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HBoS consolidated loan


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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

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