Welcome Finance Full & Final Settlement

sadiejp

Hi Hope some one can help me today i received a letter from WFSLsaying they are going to offer me settlement of PPI Premium plus interest to the total of 442.14 but also states that they are deducting from this 259.90 for "Early Rebate". Ok so i took out an initial loan then duringthis period asked for a top up which i understand started a new agreement so was therefore theoretically paid off early is this why i have the rebate figure also???

di3004

sadiejp wrote: »

Hi Hope some one can help me today i received a letter from WFSLsaying they are going to offer me settlement of PPI Premium plus interest to the total of 442.14 but also states that they are deducting from this 259.90 for "Early Rebate". Ok so i took out an initial loan then duringthis period asked for a top up which i understand started a new agreement so was therefore theoretically paid off early is this why i have the rebate figure also???

Hi there
Bumping this up for you, I am confused on how they are dealing with this, or why they are deducting that amount, hopefully someone will be along soon with some answers on this one for you, good luck.;)

sadiejp

anyone here help??

Bump

marshallka

sadiejp wrote: »

Hi Hope some one can help me today i received a letter from WFSLsaying they are going to offer me settlement of PPI Premium plus interest to the total of 442.14 but also states that they are deducting from this 259.90 for "Early Rebate". Ok so i took out an initial loan then duringthis period asked for a top up which i understand started a new agreement so was therefore theoretically paid off early is this why i have the rebate figure also???

Hi, the early rebate is the amount of PPI that was rebated when you settled that loan and so therefore this amount was not carried over to your next agreement. When you have a single premium it consists of the premium and interest on the premium. When you settle early you get a small rebate against the premium (without the interest) and this is why they have taken this amount off. You get the interest that would have been due rebated also but much more difficult to work out but it is done via whatever regulations were used in your early settlement.