Help Please received acceptance offer - don't understand it

aileenf_2

Hi Guys

Today I have received a letter from Nationwide to say that they have upheld my complaint on:

Optional Creditcare: £1,196.63
Total amount payable: £1,362.24
Monthly Repayment: £28.38 over 4 years @ 6.70%

However I do not understand their calculation of the offer:

They are offering my a refund of the loancare premium and interest I paid on my premium. £1,362.24 less £767.17 for the insurance rebate already paid to me.
meaning net offer is £595.07 interest at the statutory rate of 8% per year simple (to be calculated upon receipt of the Acceptance and paid for a maximum period of 28 days from the date of this letter) wll be added to each loancare premium paid.

I have't a clue what they are actually offering me (I have never received a rebiate of £767.17). Loan was paid in full in 2010.

Can someone please let me know what they are offering me? Should I accept?

Thanks

dilus

aileenf wrote: »

Hi Guys

Today I have received a letter from Nationwide to say that they have upheld my complaint on:

Optional Creditcare: £1,196.63
Total amount payable: £1,362.24
Monthly Repayment: £28.38 over 4 years @ 6.70%

However I do not understand their calculation of the offer:

They are offering my a refund of the loancare premium and interest I paid on my premium. £1,362.24 less £767.17 for the insurance rebate already paid to me.
meaning net offer is £595.07 interest at the statutory rate of 8% per year simple (to be calculated upon receipt of the Acceptance and paid for a maximum period of 28 days from the date of this letter) wll be added to each loancare premium paid.

I have't a clue what they are actually offering me (I have never received a rebiate of £767.17). Loan was paid in full in 2010.

Can someone please let me know what they are offering me? Should I accept?

Thanks

Did this loan re finance a previous one? If it did you would have received a rebate at that time.

aileenf_2

Hi

I paid one off early and then took out a new one.

Thanks

dilus

aileenf wrote: »

Hi

I paid one off early and then took out a new one.

Thanks

If they were two totally separate loans I would query it before accepting

amersall

They are offering my a refund of the loancare premium and interest I paid on my premium. £1,362.24 less £767.17 for the insurance rebate already paid to me.

Did this loan go to term,or was it settled early?,if it was settled early then they will have given you a rebate for this.

marshallka

Hi, as Amersall says if it was paid off early you would have received the rebate against the settlement and although not money in your pocket it would have been deducted from the balance left to pay.

aileenf_2

Hi Folks

Just a quick note to let you all know that I received my compensation payment from Nationwide last week.

Just waiting on the second one now.

Thanks to everyone for their help.

aileenf wrote: »

Hi Guys

Today I have received a letter from Nationwide to say that they have upheld my complaint on:

Optional Creditcare: £1,196.63
Total amount payable: £1,362.24
Monthly Repayment: £28.38 over 4 years @ 6.70%

However I do not understand their calculation of the offer:

They are offering my a refund of the loancare premium and interest I paid on my premium. £1,362.24 less £767.17 for the insurance rebate already paid to me.
meaning net offer is £595.07 interest at the statutory rate of 8% per year simple (to be calculated upon receipt of the Acceptance and paid for a maximum period of 28 days from the date of this letter) wll be added to each loancare premium paid.

I have't a clue what they are actually offering me (I have never received a rebiate of £767.17). Loan was paid in full in 2010.

Can someone please let me know what they are offering me? Should I accept?

Thanks

[Deleted User]

Well done and thanks for taking the time to update us all, it's appreciated.