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How much should I get??
TommyAwesome
Posts: 2 Newbie
Hello all, apologies if this has already been discussed - i had a look but couldn't find a thread anywhere...
I have recently claimed for my PPI back, and have been sent a letter from Nationwide today stating I am due around £360. This is for a £5000 loan, which obviously had PPI on, but I beleive I paid it all off within a year or so.
Does £360 sound about right?? It said something along the lines of £190 for the payments, plus interest, plus a few other things as well...
I was expecting around £1000... but does the fact that I paid off the loan in full, early mean I wouldn't have spent that much on PPI??
I have recently claimed for my PPI back, and have been sent a letter from Nationwide today stating I am due around £360. This is for a £5000 loan, which obviously had PPI on, but I beleive I paid it all off within a year or so.
Does £360 sound about right?? It said something along the lines of £190 for the payments, plus interest, plus a few other things as well...
I was expecting around £1000... but does the fact that I paid off the loan in full, early mean I wouldn't have spent that much on PPI??
0
Comments
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Yes, paying off the loan so early would have meant the Bank applied a large rebate to the PPI you would have paid if you had continued the full term of the loan.TommyAwesome wrote: »I was expecting around £1000... but does the fact that I paid off the loan in full, early mean I wouldn't have spent that much on PPI??
You only get back what you actually paid, plus 8% simple interest.0 -
Ah, fair enough, makes sense I guess!! Thanks very much.0
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