PPI Offer made - Advice wanted

Shawnobi

Hi,
I managed to claim PPI on an old car purchase. As a younger man the salesman told me it would help secure the finance being agreed.
I paid a month of finance and then got a cheaper loan and paid it all off.
The cost of the PPI was £1197 way back in Aug 2006. The car company have agreed to accept my claim. And I just wanted to get a feel for if the amount seems fair before I accept. As I say, I only paid a month before settling in full. But that still included the full cost of the PPI. All the calculators after based on the instalments. It was a 60 month finance agreement.
I have been offered :

£253.52. The amount to be paid by Blackhorse for the finance.

£313.22. To be paid by the car sales company at 8 % statutory Interest.

Does that sound reasonable? I must admit i was expecting the return of the full amount plus interest.

Thank you.

Shawnobi

Edit: Sorry total price for payment protection was £1526

dunstonh

But that still included the full cost of the PPI.

That is unlikely as most would give a refund (not pro-rata but still some refund) on early repayment.

£253.52. The amount to be paid by Blackhorse for the finance.

That seems more likely given the 1 month period you are referring to.

 I must admit i was expecting the return of the full amount plus interest.

The loan redemption figure would have had a part rebate at the time.  So, you would not be getting back the full premium paid at the outset as some was already refunded previously.    

Shawnobi

Dunstonh,
Sorry for the slow reply! Thank you for helping me understand this.