Ive been had with PPI protection

[emmamunchkin]

Please can anyone make me understand what has gone on.
I recently got compensation back from my PPI protection of a loan I got from my bank I got just over �4000 I had to pay a company �1051 because they helped me get it which i didnt mind, I paid �178 a month for my loan and now pay �151 because they said I had to reconstruct my loan, my total loan left to pay was just over �3000 but now the bank has only given me a little over �1000 compensation rather than the �4000 as I expected and what i signed for in an acceptance form. Have I been had by the bank, I m not sure what they have done im clueless the only think i can think of what may of happened is because they have reduced my monthly loan payment they took most of my compensation of that???..All in all because of the loan comp they give me and the money i had to give the company i have come worse out i now have a loan that is unprotected and �166....what can i do

[factor-fiction]

You need to ask the bank to explain. Also as you've paid so much to the company who helped your claim, you could ask them to explain, but I doubt they'll be interested now that they've fleeced you.

[noahboy]

You must ask the bank. It seems to me like you've been had like many others who use companies to reclaim their PPI payments....they make it sound like a good deal but all they often do is keep most of the money themselves. Banks being banks don't like giving refunds and will come up with excuses why you need to reschedule your loans as a means of keeping money.

Ask them again. You shouldn't be that much worse off! PPI can be useful and doesn't cost much if you go to an independent broker. NEVER use a bank/loan comapny's PPI...they are way too expensive. Try www.bgpltd.com