Single Premium PPI

Diddles1978

Hi

Would a refund on single premium PPI which also was advanced??? at the start of the loan be worked out differently to any other PPI refunds?

Thanxs

marshallka

Diddles1978 wrote: »

Hi

Would a refund on single premium PPI which also was advanced??? at the start of the loan be worked out differently to any other PPI refunds?

Thanxs

Hi, if you mean by "advanced" money loaned to pay for the PPI then this is how ALL single premiums PPI's are and the redressing is done the same. You would always be put back into the position as if you never had the PPI if you won misselling.

If this does not answer your query I am sorry but did not understand???

di3004

Hi there

Do you mean as Marshallka as said?

I take it you mean the loan PPI upfront on the loan?
For example that only protect say for 5 years on a loan for say 10 years plus.

And with something like a bankloan they cover for the life of the loan, is that it?;)

amersall

:D Come on ladies :A get your act together:rotfl::rotfl:

marshallka

Advanced usually means "loan" so my thinking was the loan advance to pay the PPI over to the insurer (hence SINGLE premium!!!!):p

Diddles1978

Thank you, Lloyds are going to put me back if I had not taken out PPI on my loans. I was charged £3600 single premium and was forced to re-fiance the loan 1 year later and was charged another £4100 single premium PPI.

Will the refund be for both amounts and 8% for every year?

di3004

I'm really not with it tonight, a right din in my house.........:eek::o:D.

amersall

Diddles1978 wrote: »

Thank you, Lloyds are going to put me back if I had not taken out PPI on my loans. I was charged £3600 single premium and was forced to re-fiance the loan 1 year later and was charged another £4100 single premium PPI.

Will the refund be for both amounts and 8% for every year?

Hi there, you get the monthly ppi you paid to the end of the first loan, so if you paid 12 months and your ppi was say £50 you would get £50 x 12 back with interest. You would have had a rebate for that ppi (not a lot) that they will take off your refund.If the 2nd loan is settled you get all the ppi back with interest less any rebate for ppi they gave when you settled this loan.If the 2nd loan is still running the ppi monthly payment you get back x the number of months you paid this, the loan will be reset without ppi and over the same term and apr.If lloyds have said they will pay the 8% then you can work this out with the bank charges calculator. Put in the ppi amount and the month and year you started this to the day you finished and it will total this for you as you go along, do the same for both ppi loans and that is what the 8% is.

http://www.moneysavingexpert.com/reclaim/bank-charges#calc

amersall

amersall wrote: »

Hi there, you get the monthly ppi you paid to the end of the first loan, so if you paid 12 months and your ppi was say £50 you would get £50 x 12 back with interest. You would have had a rebate for that ppi (not a lot) that they will take off your refund.If the 2nd loan is settled you get all the ppi back with interest less any rebate for ppi they gave when you settled this loan.If the 2nd loan is still running the ppi monthly payment you get back x the number of months you paid this, the loan will be reset without ppi and over the same term and apr.If lloyds have said they will pay the 8% then you can work this out with the bank charges calculator. Put in the ppi amount and the month and year you started this to the day you finished and it will total this for you as you go along, do the same for both ppi loans and that is what the 8% is.

http://www.moneysavingexpert.com/reclaim/bank-charges#calc

:j:j:j cant believe i beat jack flash :A there must be an awful lot of noise at your place :eek:

marshallka

I am just not with it and there is not a lot of noise in my house so no excuse. I did not understand but looking back at the post now!!!! Why was it not so obvious???? LOL

amersall

marshallka wrote: »

I am just not with it and there is not a lot of noise in my house so no excuse. I did not understand but looking back at the post now!!!! Why was it not so obvious???? LOL

Awe bless :Di know when you are getting on a little bit like me and di you get lapses of concentration :eek: