Cant believe fos ....what do we do now ..need help

[ims21]

Hi

 

You say that you had other loans with BH. Presumably they were prior to this one?

 

If so, did they re-finance each other or were they stand-alone loans which ran their natural course? the reason for asking is that if the loans refinanced each other then you would have rollover PPI where a later loan was probably paying off the PPI from a previous loan.

 

Did this loan we are talking about here re-finance previous loans?

 

As regards restructuring, fos rule say that you would get back the premiums paid and the bank's interest element on those plus 8% statutory interest on them too. For the PPI part of the loan yet to be pad, the bank must restructure the loan as though the PPI was not there and this results in either a reduction in monthly payment leaving the term of the loan the same OR leaving the monthly payment the same and shortening the term.

 

ims

[sugg1]

You say that you had other loans with BH. Presumably they were prior to this one?

Yes

did they re-finance each other or were they stand-alone loans which ran their natural course?

they were re-finance

Did this loan we are talking about here re-finance previous loans?

yes

the bank must restructure the loan as though the PPI was not there and this results in either a reduction in monthly payment leaving the term of the loan the same OR leaving the monthly payment the same and shortening the term.

yes they said they reworked the loan ,but like i say only took off £110 and not £175 amonth

[ims21]

Hi

 

don't worry too much about the restructure at the moment, that will all come out later.

 

What is important is that of the various loans were refinanced by new loans and the older ones had PPI on them, then it is highly likely that you were paying ppi through a later loan which actually related to an earlier one. This is one other way that banks made more money...they refinanced your ppi loan into a new loan and charged interest on it through that new loan, often over a longer period than the original.

 

To do this exercise properly we would need the earlier agreements and details of the payments made on those accounts, i.e. the dates of payment and the amounts. Do you have that information?

 

ims

[sugg1]

Yes will get the paper work together.

What you say about

.they refinanced your ppi loan into a new loan and charged interest[img=http://www.consumeractiongroup.co.uk/forum/autolinker/images/link3.gif] on it through that new loan, often over a longer period than the original.

does sound very much right and with the latest loan we never had a single penny it was all just paper work and reworking a new loan for us and yes all previous loans had PPI on them.

It was BH that phoned us up and said they had a good deal on their interest rate and could save us money ,yea what alot of rubbish.

Hope with your help we can get this sorted.

 

still can`t understand why SCM solictors phoned us out of the blue last week saying BH were concerned we had not claimed the money ,why BH never phoned us i just don`t know ,why get their solictors to phone and why be worried we had not claimed the small amount

[ims21]

Excellent

 

We can then go through it step by step.

 

ims