PPI recovery on consolidated loans

[dpb3770]

Hi Everybody, First time poster and very very impressed with all the wealth of knowledge and community spirit that is present on this forum. I have a question that may well lead onto 10000 other questions but in the first instance my question is this :- I have received an offer of redress on PPI from Santander on a loan held with them and then settled early when consolidated via Nationwide. I have read with interest the issues ( and much head scratching ) of rolled over PPI premiums onto consolidated loans and need to know from whom do you claim this ? Santander have offered the correct redress for 43 months of ppi payments including 8% simple interest ( checked using your excel-lent spread-sheets ) but are they or Nationwide (who subsequently settled the loan via consolidation ) liable for the additional ppi payments due back to me. I did try and use the additional spread-sheet on this site ( enclosed ) and I have some figures but phoooooof, my mind was blown and not sure if these are correct. Could anybody shed some light on this please as I have a £5k + offer made by Santander but before I accept as they state full and final settlement I need to know if it is them or Nationwide I should be pursuing for what potentially appears to be a further £1885 of ppi premium + interest ( based on excel calc ) Any advices that can be offered would be greatfully accepted and as a newbie the most basic of advices in "how u would explain to a 3yr old " would be gleefully taken on board I Will be away from my computer for a few hours but will respond to all or any advices received after 6pm .....Kids eh !!!

[di30]

Re: PPI recovery on consolidated loans

Hi and welcome

Will have another go at opening your link now, but I am not the one for the calculation side of it on the PPI really lol, but will have a look anyway.
Right ok will give it a go, if you settled the loan with Santander by taking out a new loan with another bank, then the bank Nationwide loan you had would have cleared the Santander loan in full including PPI.

The Nationwide being a new loan, that would be separate and you would have to pursue Nationwide on the PPI if they also set up and sold you PPI. (Even if is paid off Santander loan).

Let me know if I have mis-understood, thank you.

[dpb3770]

Re: PPI recovery on consolidated loans

Hi and welcome

Will have another go at opening your link now, but I am not the one for the calculation side of it on the PPI really lol, but will have a look anyway.
Right ok will give it a go, if you settled the loan with Santander by taking out a new loan with another bank, then the bank Nationwide loan you had would have cleared the Santander loan in full including PPI.

The Nationwide being a new loan, that would be separate and you would have to pursue Nationwide on the PPI if they also set up and sold you PPI. (Even if is paid off Santander loan).

Let me know if I have mis-understood, thank you.

Hi Di and first let me thank you for replying ...so if I get this right - although Santander have offered redress for the PPI paid under their loan - I need to approach Nationwide for the additional element of the PPI carried over from the Settlement to Santander as well as addressing the issue of Nationwides own application of PPI on their own loan. The question now being how can this be confirmed to them ? Obviously In the loan agreement for Nationwide I can verify the total ( net ) loan amount (and I'm sure they will have records of how much was being paid to Santander to settle the previous loan ) and I can also confirm the level of ppi applied to this loan but how do I justify (as a proportion of the settlement that they paid to Santander ) that XXX of that amount was due to pre existant PPI and therefore due to additional redress. This really sounds confusing but I think I am on the right path ??