Freedom/PPI

woodymeg

Just another question, when paid a single premium it becomes part of the whole loan. So when you redeem the loan early i know there is a early redemption charge say for instance 6 months interest. Can you claim that interest back off insurance as it would have included the PPI figure as well.;)

marshallka

woodymeg wrote: »

Just another question, when paid a single premium it becomes part of the whole loan. So when you redeem the loan early i know there is a early redemption charge say for instance 6 months interest. Can you claim that interest back off insurance as it would have included the PPI figure as well.;)

If you are claiming misselling and the loan is paid off then yes, you can claim back whatever it actually cost you because of the insurance whether it be the payments made against it and interest (and 8% statutory interest on each one) and then whatever was included in your settlement because of the PPI and interest. How they work this out is they look at how much you would have settled if your loan was without PPI and then look at actually how much you did settle with the loan and PPI and pay over the difference. They then add this to the amount of the repayments that you made against the PPI and also the interest on it. Your 8% statutory interest in the settlement part would be calculated from the date you repaid the loan to todays date also.

Hope this has explained a little.

woodymeg

marshallka wrote: »

If you are claiming misselling and the loan is paid off then yes, you can claim back whatever it actually cost you because of the insurance whether it be the payments made against it and interest (and 8% statutory interest on each one) and then whatever was included in your settlement because of the PPI and interest. How they work this out is they look at how much you would have settled if your loan was without PPI and then look at actually how much you did settle with the loan and PPI and pay over the difference. They then add this to the amount of the repayments that you made against the PPI and also the interest on it. Your 8% statutory interest in the settlement part would be calculated from the date you repaid the loan to todays date also.

Hope this has explained a little.

Yes thankyou it does make it clearer x;)