Nemo loan but PPI sold through broker Bright Finance

[pudsey7]

As my payment amounts haven't reduced from when the loan was originally taken out.

[dx100uk]

not untypical

 

could mean your term of payment will be shorter.

 

are as you should be

getting better than annual statements?

 

dx

[pudsey7]

The original PPI was £3712.50 payable at £33.66 a month.

 

By the time the loan is paid off the amount of PPI payable will be £10,098.00.

 

The amount given in compensation was £5,290.91.

 

All I am looking for is for the interest on the PPI part of the loan to stop but not sure that there is anything I can do?

[dx100uk]

how do you know PPI interest is still being charged?

 

just because you are paying the same amount

just means the loan will end term earlier.

 

why not write to whom you pay and ask why

after the removal / refund/cancellation of PPI

 

if the term is to remain the same why

are you paying the same amount as before PPI was cancelled.

 

dx

[dx100uk]

unless ofcourse the whomever the PPI was with has not told nemo its been cancelled?

 

also this line is a puzzle:

 

When we accepted the cheque we were of the understanding that the loan would be adjusted to stop any future PPI interest

 

who told you this? or you just assumed it?

 

if the PPI ended and you got the moneyback thru the FSCS were nemo aware?

 

in all effect, you 'should' have informed them - did you?

 

 

In order to adjust the loan, given that the lender is a third party,

you might have supposed to have paid part or all of the refund back into the loan account

which would have reduced the balance and hence the interest or alternatively shortened the life of the loan.

 

puzzled

 

dx