How can you tell if your PPI was front loaded or single premium

[debt_mountain]

I just read the full FSA article and it has answered my question, if you pay monthly then there is no reason why it should not have been cancelled.



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I am currently chasing Blackhorse for 3 PPI refunds.

I read the FSA stuff here - http://www.fsa.gov.uk/pages/Library/Communication/PR/2007/043.shtml
but that seams to be for single premiums.

How can you tell from your agreement if it was a single premium or not? Is is as simple as seeing if you make a monthly payment to the plan in addition to a monthly payment to the loan?

Blackhorse list a monthly payment for the loan and a seperate for the PPI.

But when I told them to cancel it after 3 months had passed they told me to bog off. Does this mean anything other than I signed and agreed to the 30 day colling off period?

thanks

[alanfromderby]

It should be in the wording.

If it was front-loaded and paid immediately the agreement started, you should have a figure for the PPI interest, which will then be added to the PPI to give a total figure. You should then have a monthly repayment figure.

In this case, what you are paying is effectively an additional loan, purely for the PPI.

If the agreement just shows the PPI without interest, then it will be a monthly payment with interest being calculated on the outstanding balance of the loan.

If it is a flexi-loan, then it can be treated in the same way as a credit-card.

The bottom line is though, that the agreement should clearly explain the repayment process - if it is not clear you MAY have an improperly executed agreement.