PPI Premium Confusion

Busybell

Hi, can anyone help please?. I had a loan with Midland Bank back in 1999 when I was a graduate for £4,800 over 60 months. I remember being told at the time that I had to take out PPI in order to be accepted for the loan. Clearly now I know that is not the case and I am going to try and claim compensation for this. I have all my old paper work, even my bank statement from that time and I think I have noticed a discrepancy. The amount of the premium without interest was £828.31. This amount was deducted from my bank account on the day my loan was paid in under the description of loan protection. Then the loan was paid in for a total of £5620 - including the premium loan amount and then four days later an amount for £828.31 was deducted again. So it looks like they took payment twice. To add to this it looks like this premium was also added to my monthly repayments. On my loan agreement it states the loan is £96.48 per month with the PPI at £16.48 per month totally £112.96 per month - which is the amount I paid for 5 years. Does it look like I paid my PPI premium twice, once as single premium and then as monthly premiums or have I missed something here? Has anyone else had a similar situation?

-taff

SIngle premium means it was added to the total you borrowed at the start of the loan, then interest was applied, then it was split into your monthly payments, so no, you didn't pay it twice.
As for the payment of 800 odd being taken , are you sure it was definitely taken twice, not taken, then credited?
If you are, you really should have noticed 1600 pounds going missing from your account in one week.

Complain and see what happens.