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i have just been offered a settlement on a PPI claim,its a loan i took out some time ago,and its now settled the loan,my question is i have another loan in arrears with the same company,if i accept there payment will they pay me the ammount or take it off the other loan?
They may well try to apply the PPI settlement to the other loan.
Can you tell us about the offer? Is from the company or from the fos? Is there a provision for some compensation?
Please don't pm me about specific questions unless you have posted and it has not been dealt with or unless the matter is confidential. Please include a link to the post you want me to look at. If you have received a defence, contact me.
Advice & opinions of BankFodder, The Consumer Action Group and The Bank Action Group are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts.
Is it from the fos or direct from the company? How have the calculated the 8%? Is it 8% per year or have they merely awarded a straight refund plus 8%?
Please don't pm me about specific questions unless you have posted and it has not been dealt with or unless the matter is confidential. Please include a link to the post you want me to look at. If you have received a defence, contact me.
Advice & opinions of BankFodder, The Consumer Action Group and The Bank Action Group are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts.
Well that isn't a straight 8% added on. It's better than that so it must take into account the amount of time that they have had the money.
Can you tell me a bit about the history of the two loans?
The settled loan was taken out when and settled when?
When was the new loan taken out?
What I am getting at is, that you may have anrgument to say that had you not been missold the PPI, that you would not have needed the second loan or that you would not have gone into arears on it - and in any event if they were holding your PPI premiums because of misselling, that it is unfair that they are able to hold your money so that at the same time you are obliged to borrow money at a much higher rate of interest that that they are proposing to return to you now.
This is grossly unfair.
Do you understand what I am saying and does the logic of the position appeal to you so that maybe you would like to stand your graound and argue for a much improved settlement?
Please don't pm me about specific questions unless you have posted and it has not been dealt with or unless the matter is confidential. Please include a link to the post you want me to look at. If you have received a defence, contact me.
Advice & opinions of BankFodder, The Consumer Action Group and The Bank Action Group are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts.
i dont think im clever enough to do what you are saying,i understand your reasoning and your right,but it would take someone a lot cleverer than me to do it
In view of the fact that you went on to borrow money when you could have avoided the loan or else borrowed less.
Or, alternatively had you not lost the PPI you might not have been in arrears on the currect loan, it seems very unfair if they make all of their interest, sell you loands, and then carry on their debt collection activities against you when for quite some time it was they who owed you money.
I don't think that it would hurt you to say that you require that the refunds are paid to you now but the issue of the payment of interest has to be discussed and if necessary sent to the Ombudsman.
It is very straightforward. You would have to be prepared to be reslient but otherwise there would be no great difficulty at least making the case
Please don't pm me about specific questions unless you have posted and it has not been dealt with or unless the matter is confidential. Please include a link to the post you want me to look at. If you have received a defence, contact me.
Advice & opinions of BankFodder, The Consumer Action Group and The Bank Action Group are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts.
I think that you have to decide how badly you need all of the money now and whether you think that you can get on with an extra delay.
Frankly, if they are going to apply the money to another loan then you have nothing at all to lose
Please don't pm me about specific questions unless you have posted and it has not been dealt with or unless the matter is confidential. Please include a link to the post you want me to look at. If you have received a defence, contact me.
Advice & opinions of BankFodder, The Consumer Action Group and The Bank Action Group are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts.
Please don't pm me about specific questions unless you have posted and it has not been dealt with or unless the matter is confidential. Please include a link to the post you want me to look at. If you have received a defence, contact me.
Advice & opinions of BankFodder, The Consumer Action Group and The Bank Action Group are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts.
accepting offer
claim,its a loan i took out some time ago,and its now settled the loan,my question is i have another loan in arrears with the same company,if i accept there payment will they pay me the ammount or take it off the other loan?
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