PPI LLoyds Loan

areed78

Hope someone can help.

I repaid a LLoyds tsb loan back in 2007 on the "payoff statement"

It details in there insurance rebate due = £380 , which was subtracted from my final balance owed.

Does this mean I have already been refunded the PPI on settlement of the loan ?

Or have I paid it all upfront (confused how I could of)

dunstonh

When you repay a loan early, part of the PPI premium is rebated as part of the loan redemption. Not all if it. An amount that is relatively pro-rata for the period.

areed78

Thanks.

Still not sure how I would get a rebate

I.E if I am paying PPI monthly then at any point I cancel / repay early my PPI payment would be upto date. So would owe zero and Lloyds would owe myself zero ?

Unless I am paying somehow in advance ?

dunstonh

Lloyds front load the PPI on their loans as a single premium. So, if you repay early, you get some of that single premium rebated.

areed78

so they give you a loan to buy the ppi upfront, and charge interest on that aswell as the loan...

read on here that if I wasn't aware of that it would be classed as misold- I cannot recall seeing anything ilistrated about PPI cost and the ppi cost plus interest.

-taff

Just because you can't recall it, doens't mean it was missold, it just means your memory is faulty.
However, LLoyds did sell the PPI as single premium. I'd investigate that before saying you can't remember what happened, because you can bet with a loan that you signed somewhere to agree to it.

areed78

thanks all