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Hi,

 

Interesting one for you all.... :)

 

A friend had PPI with Barclays (unwanted) some 10 years or so ago. They messed up and after 4 months of payments agreed to cancel the loan and refinance without PPI.

 

He's been successful in getting back the original amount, which isn't high (due to the short period) but is better than nothing, but is he eligible to the cost of the new loan too? Basically the new loan was some 3 or 4% higher and only required because of the PPI mistake. Had they not put PPI on without his permission, he'd not have needed the new loan and would have continued on the old rate.

 

If he is entitled to it (I was under the impression he would be, but this is more complicated than the norm), how would we go about requesting it?

 

Happy New Year

 

Thanks

DD

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What values are we talking here i.e. the amount of the first loan, the amount of PPI on it, the refund achieved and the amount borrowed on the second loan?

 

When the first loan was settled was there any rebate given for PPI, if so how much?

 

You say the new loan was a few % higher than the first...do you mean the interest rate?

 

Some details and figures would be good.


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Ok...

 

Not 100% on these figures, but they'll be close.

 

First Loan £4,000.

 

After 1 payment PPI was noticed and insisted not asked for. Lots of rows at the bank ensued and he got them to agree to cancel the PPI but they forced him to take out a new loan to cover it. 3 payments of about £130 had been made. This was late 2001.

 

New loan was £3900. APR was 3 or 4% higher than the original loan, and they basically said tough - that's what we'll lend you. So his options were continue to pay PPI, or cancel it and have a new stitch up loan.

 

A refund has now been issued for about £240 plus the statutory interest. This amounts to about £400. However, whilst admitting that both loans were part of a financing chain, they've ignored the fact that the new loan "cost" more and was only necessary because of their misselling of the first one. The refund is solely for the difference (notice that they'd taken about £400 in payments, but only reduced the new loan by £100).

 

So what we're trying to understand is if he has a right to the additional cost of loan 2 (basically, the 3 / 4% difference in APR). If they'd not missold PPI (which they've admitted to), he'd not have needed the loan and would have been better off.

 

Thanks for helping :)

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