Arnold Clark payment of PPI

Patsalad

Hi there. I was hoping to find some help with my query. I received a PPI payment from Arnold Clark today for a PPI Policy purchased in Jan 2003 when I bought a car. I received a letter stating: “ ... we do not believe that your payment protection policy was mis-sold we will, as a good will measure, provide you with a full refund.” I received a cheque for £37.39. They provided 2 x A4 sheets of paper with the calculations:
payment 1 Feb 03 £9.13
payment 2 Mar 03 £9.13
Then monthly reimbursed amounts of 12pence every month from Feb 2003 until May 2019.
This came to TOTAL £42.18
Less tax of £4.78
Total payment of £37.39
I bought my car on HP but I managed to make a full payment for the car not long after I bought it. But I don’t understand why the very small amount they claim I paid in PPI? Can you help? Is this really an accurate calculation?

[Deleted User]

It's because you paid off the loan very quickly.

When did you clear it?

dunstonh

we do not believe that your payment protection policy was mis-sold we will, as a good will measure, provide you with a full refund.

Not surprising considering the small amount involved. Cheaper to refund than fight it.

But I don’t understand why the very small amount they claim I paid in PPI?

you said it yourself, you repaid the loan shortly after taking it out. As theirs was monthly premium PPI, you only paid a few months.

Is this really an accurate calculation?

What makes you think it isnt?

Patsalad

Thanks for the response. I was mistaken in thinking it should have been more. I received more from another PPI claim I made for a credit card and due to my car costing so much more I expected more (had wishful thinking). Thanks again for putting me right guy. Cheers.