Northern Rock PPI.

[Kamira]

I have recently had the PPI removed from a Northern Rock loan. I called the loan people and they did it over the phone for me followed by the new agreement a couple of days later that I had to sign and send back.
All that happens is that they go through the details again with you and send a new loan agreement (with a new reference number) so that there is no ppi on it. Payments are reduced to reflect that.

I cannot help with the reclaim side though.

[dx100uk]

then they have fiddled you.

fos clearly state that lenders cannot force borrowers to sign a new agreement at different rates/time scale if the cancel/reclaim ppi.

i would check thing VERY carefully, that you are not paying more than what you should be,

the way that it should happen is the lender simply removes the monthly PPI repayment figure from your monthly repayment total.

NOTHING else should change.

dx

[Kamira]

Thanks, the interest rate stays the same, payment date stays the same (I was given the option to change to another day if I had wanted to though), term stays the same.
The only change is to the amount I pay and it has gone down by a few pence more than I had expected it to so I am happy with that - I still double checked the agreement when it arrived though

[dx100uk]

then question must be asked....why did they do it?

dx

[Kamira]

Not 100% sure, but the original agreement had the loan plus the ppi for the total amount of credit, then interest on that so by removing the ppi the agreement would have changed as the total credit and the total interest would both have reduced..

[dx100uk]

erm..
now you are begining to start to think upon how they might have fiddled you.

dx

[maroondevo52]

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