cash back

bunser

Hi,
This is my first post, a few years ago I took out loan from Loans.Co. for £35000 on which they charged me £6500 PPI and after 5 years I got this back. I paid the loan off early but they have refused my cash back.

Anybody any thoughts on this.

Sarros

Hi,sorry but I am a bit confused as your post seems to indicate that you received the cash back after 5 years so I am not quite sure what they are refusing to do. Anyway if it helps when you settled the loan early you may have received a rebate which will have been used when calculating your early settlement figure. If you are looking at complaining about mis sold PPI then I think with Loans.co your loan would have to have to have been taken out after the 14th January 2005 anything prior to this was pre-regulation so they are not under any obligation to look at your complaint. Sorry if this isn't what you meant to ask in your post.

dunstonh

Surely if you got the premium back after 5 years then you shouldnt be expecting more ?

amersall

The op did not get the cash back as the loan was settled early, this was because the PPI was not running for the 5 years that it should have been.
This loan PPI would have been mis sold as if the cash back was given and the loan was still running, the whole PPI would still be on the loan to term end with interest, at settlement after the rebate, the remaining PPI would have been paid back by the op.

amersall

bunser wrote: »

Hi,
This is my first post, a few years ago I took out loan from Loans.Co. for £35000 on which they charged me £6500 PPI and after 5 years I got this back. I paid the loan off early but they have refused my cash back.

Anybody any thoughts on this.

What year did you take this loan out ?.

Sarros

Sorry I understand now, I was misreading. So the OP paid back the loan in full within 5 years. If that is the case then they are in a similar position we were in. We have successfully had a PPI complaint against Loans.co.uk (not sure if tis is the same company the OP refers to) upheld based on that it was single premium and that my husband whose name the policy was in was self employed. The redress received was the full PPI premium and associated interest plus the payments made towards the monthly loan amount plus 8% simple interest. Have to say LCUK were ok to deal with apart from a couple of times chasing them up whole process took from 16th April to end of July. Hopefully the OP took the loan out after 14th January 2005.

Sarros

Meant to say similar in that we had ppi front loaded and we paid the loan in full early before the 5 year cash back applied.

amersall

Sarros wrote: »

Sorry I understand now, I was misreading. So the OP paid back the loan in full within 5 years. If that is the case then they are in a similar position we were in. We have successfully had a PPI complaint against Loans.co.uk (not sure if tis is the same company the OP refers to) upheld based on that it was single premium and that my husband whose name the policy was in was self employed. The redress received was the full PPI premium and associated interest plus the payments made towards the monthly loan amount plus 8% simple interest. Have to say LCUK were ok to deal with apart from a couple of times chasing them up whole process took from 16th April to end of July. Hopefully the OP took the loan out after 14th January 2005.

Thank you for your input, I hope the op took this out when L.UK were regulated too.
Well done on your win by the way :beer:

bunser

Thanks for all your input understand why I didn't receive cash back.

Bunser