NRAM PPI refund offer for Bronze level cover

Lou_1234

I'm hoping to get some advice from someone who's been successfully refunded PPI from NRAM/Northern Rock, specifically for their 'Bronze' level cover which I was mis-sold under the impression that it was compulsory to have in order to take out the loan. The refund offer I got was for £266.26 (with the 8% interest the total's £372.63), which is just over 3% of the total loan I took out of £8500.

This seems to be quite a bit less than other people have been getting back. As you might imagine, the bronze cover was the cheapest of three options so I wasn't expecting a huge amount refunded, but I seem to be regularly seeing people claim thousands back on loans not much bigger than this. Or am I just being greedy??

Is there anyone else out there who can remember taking the bronze level cover with Northern Rock? What kind of refund did they offer you based on your total loan amount?

Thanks
Lou

[Deleted User]

Lou_1234 wrote: »

What kind of refund did they offer you based on your total loan amount?

Your refund is not based on your loan amount, but on the PPI you actually paid.
Full redress is a refund of the PPI policy plus 8% simple interest.

Did you actually pay this loan to term end? If not, you would have had a rebate on the PPI applied as part of your early settlement

di3004

Hi there

Did they provide you with a full breakdown?

Did you settle the account early or is it still active?

Usually on settled accounts, you get back what you actually paid of the PPI, plus the relevant interest.
If you settled early, then you would not have used the full amount of PPI. As they come to a early settlement figure.

But if you did pay and go all the way with the loan, the full amount applies and interest.

di3004

Moneyineptitude wrote: »

Your refund is not based on your loan amount, but on the PPI you actually paid.
Full redress is a refund of the PPI policy plus 8% simple interest.

Did you actually pay this loan to term end? If not, you would have had a rebate on the PPI applied as part of your early settlement

lol soz I must have still been posting when you had already posted lol.:D

[Deleted User]

di3004 wrote: »

lol soz I must have still been posting when you had already posted lol.:D

You need a faster internet connection (or fingers)!:p

di3004

Moneyineptitude wrote: »

You need a faster internet connection (or fingers)!:p

lol yeah you are so right, it's gone terrible......:o a new set of fingers would be nice too.

Lou_1234

Thanks for your replies.

I paid the loan off in full about 3 years ago, but unfortunately I haven't kept any records (I don't even remember getting any statements anyway) and am not sure if I paid it off early or not. Bascially the story is...not long after taking the loan things got a bit difficult and I started a debt management plan with the CCCS. After about a year though, I got a better paid job and managed to up my payments quite a lot, so I though I had settled the loan early, even if not in one lump sum.

Anyway, on the breakdown they've given me, there is space for 'early settlement overpayment' and this is listed as zero. Maybe it could be that the increased payments at the end of the loan were balanced out by the reduced payments at the beginning of my debt management plan?

I might just accept it, after all I did choose the cheapest level of cover so it's probably a fair offer.

[Deleted User]

Lou_1234 wrote: »

I might just accept it, after all I did choose the cheapest level of cover so it's probably a fair offer.

I don't think you're in any position to bargain here. Accept the (full) offer.

Lou_1234

Moneyineptitude wrote: »

I don't think you're in any position to bargain here. Accept the (full) offer.

Thanks, that's just what I've done this morning!