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Hi everybody, received a letter today regardingPPI on 3.loans. they have agreed to 2 but not the third. The loan was taken out in Feb 1998. It was 60 months long. I fell into arrears and it eventually went to default and was passed to another company within the banking group. Confirmed this last week. I am still paying the loan now. Ok the letter says I should have made 60 payments which is correct. The next line says I have made 116 payments which would bring me to Feb 2008 appx. ?? The next line says I paid £642 before the policy was cancelled. Interest is £237. Total ,£880. Now I spoke to the ppi insurance dept they confirmed the policy expired in 2003 which ties in with the original loan time. Next section calculates the amount I would have paid for regular policy £995.42, if I divide this by there 116 payments it's 8.50 which would cover me for about £98 a month but original loan repayments were £227 ?. I'm still paying this loan so when complete I will have repaid all the ppi and it's interest. Original loan was 11367.00 with interest over 60 months. with 1682 ppi and 621 ppi interest. I cannot understand what they mean . I think in 2008 was when it went to default status ? But I am still paying it all back ? Any ideas any one .
many thanks
many thanks
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