How can you tell if PPI has been added to the interest of the loan?

liverpool1988

Hi,

Just a quick one how can you tell if PPI has been added to the interest of the loan?

Cheers.

di3004

liverpool1988 wrote: »

Hi,

Just a quick one how can you tell if PPI has been added to the interest of the loan?

Cheers.

Hi there

I'm sure our Marshallka will be able to answer this one for you, she is good at explaining with detail.;)

oldnthrifty

Hi,

The original loan document would normally show you, but do not expect it to be on the front page summary, The PPI docs are discreeted in amongst the documentation.

You can also do a quick calculation on your loan balance, ie a £1000 at 5% interest over 3 years say. If your outstanding balance is higher than the loan plus interest you have probably got PPI.

If in doubt ask your lender for info or ask them to resend copies of your original documentation.

marshallka

liverpool1988 wrote: »

Hi,

Just a quick one how can you tell if PPI has been added to the interest of the loan?

Cheers.

I assume you mean that you want to find out if you had a single premium PPI as this is one that actually incurs interest as its another loan.

If you use the FSA loan calculator and input your details in there and your interest rate etc you can see if you are only actually paying your loan only.

I am sorry, I did not understand your question completely and apologies if this is wrong in my answer.

http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=loan_calculator

liverpool1988

Thanks this helped!