Help working this out?

dottyanne

Took out a loan with egg which was defaulted on, reclaimed ppi and got a letter as follows

ppi premium on loan £7222.42
less any ppi premium refund taken off loan £5614.07
refund on interest charged on ppi contractual loan rate £551.26
total refund due £2159.61

now, they say that they have applied the funds to the loan account

the loan is with capquest, will they receive the refund? Can anyone explain how this is worked out?

di3004

dottyanne wrote: »

Took out a loan with egg which was defaulted on, reclaimed ppi and got a letter as follows

ppi premium on loan £7222.42
less any ppi premium refund taken off loan £5614.07
refund on interest charged on ppi contractual loan rate £551.26
total refund due £2159.61

now, they say that they have applied the funds to the loan account

the loan is with capquest, will they receive the refund? Can anyone explain how this is worked out?

Hi there
Wishing you luck with this.

Hopefully someone will come along soon to work this out for you, I am not any good with working with figures....sorry.......:o, just thought I would mention that you can always post this on the above PPI reclaiming discussion thread as well if you want to, maybe Tiggrae will take a look at this for you.

Normally if in arrears etc, they do tend to refund towards this, and anything remaining should be refunded to you.
However, every bank may differ.

Fingers crossed with this.;):beer: