PPI Offer Help

starfish77

Hi There, I am wondering if anyone can help me understand my ppi offer. I had 2 loans from egg which have now been settled. I received my offer letter this morning and this is what it says

Total PPI premiums which you have paid (a) £1207.45
Plus interest on premiums paid (b) £148.72
Plus 8% interest (c) £139.75

Subtotal £1495.92
less any previous rebate paid (d) £1037.75

Total amount of compensation £458.17

What I don't understand is firstly I don't remember ever receiving a rebate and If I had why was it 1037.75 (random amount) and not the full £1207.45 that they are claiming I paid and secondly they have stated for amount (d) "this is a previous reabte paid to your loan as a result of your PPI being cancelled (which is where the above question come from) or would have been included as part of the settlement figure on early clousure of your account"

Why would they pay you back the PPI amounts that you have paid if you settle your loan early?

Sorry really don't understand, hope someone can help!

Totallyskint

The total ppi premiums you have paid is the amount that was "front loaded" If you settled early then a proportion of them would have been taken off the settlement figure if that makes sense. It could also be if you have made a PPI claim (against the policy not a missell)

bbfc

I received a settlement letter from Egg today and had a the same 'any rebate paid'. This is because I cancelled the PPI policy before the loan was paid off.