Posted: Thu Feb 11, 2010 6:38 pm
Hi everyone,
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?
regards,
Sue.
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?
regards,
Sue.