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clarification on the ppi refund?


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hi, please help, my mum is driving me mad on this.

 

i think i understand it, you take out a loan with ppi, pay off loan early with a settlement figure which takes into account that youre not paying the remainder of the insurance, and so get a refund (reflected in the settlement figure)

 

my mum seems to think you can get a refund on everything youve paid, or at least cancel it now and carry on repaying the loan without it.

 

i took out a loan for £6000, total ppi £1,170.72, a little over a year ago, my settlement figure now is £4573.41

 

i asked northern rock if i could cancel my ppi, they said i would have to take out another loan.

 

am i entitled to anything? :)

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