Hi all Can anyone confirm that a consolidated loan is just another form of deception. My girlfriend had 2 loans with the Halifax, both had PPI, and then decided, with Halifaxs help to join them adding more money to make a new loan, with new PPI and interest charged on this new loan. Example. Loan 1 £2000 plus PPI & int = £3000 After 6 months owe £1500 Loan 2 £1500 plus PPI & int = £2250 After 6 months owe £1125 2 loans get consolidated £2625 with £1 to make a new loan of £2626. This then gets a new PPI and interest charged on top.!! This cannot be right as the extra £1 has added more PPI and interest, meaning the loan goes back to the original amount. Can anyone shed any light on this as the figures are more than quoted here. Thankyou

thanks hhnf for your reply. She asked for some insurance unfortunately, but wasnt offered an alternative company. Thats what makes it so galling.(?) £12000 on top of the cash loan of £19000 just seems so unfair, especially as i know now , of other brokers. I know theyre in the business to make money but surely there must be some sort of duty of care. I know that sounds like bs. Am i right in thinking you have no recourse if you say to the ombudsman , i wasnt told of cheaper alternatives?Just seems like a con.! An unbelievably expensive one to the more vulnerable people. Ive learnt a lot these last few months and im so grateful to have stumbled over you and others here on this site. As press reports show, PPI is the most profitable thing the banks have.It is unbelievable the more you delve into it.

Dear all, could i have a case by saying that, in the case of my girlfriend, she was not advised that there are cheaper PPIs out there.Her one costing £ 8500 plus interest of £4000, on a £19000 loan.

Dear all can anyone help regarding loans and ppi . My girlfriend has ended up with a loan of £19050.00 over 7 years , paying back a total of £40545.12! She originally had 2 loans loan 1 £11000.00 8.9% 1.4.2004 ppi £2855.99 £13855.00 Int £4895.00 Tot £18751.32 84 x 223.23 from 1.7.2004 (£6250.44 - 28 x 223.23 payments made till 16.11.2006) Loan 2 £5300.00 10.9% 12.1.2005 ppi £1062.09 £6362.09 Int £1582.39 Tot £7944.48 48 x 165.51 from 12.4.2005 (£2979.18 - 18 x 165.51 payments made till 16.11.2006) When she saw the Halifax in Nov 2006 she asked for help regarding these 2 loans and some other debt including her Halifax credit card.They said they could lend her a new loan of £19050. Loan 1 £9492.76 (this was left on the loan ) £771.58 PPI refund £8721.18 Loan 2 £4029.26 (this was left on the loan) £194.54 PPI refund £3834.72 Loans 1 and 2 after fefund £ 12555.90 Halifax credit card £ 2401.13 Extra money £ 4092.97 £ 19050.00 PPI £ 8572.51 + interest on ppi of £4010.69! Interest on £19050 of £8911.92 Total £ 40545.12 86 payments of £482.68 I cant see how they can be allowed to take 2, insured seperately, loans, add more money to make a new one, then subject this total to combined ppi and interest, albeit after a refund on ppi. If shed been sold a seperate loan then i think there wouldnt have been such a massive total to pay off at the end. Loan 1 down to .......£9492.76 Inc PPI Nov 2006 Loan 2 down to........£4029.26 Inc PPI Nov 2006 Loan 3 (example) £5527.98 Inc PPI Total £19050.00 Example Loan 3 £5527.98 10.9% PPI £1100.00 £6627.98 Interest £1600.00 Total £8227.98 48 x £171.42 Payments left on the now 3 loans would be; Loan 1 ; 56 payments of £223.23 left . £12500.00 Loan 2 ; 30 payments of £165.51 left . £4965.00 Loan 3 ; 48 payments of £171.42 left . £8227.98 Total £25692.98 Instead of £40000.00 Her payments would be ; £560.16per month for the first 30 months £394.65 per month for the following 18 months £223.23 per month for the final 8 months. Ive written to the ombudsman about this who says that the Halifax did this to lower her monthly ougoings .The new loan would be cheaper for the first 30 months as it would be £482.68. But this would go on for a total of 86 months!Theres a £15000.00 difference in the 2 loans final payments. I think thats worth fighting for. Hope this hasnt been TOO boring. Thanks

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Dear all can anyone help regarding loans and ppi . My girlfriend has ended up with a loan of £19050.00 over 7 years , paying back a total of £40545.12! She originally had 2 loans loan 1 £11000.00 8.9% 1.4.2004 ppi £2855.99 £13855.00 Int £4895.00 Tot £18751.32 84 x 223.23 from 1.7.2004 (£6250.44 - 28 x 223.23 payments made till 16.11.2006) Loan 2 £5300.00 10.9% 12.1.2005 ppi £1062.09 £6362.09 Int £1582.39 Tot £7944.48 48 x 165.51 from 12.4.2005 (£2979.18 - 18 x 165.51 payments made till 16.11.2006) When she saw the Halifax in Nov 2006 she asked for help regarding these 2 loans and some other debt including her Halifax credit card.They said they could lend her a new loan of £19050. Loan 1 £9492.76 (this was left on the loan ) £771.58 PPI refund £8721.18 Loan 2 £4029.26 (this was left on the loan) £194.54 PPI refund £3834.72 Loans 1 and 2 after fefund £ 12555.90 Halifax credit card £ 2401.13 Extra money £ 4092.97 £ 19050.00 PPI £ 8572.51 + interest on the PPI of £4010.69! Interest on the £19050.00 of £8911.92 Total £ 40545.12 86 payments of £482.68 I cant see how they can be allowed to take 2, insured seperately, loans, add more money to make a new one, then subject this total to combined ppi and interest, albeit after a refund on ppi. If shed been sold a seperate loan then i think there wouldnt have been such a massive total to pay off at the end. Loan 1 down to .......£9492.76 Inc PPI Nov 2006 Loan 2 down to........£4029.26 Inc PPI Nov 2006 Loan 3 (example) £5527.98 Inc PPI Total £19050.00 Example Loan 3 £5527.98 10.9% PPI £1100.00 £6627.98 Interest £1600.00 Total £8227.98 48 x £171.42 Payments left on the now 3 loans would be; Loan 1 ; 56 payments of £223.23 left . £12500.00 Loan 2 ; 30 payments of £165.51 left . £4965.00 Loan 3 ; 48 payments of £171.42 left . £8227.98 Total £25692.98 Instead of £40000.00 Her payments would be ; £560.16per month for the first 30 months £394.65 per month for the following 18 months £223.23 per month for the final 8 months. Ive written to the ombudsman about this who says that the Halifax did this to lower her monthly ougoings .The new loan would be cheaper for the first 30 months as it would be £482.68. But this would go on for a total of 86 months!Theres a £15000.00 difference in the 2 loans final payments. I think thats worth fighting for. Hope this hasnt been TOO boring. Thanks

Hi all, ive just stumbled on this site and ive been going through hell exactly as some of you people have for the last 10 months regarding a friends loan and the criminal way they consolidate them and make massive debt s for people.I will try and read more at the weekend. You people are a great inspiration to make me carry on.Ive been dealing with the ombudsman since february and it took 7 months for them to get info out of the Halifax.!Keep going.