PPI cancelled

superbabe

have cancelled the PPI i have on my loan with Clydesdale Bank(Yorkshire Bank) they have restructured my loan and i was told i would get a refund of part of the premiums paid (which i really need as my partner has recently lost his job)
a week later and i still have no refund, and the original loan has been settled
I went to the bank today to be told the rebate is deducted from the cost of the new loan, can they do this or should i demand that i get my money back (i wasnt told that it would be deducted from the new loan)

any help appreciated

di3004

superbabe wrote: »

have cancelled the PPI i have on my loan with Clydesdale Bank(Yorkshire Bank) they have restructured my loan and i was told i would get a refund of part of the premiums paid (which i really need as my partner has recently lost his job)
a week later and i still have no refund, and the original loan has been settled
I went to the bank today to be told the rebate is deducted from the cost of the new loan, can they do this or should i demand that i get my money back (i wasnt told that it would be deducted from the new loan)

any help appreciated

Hi there

A rebate is different to that of a refund, a refund is where they actually give you the money and a rebate is for instance, if you settle an account earlier they reduce the balance owed which would be the rebate.

However if you were mis sold the ppi you can make a reclaim for this by completing the questionnaire, you will find this on the link below, remember to keep copies of all you send and receive, in case you need to refer to this at some point, they normally have 8 weeks in full to give a decision, good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

superbabe

can i demand a refund rather than a rebate?

can i still make a reclaim for the ppi even though i've cancelled it?

di3004

superbabe wrote: »

can i demand a refund rather than a rebate?

can i still make a reclaim for the ppi even though i've cancelled it?

Hiya

I think a rebate is all part of the conditions, but what I would do is check the terms and conds of the policy and check what it says, as they can vary from one bank/company to another.

And yes you are able to make a reclaim on the ppi, cancelled or not because you have still paid into the account, so you reclaim what you have already paid and interest, with the reasons you have.;)

marshallka

superbabe wrote: »

can i demand a refund rather than a rebate?

can i still make a reclaim for the ppi even though i've cancelled it?

The only way you can ask for the money to be refunded is if your "rebate" was actually unfair and then you can make an unfair rebate complaint against the insurer. As your loan was settled early you would have had a rebate against the insurance (that is the insurance that you did not use during the loan is paid back at about 78%) so you have not actually paid it out yet so you cannot get a refund of something that you have not paid. Did your new loan also have insurance added?

roonaldo

superbabe wrote: »

have cancelled the PPI i have on my loan with Clydesdale Bank(Yorkshire Bank) they have restructured my loan and i was told i would get a refund of part of the premiums paid (which i really need as my partner has recently lost his job)
a week later and i still have no refund, and the original loan has been settled
I went to the bank today to be told the rebate is deducted from the cost of the new loan, can they do this or should i demand that i get my money back (i wasnt told that it would be deducted from the new loan)

any help appreciated

The PPI was added to the loan in the first place (so its not as if you ever had that money in your pocket anyway). You have now cancelled the PPI so the left over amount is taken back off the loan and loan was restructed. This is correct.

roonaldo

superbabe wrote: »

can i demand a refund rather than a rebate?

can i still make a reclaim for the ppi even though i've cancelled it?

if it was mis-sold.