Nram ppi offer

backpacker21

I had a PPI on a loan of £10.000 With Northern Rock long since paid off under early settlement. NRAM contacted us in feb of this year and I claimed and have been told I have won. The offer is for £571.31 broken down this is A) Refund of premiums paid £245.48 + 8% simple interest = £112.19 total refund £357.67 then they have added Early Settlement overpayment £156.24 + £57.40 total early settlement overpayment ££213.64 full total £571.31.

In the offer letter I am told that " I may wish to obtain independant legal advice on the settlement offer or on the content of the Acceptance Declaration." I cant afford to pay for this advice , does any one on here know where I can get the advice for free or am I being greedy, is this the lowest offer and may i be offered more money. People at work have said they have recvd thousands , should i just accept ? thanks

di3004

backpacker21 wrote: »

I had a PPI on a loan of £10.000 With Northern Rock long since paid off under early settlement. NRAM contacted us in feb of this year and I claimed and have been told I have won. The offer is for £571.31 broken down this is A) Refund of premiums paid £245.48 + 8% simple interest = £112.19 total refund £357.67 then they have added Early Settlement overpayment £156.24 + £57.40 total early settlement overpayment ££213.64 full total £571.31.

In the offer letter I am told that " I may wish to obtain independant legal advice on the settlement offer or on the content of the Acceptance Declaration." I cant afford to pay for this advice , does any one on here know where I can get the advice for free or am I being greedy, is this the lowest offer and may i be offered more money. People at work have said they have recvd thousands , should i just accept ? thanks

Hi there

I think that may just be standard procedure of them writing that, but otherwise the CAB (Citizens Advice Bureau) are a free service, and there maybe many more free organisations depending where you live.
So it all depends if your happy or not, or if you want some expert opinion on the calculations.

Please be aware that the refunds will differ to everyone, as it will depend on what you actually paid of the PPI.
What you paid of the ppi yourself is the amount you should be receiving plus the relevant interest.

If the business have not provided you with a detailed breakdown, or if what they sent you - you do not understand it, ask if they can send a more detailed one of what you actually paid of it yourself into the account.
You do not require legal advice for this part of it, just ring them/write to ask for this.

Hope this helps and well done on your offer.:beer:

amersall

backpacker21 wrote: »

I had a PPI on a loan of £10.000 With Northern Rock long since paid off under early settlement. NRAM contacted us in feb of this year and I claimed and have been told I have won. The offer is for £571.31 broken down this is A) Refund of premiums paid £245.48 + 8% simple interest = £112.19 total refund £357.67 then they have added Early Settlement overpayment £156.24 + £57.40 total early settlement overpayment ££213.64 full total £571.31.

In the offer letter I am told that " I may wish to obtain independant legal advice on the settlement offer or on the content of the Acceptance Declaration." I cant afford to pay for this advice , does any one on here know where I can get the advice for free or am I being greedy, is this the lowest offer and may i be offered more money. People at work have said they have recvd thousands , should i just accept ? thanks

You do not need legal advice! they are just letting you know that you can do this if you want to.

How much was the PPI with interest, when did you take this out, what was the term and when was it settled? without this info it will be hard to tell if they have redressed right.