cancelled ppi but ...

nova

Hi All,
I wondered whether anyone could answer a question for me,
l have a loan with Nationwide for 6 years, complete with ppi, after about 3 years l cancelled the ppi and recieved a refund of £1500 which was what l had paid for the ppi up to date (the original amount of ppi was about £3200 which was added to the loan plus interest) The thing is the monthly repayments are still the same, surely these should be less now if l do not have the ppi, Nationwide say no but l dont understand why, or am l being thick! Would be really grateful for any replies,
Thanks nova.

jonesMUFCforever

Was the £1500 refunded to you or paid back into the loan?
You may be paying the same amount each month but he loan will be repaid much quicker than the original timescale.

nova

ejones999 wrote: »

Was the £1500 refunded to you or paid back into the loan?
You may be paying the same amount each month but he loan will be repaid much quicker than the original timescale.

it was refunded to me, and l did think that it was for 7 years but when i spoke to them they said it was 6 years so may be they have reduced the time although they didnt actually say, but thanks for the reply at least l can ask some more questions now.

jonesMUFCforever

The repayments will be the same because you had the refund paid to you.
It may have been the case that if the refund had gone back into the loan you either would have had lower repayments or as I stated the loan will be paid off quicker.
In your case I expect the loan will still take the same time to pay off.