loans.co.uk ppi

wilt44

Can anyone help. I got a loan back in 2006 through loans.co.uk with London mortgage company. The ppi that came with the loan was set up by sterling insurance group. After 20 months I realised that I didn't need the ppi and asked for it to be cancelled. The total ppi was for £ 2528. I only received a refund of £755 (29.9% of total). They said in the letter they charged me 32.1% for incurred expenses and 38% for incurred risk. Working this out at 20 months at 1.9%. At the time I didn't question it but with all the info available on ppi I think I should have now. Anyone got any advice ?

Sarros

Not sure if it works like this but you could maybe put a complaint in if you feel you were mis sold. If they uphold your complaint any settlement figure would be less the amount you received back after cancelling. Not sure of your reasons for complaint but maybe one reason could be that it was a single premium added to the loan (so in effect a loan on top of a loan) that you would have paid interest on.

This is the email address I used for my complaint against LCUK

[EMAIL="loans.co.uk_customercorrespondence@bankofamerica.com"]loans.co.uk_customercorrespondence@bankofamerica.com[/EMAIL]

You will need your account number.

If I am wrong there will be somebody on here that will explain better. Good luck.

amersall

When you cancelled and got the rebate, the remaining PPI was still on the loan, you did not realise that you were still paying this going forward with interest,mention this in your claim too.