Offered refund from LV for a loan, but seems low?

happysummer

Had offer letter offering me a total refund of £41.06. This is £24.48 for "refund of the part of her monthly loan repayments relating to payment of the P P I premium and interest on the P P I premium charged from the date of the loan agreement to the date of settlement" PLUS £16.58 for "compensation for the loss of use of the amount paid in respect of the P P I premium and interest from the date of the loan agreement to date at the rate of 8% p.a..in line with HMRC guidance we've already deducted the tax from this compensation payment and we`'ll include a tax certificate showing the gross and net amounts of interest with her payment".

Originally, I did this back in 2013 through a claims company, but didn't pursue payment as I knew I wouldn't get much back once claims company took their cut. The authority I signed back in 2013 with Fast Track reclaims is now out of date so I'm entitled to receive the whole amount.

Thanks for your advice on this.

dunstonh

The authority I signed back in 2013 with Fast Track reclaims is now out of date so I'm entitled to receive the whole amount.

Your contract doesnt go out of date though. So, they can still take their cut. Whether they will bother with such a small amount though it unlikely.

The amount could be small for a number of reasons. You will need to ask them as no-one one the internet is going to know your details.

[Deleted User]

Yeah, the contract with the Claims Company does not expire, only the Letter of Authority (which was already used to complain in 2013).

Don't be surprised if "Fast Track Reclaims" sends you a bill in the near future...

happysummer

Thank you. I've just spoken to a nice man at LV who confirmed that;
the loan was for £3000.00 over 12 months with a monthly re-payment of £266.69 (of which £26.56 per month p p I). He said I made 5 monthly payments and then settled the loan on 30/9/02, a settlement figure of £2107.84.

However, I've calculated I paid £1333.45 in 're-payments + £2107.84 settlement figure.

Am I being robbed off with a p p I refund of the £41.06?

Thank you

dunstonh

When you repay the loan early, you get a part rebate of the PPI as part of the settlement. So, you have already had a bit of a refund prior to the complaint success. So, the figure you have received does appear to be in the right ballpark.

happysummer

Ok, thanks so much for taking the time to help me with this.

Kind regards

:0)