Hi there
I am having a problem with my PPI reclaim on a loan for £5000 made over the phone in November 2005 with halifax and would like some help please.
I made a complaint about my PPI on 26th September 2007 and on 10th December they agreed I was missold on the basis that I had not agreed to the PPI on the loan agreement form, but they had been charging me PPI for the last 2 years, and that they would contact me with an appropriate offer of redress.
The have now told me that I have to take out a new loan and I will not be getting any money back it will just come off the new loan.
the old loan figures were:
Cash loan £5000.00
insurance loan £1622.53
total for cash loan £8056.44
total for insurance loan £2614.08
Total loan £10670.52
repayments £127.03 per month @14.9% APR over 84 months
They sent me 2 new loan agreements apparently they got the figures wrong the 1st time.
The first amended areement was:
cash loan £5000.00
total loan £7144.80
repayments £119.08 per month @ 14.9% over 60 months.
The loan they now say is the right one figures are:
cash loan £3453.00
total cash loan £4934.40
repayments £82.24 per month @14.9% over 60 months
To date I have paid £2794.66 ( 22 months @ £127.03)
I phoned and asked what would happen if I refused the new loan as I want the money back and I was told that if I didnt accept the new loan I would have no chance of claiming it back as they were being reasonable.
My questions are :
1) Do these figures seem right? How do they work it out?
2) Can they refuse to give me any cash back?
3) Do I have to accept the new loan or lose everything?
Thanks for any help