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Blackhorse offer ! confusing
loopylou78_2
Posts: 2 Newbie
Help please- or direction to some guidance
I had two loans which both had a single premium policy added.
Loan 1: £2000. PPI Single premium £265.21
Loan taken out May 2007 & settled early in July 2007.
Blackhorse have upheld my complaint and have offered a refund of £21.60 plus £9.82 interest (tax deducted from interest) :eek:
Does this seem correct to people, i have spoke with them today and they didn't seem to be able to explain the breakdown, stating this is the maximum they can pay I only made two monthly premium payments. Not sure if i'm confused or they are should i accept ?? !
The second loan is a similar break down.
I had two loans which both had a single premium policy added.
Loan 1: £2000. PPI Single premium £265.21
Loan taken out May 2007 & settled early in July 2007.
Blackhorse have upheld my complaint and have offered a refund of £21.60 plus £9.82 interest (tax deducted from interest) :eek:
Does this seem correct to people, i have spoke with them today and they didn't seem to be able to explain the breakdown, stating this is the maximum they can pay I only made two monthly premium payments. Not sure if i'm confused or they are should i accept ?? !
The second loan is a similar break down.
0
Comments
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It sounds like you had a rebate then, if so then its correct. I expect when you paid it off they cancelled the policy and applied the rebate to the redemption figure.0
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You only get what you actually paid and you only paid 2 months worth of premiums.Non me fac calcitrare tuum culi0
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Seems an adequate enough explanation to me. You only receive a refund of money you actually paid, so if you only paid for two months then this is all you receive back.loopylou78 wrote: »they didn't seem to be able to explain the breakdown, stating this is the maximum they can pay I only made two monthly premium payments.0 -
If you're a non-tax payer, you can get a refund from your tax man.:)Blackhorse have upheld my complaint and have offered a refund of £21.60 plus £9.82 interest (tax deducted from interest) :eek:0 -
Thanks for the comments. I was getting confused with the single premium being added to the loan at the beginning, I was sure if this affected the settlement figure, etc etc. But trust you guys & will accept their offer - sure blackhorse wouldn't try to wriggle out of anything :j0
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When you repaid the loan early, the settlement figure would have included a rebate of the PPI premium on a relatively pro-rata basis. So, as others have said, you would have paid the equivalent of 2-3 months worth. Hence why the refund is so small.
Some lenders show the breakdown of the calculation and there would be a rebate/refund entry in that breakdown.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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