PPI and problem with Abbey Loan - HELP!

[suga1982]

After finding out that were able to reclaim PPI against our single premiuim against Abbey we canceled our PPI and was sent a new agreement. Our orginal Loan amount was £10,000. We have been paying £336 a month for our loan, £80 of that was PPI. On the new agreement it said that the Loan amount was now £9816 and interest of £4000. Now the problem we have is that they told us we paid £800 PPI and £400 interest in 10 months! After finguring that we paid £3360 in 10 months that means £2000 has just gone and they wont tell us where! This is really stressing me out and we dont know what to do!

Any ideas please??

We set off our fisrt letter for PPI reclaim today

[hellhasnofury]

Originally Posted by suga1982

After finding out that were able to reclaim PPI against our single premiuim against Abbey we canceled our PPI and was sent a new agreement. Our orginal Loan amount was £10,000. We have been paying £336 a month for our loan, £80 of that was PPI. On the new agreement it said that the Loan amount was now £9816 and interest of £4000. Now the problem we have is that they told us we paid £800 PPI and £400 interest in 10 months! After finguring that we paid £3360 in 10 months that means £2000 has just gone and they wont tell us where! This is really stressing me out and we dont know what to do!

Any ideas please??

We set off our fisrt letter for PPI reclaim today

Hello Suga,

Have you sent a Subject Access Request to them????

Do you have the credit agreement that you had for the original loan.

If you borrowed £10,000, they would then have added the ppi premium to that.
example
Loan £10,000
ppi £2,222
Total of credit £12,222
Interest at ???? £4,444
Total payable £16,666.

So although you only borrowed £10,000 you owe them a lot more.

If then you cancel the ppi, What is left in the Total payable of unpaid ppi and interest, they refund into the balance of the loan, reducing it.

This is maybe why the new loan is starting of reduced, but does not appear to have reduced by the amount you have paid.

Hope you understand this, as I am confusing myself

I would maybe write to them and ask for a breakdown of the previous loan, the ppi and interest rebate, and a breakdown of the new loan.

You are saying that you have sent a letter asking for a refund of ppi, can I ask you what amount are you after.