PPI Cashback

Sarros

Just wondered if anyone can advise me. We took out a loan with PPI added to it as a single premium in January 2005 it was for £15k over 10 years. We actually settled the loan in May 2007 after we moved house. I have been reading various threads on here where people mention cashback when loan settled early and it appears some peole have recieved that back in the form of a cheque. Loans.co.uk have just upheld our complaint that we were mis sold this ppi and we are currently waiting for their offer. We did not receive any cashback, however this may be due to the fact if they did send us a cheque it probably went to our old address. If they included the rebate in the settlement thats fine, I just don't want them saying we have already received a substantial sum from them in the form of a rebate, I am unsure how we will prove otherwise and would hope their accounts will show that we did not cash the cheque. I feel like I'm rambling again but if anyone else has had any similar experience it may be helpful to know. Forewarned is forearmed. Thanks

dunstonh

I have been reading various threads on here where people mention cashback when loan settled early and it appears some peole have recieved that back in the form of a cheque.

A refund of some of the PPI premium should occur. Some include that refund in the final settlement. Others refund it after the loan has closed.

The complaint redress calculation should show it in the breakdown.

-taff

If you asked for a settlement figure, the PPI wiould also have been rebated, i.e. the settlement figure would hve been less than the total owed over the 10 years.
It doesn't mean you would have had a cheque.

Sarros

Thank you both. We asked for a settlement figure which our solicitor then paid from the proceeds of our house sale on the day we completed. I am hoping the rebate was taken into account in the settlement figure. Will wait and see what the redress breakdown reveals. Thanks again.