We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
NRAM Offer - Help Please
Barlind
Posts: 1 Newbie
Hi Everybody, could some body advise please.
I applied for a loan in June 2007 which contained PPI, the capital loan was for £7322.40 including interest, the PPI policy was included in the cost of the loan for £3879.60 including interest. The loan payment was £93.35, broken down £61.02 cash loan and £32.33 on PPI premium the APR was 8.4%.
I paid the loan in full after about a year, NRAM has offered the following:-
PPI Payments Made, inc interest charged on them £307.06
8% Simple Interest £105.14
Total Offer £412.20
I thought they had to pay back in full the actual PPI Policy charged to the loan and the interest, is this correct should i decline the offer?
Any advice would be much appreciated.
I applied for a loan in June 2007 which contained PPI, the capital loan was for £7322.40 including interest, the PPI policy was included in the cost of the loan for £3879.60 including interest. The loan payment was £93.35, broken down £61.02 cash loan and £32.33 on PPI premium the APR was 8.4%.
I paid the loan in full after about a year, NRAM has offered the following:-
PPI Payments Made, inc interest charged on them £307.06
8% Simple Interest £105.14
Total Offer £412.20
I thought they had to pay back in full the actual PPI Policy charged to the loan and the interest, is this correct should i decline the offer?
Any advice would be much appreciated.
0
Comments
-
As you repaid the loan early, the redemption figure at the time would have included a refund on the PPI premium. So, you have already had a part refund in the original settlement. Now you are just getting the difference back plus interest.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 347.8K Banking & Borrowing
- 251.9K Reduce Debt & Boost Income
- 452.2K Spending & Discounts
- 240.2K Work, Benefits & Business
- 616.3K Mortgages, Homes & Bills
- 175.4K Life & Family
- 253.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards