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ppi/rate cuts first plus


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i`ve got a loan with this outfit , i phoned yesterday asking about the rate cuts and got fobbed off . i also enquired about the ppi , i took a £25k loan out 2 years ago and the ppi was £7k . i wrote to them 3 months ago to cancel i got the letter back saying they would reduce my payments by £11 per month on the agreement the ppi is £75 a month . so i never cancelled they also said they would refund me £1000 to be credited to my loan ,,, any advice please it would be gratefull :-)

 

what should i do to get the ball rolling thanks all in advance:)

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i`ve got a loan with this outfit , i phoned yesterday asking about the rate cuts and got fobbed off . i also enquired about the ppi , i took a £25k loan out 2 years ago and the ppi was £7k . i wrote to them 3 months ago to cancel i got the letter back saying they would reduce my payments by £11 per month on the agreement the ppi is £75 a month . so i never cancelled they also said they would refund me £1000 to be credited to my loan ,,, any advice please it would be gratefull :-)

 

what should i do to get the ball rolling thanks all in advance:)

 

Hello Gibby,

 

Welcome to the forum:D

 

Well they have made a nice £6,000 profit of this loan.:mad: and probably more

 

You have stated that the loan that you took out was for £25,000 and the ppi was £7,000.

 

Do you have the correct figures from your credit agreement please.

 

The amount borrowed

Ppi premium

Total payable

Interest rate

term of loan

Payments per month

 

Lets see if we can help you on this one:-D

 

Do you have a copy of your credit agreement

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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hi thanks for your help

 

£25000 borrowed

£6149 ppi premium

£45000 total payable approx

8.4% variable

120 months term

£384 per month

 

i`ll have a look for the agreement tomorrow im sure i still have it ,,,, thanks again

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hi thanks for your help

 

£25000 borrowed

£6149 ppi premium

£45000 total payable approx

8.4% variable

120 months term

£384 per month

 

i`ll have a look for the agreement tomorrow im sure i still have it ,,,, thanks again

 

Hello Gibby,

 

Just a few simple calculations for clarification

 

120 months X £384 = £46,080 total payable

 

Loan amount £25,000 plus premin of £6,149 = £31,149

 

Therefore the interest applied was £14,931,

 

I will have a bash at working out how much interest they applied to the ppi, so you know roughly what you are looking for:grin:

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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