How long for PPI refund?

AngryDog

Hi,

I am still waiting for my PPI refund from NRAM. They received my letter of acceptance on May 31st, and their letter states that I should be refunded usually within 28 days.

I've just spoken with them and they have said it is likely to take a further 2 weeks for the refund to be issued.

What is an acceptable amount of time for the refund to be actioned?

Also, what are the chances of my getting the PPI money back as I am currently paying a reduced amount to them on a monthly basis? I have given them my bank details as per their request for the refund. If they decide to keep the money to pay off towards my debt, what happens about the 8% interest they've paid me? I wouldnt obviously receive this so where would I stand with the Inland Revenue should they want some?

Thank you.

marshallka

If you are in arrears then sometimes they can actually make the refund against your arrears and give you the rest. If it is upheld for being missold then you should get all the PPI back and 8% statutory interest. It may be that the interest is taxable??

AngryDog

Its been upheld and a refund promised to me, but I'm concerned that they're going to hold it and use it to pay my arrears. I was going to spread the money around all of my creditors and hopefully get some paid off.

If they do decide to keep the money, and the Inland Revenue come after me for their share of the 8% interest, what do I do? As technically I never actually received it?

Thanks.

the_knitting_drummer

AngryDog wrote: »

Its been upheld and a refund promised to me, but I'm concerned that they're going to hold it and use it to pay my arrears. I was going to spread the money around all of my creditors and hopefully get some paid off.

If they do decide to keep the money, and the Inland Revenue come after me for their share of the 8% interest, what do I do? As technically I never actually received it?

Thanks.

They should use your refund to bring you up date with your arrears on this account, and refund anything left over directly to you.

The 8% interest should be paid to you directly, regardless of arrears. That way the Inland Revenue can get their knitted mits on it easily.

AngryDog

Just to add, when they sent my letter to confirm they would refund me the ppi, they stated what my new monthly payments would be and what the terms are. Does this mean that they've "re-started" my loan and moved it away from their internal DCA?

I've had no contact from them or their DCA to say who is now effectively in control of my loan?

Is it worth my calling them to ask who has control of my loan now?

I am somewhat concerned and confused.

Thanks.

AngryDog

The final paragraph reads;

"When we receive the signed Acceptance Declaration, we will issue the refund to the nominated bank details as specified on the Acceptance Declaration, usually within 28 days."

Earlier in the letter it states;

"Your new contractual payment will be £xxx over the remaining tem of 80 months.". This suggests that they've restarted the loan and I have no arrears?

Its quite confusing.

Thanks.

AngryDog

Well I decided to speak to NRAM.

Because I stated my account details and that I wanted the payment to come to me, it will only come to me. It will not go to their DCA so I should receive it all.

the_knitting_drummer

AngryDog wrote: »

Well I decided to speak to NRAM.

Because I stated my account details and that I wanted the payment to come to me, it will only come to me. It will not go to their DCA so I should receive it all.

Excellent result!

Regarding your question about setting up a new agreement, you are taking out a new loan without PPI, to replace your current loan that has PPI. This is because your PPI is single-premium, and is so that you don't pay PPI in the future. It's basically how Northern Rock roll.

AngryDog

the_knitting_drummer wrote: »

Excellent result!

Regarding your question about setting up a new agreement, you are taking out a new loan without PPI, to replace your current loan that has PPI. This is because your PPI is single-premium, and is so that you don't pay PPI in the future. It's basically how Northern Rock roll.

thanks I think I'm right anyway - I cant see myself ticking the "pay off my loan" box thats for sure!

Ah right, so even though its with their DCA (AIC), does that affect anything?

Its all still confusing lol. I'm just going to try and forget about it and wait for the next 2 weeks to pass before looking into it again.

AngryDog

I suppose that I could always ring them and ask them which option I selected? I stupidly didnt take a photo copy of the acceptance letter....... grrrr.

amersall

AngryDog wrote: »

Well I decided to speak to NRAM.

Because I stated my account details and that I wanted the payment to come to me, it will only come to me. It will not go to their DCA so I should receive it all.

Hi there, i won with Northern Rock,18 months ago.
I was paying reduced payments and they gave me the refund into my bank account, i was still able to continue with the reduced payments as well.
First class service in my book.