided we wanted to cancel the PPI.

My wife went into the bank in December 2004 to cancel the PPI but was told it cannot be canceled. The only way to cancel the PPI was to take another loan out to pay the exsisting loan off.

THIS IS WHERE I THINK SHE WAS FORCED TO TAKE A NEW LOAN OUT.

Now a couple of weeks ago we sent off to Lloyds a request for all our loan agreements. Today 31st November 2015 we recieved them.

On the statement it says ..
we made 4 payments of £199.66p
They transfered £756.92p from other loan
They charged us intrest of £577.82p
They charged us early settlement adjustment of £185.00p
They transfered £9,133.17p to the new loan
They rebated £2,060.56p loan protection insurance.

So im a little confued at the minute because if my calculations are correct (and im no financial genius)

Original loan of £8110.54p
PPI £2362.09p
Intrest 12.23% £457.80p (4 months)
pervious loan £756.92p
Total £11687.35p

Minus 4 payments of £199.66p and 1 payment of £105.66p(£904.30p) will leave a balance of £10,783.05p

£10,783.05p
PPI rebate of £2,060.56p will leave £8722.49p

On my statement they said that they transfered £9,133.17p but iv worked out that it should of been £8722.49p that they transfered.

So now we have a bigger loan than we cannot manage that i believe we should not of been made to have.


so iv a few questions......

should they have forced my wife to take the new loan?
why have they transfered more than Iv worked out?
Could we make a claim on any of my issues?

Thank you in advance for any advice you can give
And im sorry for such a long post
Many thanks

jonesMUFCforever

The advice at the time might have been correct.
To cancel the PPI they might well would have had to cancel the loan and start again.
She could have gone elsewhere if not happy with the rate.

Claim - why not everyone else has done - what's one more claim?

CHR15

So if they had transferred £400 less the loan would have been entirely manageable?

Claim away.