unfair refund

aberdon

i paid my loan off 2.5 years early and now believe i should have recieved a bigger refund fee.im claiming for missold ppi so should i put both claims in together or seperately?

di3004

aberdon wrote: »

i paid my loan off 2.5 years early and now believe i should have recieved a bigger refund fee.im claiming for missold ppi so should i put both claims in together or seperately?

Hi there

Have you asked them for a written breakdown of the calculations?
If not then write to request them to send you these through the post.

If you have not done so yet, in the letter, you can put this together if you want to.
Good luck.;)

aberdon

i have a bank statement showing how much i recieved but no breakdown.my ppi was added onto my loan with interest added too surely thats not right.i took it out in 2002

di3004

aberdon wrote: »

i have a bank statement showing how much i recieved but no breakdown.my ppi was added onto my loan with interest added too surely thats not right.i took it out in 2002

Ask for them to be sent to you, I am aware that it may have been calculated then by them using the "Rule of 78", their calculations should provide this.
So basically by them working out this way the refund would work out less unfortunately, however for loans taken out I think after 2005 are not worked out by that rule, but loans taken out before on settlement are.
http://forums.moneysavingexpert.com/showthread.html?t=20321

Found this thread here above which may be useful, but ask them to send you them through the post anyway.;)

di3004

Marshallka is cool on working these out, hopefully she will be along soon.;)

aberdon

i had a look at the link and most of it went clean over my head so i hope Marshallkka can help

marshallka

Are you going for the missold PPI? As this was taken out in 2002 you would have to check that whoever sold this to you was regulated at the time or members of the GISC (General Insurance Standards Council) in order to take the complaint to the FOS if needed. Also if you are going for the missold PPI you would get ALL the amounts back so this would actually incorporate the rebate too unless they offer you a goodwill gesture of course which sometimes can be full and final and also considerably less. If you are just going for the rebate compaint then this has to be against the insurer so i was told by the FOS.

From reading your above it seems you were not actually understanding the sale of the PPI and that interest was added onto it for the full term of the loan so maybe the missold is your best route.

Who sold this to you??

aberdon

i am going for missold it was the clydesdale bank who sold it to me.i was told i had to take ppi in order to get the loan.the initial loan was for 14500+5176.50 interest over 7 years and the loan protection was added on (4272 +1525.10 interest) so total repayable was 25513.60.the ppi was 69.01 per month which i paid for 53 payments as i paid it off early.i recieved 593.53 insurance refund :mad:

marshallka

aberdon wrote: »

i am going for missold it was the clydesdale bank who sold it to me.i was told i had to take ppi in order to get the loan.the initial loan was for 14500+5176.50 interest over 7 years and the loan protection was added on (4272 +1525.10 interest) so total repayable was 25513.60.the ppi was 69.01 per month which i paid for 53 payments as i paid it off early.i recieved 593.53 insurance refund :mad:

I would imagine that these were under the juridiction of the Ombudsman at the time of your sale (best to check this with though!!) so I would just go down the route misselling and unfair rebate together and if you win you would get put back into the position as if you never had the PPI in the first place.

aberdon

Thanks thats what ill do.ive typed a letter explaining that im claiming for both.So fingers crossed and ill keep you posted with any other devlopments