ppi cancellation refund

moneymatters1977

Hi

I recently made a claim against rbs for mis-selling ppi which of course they
wrote back stating that they were unable to uphold.However they did offer me
£750 as a "goodwill gesture without any admission of liability in full and final settlemant of my complaint".I decided to accept this as it wasnt far off what i was claiming.

I then cancelled the ppi but looking at the T&Cs it states that i should be entitled to a proportion of the premiums i paid in.

Does any one know if i should still be entitled to this even though i accepted the £750.The way i see it is that they never upheld my claim and i had to cancel so i should be refunded.Now getting past from pillar to post by the rbs and cant get any answers.

Any advice would be appreciated

marshallka

moneymatters1977 wrote: »

Hi

I recently made a claim against rbs for mis-selling ppi which of course they
wrote back stating that they were unable to uphold.However they did offer me
£750 as a "goodwill gesture without any admission of liability in full and final settlemant of my complaint".I decided to accept this as it wasnt far off what i was claiming.

I then cancelled the ppi but looking at the T&Cs it states that i should be entitled to a proportion of the premiums i paid in.

Does any one know if i should still be entitled to this even though i accepted the £750.The way i see it is that they never upheld my claim and i had to cancel so i should be refunded.Now getting past from pillar to post by the rbs and cant get any answers.

Any advice would be appreciated

I have never seen a t and c's where you are entitled to some back of what you have paid. Usually it says that you can cancel and you get a small rebate of the actual cost of the PPI back. This should actually be a "fair" rebate though. Can you post the wording perhaps??

moneymatters1977

Termination of contract

if YOU cancel YOUR policy after the first thirty days following the COMMENCMENT DATE YOU are required to give the INSURER 30 days written notice.once this notice is given YOU will be entitled to a re fund of part of YOUR insurance premium provided you have not made a successful claim.

Below is a table,which explains what proportion of premium you would recieve as a refund.
60mnth loan 84 month loan

after 12 months 57% 68%
after 24 months 31% 46%
after 36 months 13% 29%

and so forth

i have an incline that they will incorporate the refund into the recalculated
monthly payments.

di3004

moneymatters1977 wrote: »

Termination of contract

if YOU cancel YOUR policy after the first thirty days following the COMMENCMENT DATE YOU are required to give the INSURER 30 days written notice.once this notice is given YOU will be entitled to a re fund of part of YOUR insurance premium provided you have not made a successful claim.

Below is a table,which explains what proportion of premium you would recieve as a refund.
60mnth loan 84 month loan

after 12 months 57% 68%
after 24 months 31% 46%
after 36 months 13% 29%

and so forth

i have an incline that they will incorporate the refund into the recalculated
monthly payments.

Hi there

I'm sure Marshallka will be back to take a look at this for you soon.;)

marshallka

moneymatters1977 wrote: »

Termination of contract

if YOU cancel YOUR policy after the first thirty days following the COMMENCMENT DATE YOU are required to give the INSURER 30 days written notice.once this notice is given YOU will be entitled to a re fund of part of YOUR insurance premium provided you have not made a successful claim.

Below is a table,which explains what proportion of premium you would recieve as a refund.
60mnth loan 84 month loan

after 12 months 57% 68%
after 24 months 31% 46%
after 36 months 13% 29%

and so forth

i have an incline that they will incorporate the refund into the recalculated
monthly payments.

How this would work is that if you cancel then you would get a refund of the cost of the PPI. If the PPI was 5K then you cancelled 12 months after taking this out you would get back between 57% to 68% of the 5K BUT I doubt this refund would include the interest you have been charged on this. The refund would then be classed as incorporating the repayments you have made already.

Your PPI was a single premium I take it. If it is a single premium then the actual cost of this is the premium PLUS interest on top. When you cancel you have actually had use of the PPI up to cancelling and they make a refund back to you of the cost without interest usually. This refund is then taken off the settlement figure but it should be fair to you and if you have the loan still then this is redone over the same terms (treating customers fairly) and the refund taken from it. This is what you would need to know now. Was the amount of the PPI refund fair??