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PPI Cancellation
proud_2
Posts: 1 Newbie
Hi there,
As most of us I took out a loan with PPI with it. The loan repayment as shown on Credit Agreement is £244.51 and the PPI repayment is £48, giving the total repayment to be £292.51. I cancelled the PPI after 2 years and the bank refunded me a total of £477 as they mentioned the rule 78 which is what they use to calculate the risk at the beginning of the loan and period remaining.
Now when it comes to my repayment I expect to be paying £244.51 which is spelt out on my Loan Credit Agreement, but the bank is making me pay £271 which I feel is £27 more. Can someone please help me explain if these calculations are correct as I feel the the bank is making me pay for the PPI interest which I no longer have.
This was 48 month repayment loan and I still have 24 months to go.
As most of us I took out a loan with PPI with it. The loan repayment as shown on Credit Agreement is £244.51 and the PPI repayment is £48, giving the total repayment to be £292.51. I cancelled the PPI after 2 years and the bank refunded me a total of £477 as they mentioned the rule 78 which is what they use to calculate the risk at the beginning of the loan and period remaining.
Now when it comes to my repayment I expect to be paying £244.51 which is spelt out on my Loan Credit Agreement, but the bank is making me pay £271 which I feel is £27 more. Can someone please help me explain if these calculations are correct as I feel the the bank is making me pay for the PPI interest which I no longer have.
This was 48 month repayment loan and I still have 24 months to go.
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