I think I was mis-sold PPI on a secure loan I took out before I went though my AVI, my IVA was paid off early by using the lump sum we got back on the PPI as part of the deal.
Anyhow, after the IVA finished I contacted the loan company to check out the remaining balance and was shocked to see it was still about the same as when I took the loan out. I was told so far all I've been paying is the interest on the PPI cost that was added to the loan at the start and now the cash back has been completed I will actually start paying the loan off.
To say I was not chuffed is an understatement, so I started a complaint with them. I've just received a letter saying they are willing to come to an agreement... they are offering a refund of the insurance premium plus any interest, paid to be applied to the account as full and final settlement. Ok so I take it they are not going to pay out the insurance payment again as I had this already to pay the IVA off. So I take it it will be just a pay back of any interest incurred over the time of the loan on the PPI ?
They have given me a letter to sign saying I accept the offer as full and final settlement for the complaint, but haven't actually given a cash total. Should I just sign or phone up and ask exactly how much the offer is first?
Ah, just noticed the * and what it says. It says total repaid to be calculated on recept of signed letter. So it could be that I sign, they say it's £10 to be repaid and that's it. Because i've signed that's an end to it, I've signed to accept what ever they decide to pay back. Could be quite a bit or it could be nothing much, i dont get to know until i send the letter and let them off the hook. [:(!]
I have a very similar situation. Were you not required to pay the PPI pay out into your IVA as a windfall as opposed to using it as a F&F Settlement. Also who was your loan with. It was'nt Barclays by any chance was it as that is who I am about to make a claim against.
The loan is with First Plus, I did think at one point the sum would be taken as a windfall, but after a bit of a sob story DebtFree took it as Full and Final. Think i was very lucky!
Well done Merlin - I think you were lucky as well!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
