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When you obtained the refund of the PPI from your loan, did they restructure the repayments without the PPI premium ?

 

 

 

No I just got a refund. Should they have?

 

 

 

In a word .. Yes...

 

I don't know what the cost of the PPI applied to you loan was. However, if you had taken the loan WITHOUT PPI then the repayments you made each month would have been less.

 

If you had a loan of £18,000 and they added up front PPI of £3,000 = £21,000 and your monthly payments were £350.00 (over 5 years)

 

If that PPI is removed then you should only be paying £300.00 per month and it will still be repaid within the 5 years.

 

When you had the refund and they cancelled the PPI percentage of the monthly payment then it should have been less. If you were paying exactly the same monthly payment then the loan would effectively clear earlier.. or they are still charging you the premium !

 

The rules say.. that you should be put in the position as if the PPI had never been applied. If there had been no PPI then the repayments each month would have been lower.

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1: Making a PPI claim ? - Q & A's and spreadsheets for single premium policy - HERE

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Advice & opinions given by citizenb are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

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  • 1 month later...

Only you know what outcome you want?

 

Go through all of the info looking for info regarding the account, fees and charges added etc, I'm not sure what it is you want to achieve?

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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firstly you need to look at the loan statements.

 

follow link 1 below

and work out what % of your monthly payment was the PPI element

[unless the agreement already tells you the monthly cost?]

 

then you need to put EVERY monthly PPI payment into this spreadsheet. StatIntSheet v101.xls

 

this will tell you the PPI reclaim you should have got

 

also look for any PENALTY charges [fixed sum [£12 etc - late/over/letter/phone call]

 

and put them in this sheet CISheet v101.xls

 

put the LOAN int rate in cell d 15

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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