Successful Claim but don't understand

chrisgr1962

Hi,
We have just made a successful claim and are getting our PPI returned but the letter says:

You will receive the entire insurance premium, less the rebate you received at settlement plus the interest charged on the premium

First and second (loan paid off) part I understand but not sure what the last part means: "plus the interest charged on the premium"

Any one any ideas?

Thanks

Chris

di3004

chrisgr1962 wrote: »

Hi,
We have just made a successful claim and are getting our PPI returned but the letter says:

You will receive the entire insurance premium, less the rebate you received at settlement plus the interest charged on the premium

First and second (loan paid off) part I understand but not sure what the last part means: "plus the interest charged on the premium"

Any one any ideas?

Thanks

Chris

Hi Chris

First of all well done and Congratulations. :beer::T:beer:

I am not good at explaining in details but sure someone will, but it looks like that all the PPI will be refunded, and the interest that was charged on the full premium of the ppi.
Minus what they have already rebated when settled.
So I imagine you will have a lovely surprise then, well done to you.;):beer:

Di

maxdp

The iterest on the PPI premium i believe.

marshallka

Hi Chris, when you take out a single premium PPI it is actually a loan to pay for the PPI so would incur interest just like your original loan. They will refund the payments made against the PPI (less the rebate) but your repayments made would have been made with interest. They take this into account so that you do not lose out.

Well done.