fashion

[fashion]

hi everyone I am new to this forum and hoping that some one could help me.
my boyfriend took out a loan in July 2008, Duration of the agreement was 50 months, and Annual Interest rate 14.16. Amount of credit £8,554.00. The opening balance in October was 11,324.64
Installments per mth 235.93and interest 97.00 The closing balance in July 2009 was 9,212.25.
when he took out the agreement he signed a payment protection plan, but was not sure why, hence I think the interest being to high.
He wrote to the Consumer Credit Services this months regarding the high interest rates we have now received a letter from them, saying that based on the information supplied, together with information received from the lender we believe that he does have a claim.
The total claim to be worth appox 1,600 to 2,000 . There is a letter of Engagement that they want him to sign and return regarding their charges.
I am again a little apprehensive in him signing any agreement again, as this got him into this high payment plan in the first place. I believe he owes around 6.000 but not sure.
Can I check that this letter and agreement is official. alternatively am I able to sort this out myself.

[Amethyst]

Re: fashion

First question has to be - who are Consumer Credit Services ? A claims management company by the sounds of it.

Okay - when you say the closing balance - was the loan sent to collectors and he still owes £6000 on it ?

The PPI and interest on it is easy enough to reclaim yourself (without paying someone to do it for you as the regulators are pretty much on your side), the refund will more than likely come off the balance of the loan, and the repayment plan adjusted to suit.

How is it currently being repaid ?