PPI cancelled can someone help with Jargon

themarques

First and formost many thanks to this website it has been a real inspiration and the month of June has really been good. I got a letter back from Natwest and I am trying to wrap my head around the jargon explained so if anyone can enlighten me before I call them back I will appreciate it.

It is my understanding that you were unaware that you could cancel the policy within the cooling off period, at the time your loan was set up, on 26 March 2003, and it if for this reason that we are able to issue you with a full refund of the premium.

Please be assured that I have contacted your Branch to request that they cancel the policy. This cancellation will generate a partial refund of premium, which will be automatically applied to the loan. Once I have been advised of the amount of this partial refund, I will request a cheque for the difference, between this amount and the full amout of premium paid of £3,614.00, and will forward this cheque to you in due course.

So from what I understand is I took out a loan for 15K and the PPI for the 5 year period was £3614.00, and Natwest will calculate what I have paid of the £3614.00 and refund that by cheque. They will also instruct the Bank to cancell the loan and future payments will no longer have PPI.

I wonder how much I will get back, should be interesting to see. Thanks to everyone again. You all deserver a big round of :T :T :T :T

mleonard79

Hi there,
It sounds to me like you've got it pretty correct. Due to Natwest accepting the PPI was mis-sold you will get a full refund of the premium but they can't work out how much you are due back until the branch calculates how much of the PPI is left to be paid and then cancels that. Sounds like a complete result!! Wish I could get the same deal for mine! As you pay a larger proportion of the PPI at the start of the agreement and your loan has been running for over 3 years I would assume that you should receive a large proportion of that £3614 back in the cheque. Just looking at mine as an example its only been getting paid for 8 months and I've apparently paid £937 of a £2600 premium in that time so over more than 3 years I would expect you've paid most of it already. Should be a nice cheque to receive in the post - enjoy!

Michelle

Old_iron_balls

themarques wrote:

So from what I understand is I took out a loan for 15K and the PPI for the 5 year period was £3614.00, and Natwest will calculate what I have paid of the £3614.00 and refund that by cheque. They will also instruct the Bank to cancell the loan and future payments will no longer have PPI.

sounds about right. well done.
lets hope you get a nice sum to throw at your balances

and dont spend it ! lol :rolleyes:

:beer:

themarques

Thanks for that guys, I am actually now in a position to clear the loan off early with this PPI so thats what I will be doing, phew finally.... Life will be so much better now..Many thanks guys.

Old_iron_balls

themarques wrote:

Thanks for that guys, I am actually now in a position to clear the loan off early with this PPI so thats what I will be doing, phew finally.... Life will be so much better now..Many thanks guys.

exactly what i did with mine
nice feeling.