Early loan repayment with PPI advice

basilbrook

Hi all

Hope you can help me.

Basically I've just received a copy credit agreement in relation to Blackhorse secured loan.

The loan was taken out in April 2006 with £5500 PPI (with interest £9000) over 120 months.

I sold the house in June 2006 and the loan was settled with the procedes from the house sale. This means that the loan was only 'active' for 2 months.

Hower what I need advice on is the PPI cover - seeing as the loan was active for only 2 months should I have expected to be re-imbursed for the other 118 months of PPI that was added onto the loan amount initially, or do I make a claim regarding the miss selling aspect.

Any advice appreciated

regards

Steve

di3004

basilbrook wrote: »

Hi all

Hope you can help me.

Basically I've just received a copy credit agreement in relation to Blackhorse secured loan.

The loan was taken out in April 2006 with £5500 PPI (with interest £9000) over 120 months.

I sold the house in June 2006 and the loan was settled with the procedes from the house sale. This means that the loan was only 'active' for 2 months.

Hower what I need advice on is the PPI cover - seeing as the loan was active for only 2 months should I have expected to be re-imbursed for the other 118 months of PPI that was added onto the loan amount initially, or do I make a claim regarding the miss selling aspect.

Any advice appreciated

regards

Steve

Hi Steve

I assume the full balance of the PPI would have been included in the balance settlement, and they may have rebated a little on early settlement, to being the balance down a little lower.

So if mis sold, you should get back the whole lot of PPI, interest, minus any rebate which was used to reduce the loan balance on settlement.

To make a reclaim just complete the reclaim questionnaire on step 3 below, send and make sure you keep copies, good luck on your reclaiming.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

basilbrook

many thanks for that I will keep peeps update

I will have to check the paperwork re PPI rebate when I get home from work.

On a side note I managed to get £330 PPI back from egg by using the template claim form :j:j:j

magpiecottage

Single premium PPI, eh? This is normally upheld by FOS and as it is less than six years since you bought it, there is no ability to timebar (provided you act promptly).