What happens after recieving a PPI refund???? :/

edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
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ConfusedGeordie85ConfusedGeordie85 Forumite
1 Post
Hello!!! Someone please help!!!

I got a letter today telling me that I have won my case to re-claim back PPI on a loan that I am still paying off. However, on the letter it says that my repayments will need to be adjusted as the PPI has now been cancelled on the remaining amount. I'm already paying quite a lot in repayments but does this mean that it's going to go up or down? I'm panicking, as I have just returned to work on reduced hours after having a baby so can't really afford to pay any more on the loan repayment.

What happened to your loan repayments after you'd received a refund????:eek:

Replies

  • McKneffMcKneff Forumite
    38.5K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    As you will no longer be paying PPI, your payments will be lowered.

    If the loan is still on going, as far as I know the amount awarded comes off your loan and you are not refunded this money in cash.
    So the balance on the loan will be less too.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
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