Offer of Repayment - Single premium help needed

redeye01

Hi Martin

I have been offered a full refund of my PPI on a loan taken out with my bank. (This was a case of you cant have the loan without the protection, even the APR was high)

The protection was a single PPI premium of £5303.24 added to the loan giving a total of £30,303.24 with a fixed rate of interest of 0.79% per month over 60 months (APR 9.9%)

They have offered to pay back the premium plus interest, however I believe that this is interest on the Insurance premium only.

What do I need to do to get the loan re-adjusted as well as getting back the interest portion of the increased cost due to the PPI being added on?

I will of course accept this offer, but need to know what to do next as I believe that my loan will need to be re-calculated to take into account the new figure.

Can you please help?

Thanks

Turtle

I think you probably just need to ask them to ensure the loan is exactly as it would be if the PPI had not been taken in the first place. I'm not sure why they wouldn't do this anyway - if they are refunding the PPI and insurance there surely can't be any justification for any 'added extras'. Hope it goes well.

Turtle

Sorry, I meant refunding the PPI and interest not PPI and insurance.

CLAPTON

If you are being refunded the PPI premium in full and the interest that was charged on the PPI, what exactly do you want more?
Have they told you the new loan monthly payments?