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PPI Refund - Is it right ???


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I wonder if anybody can help. I am 2 years into a 10 year loan with London Mortgage company. I got the loan through Loans.co.uk and am currently waiting for my SAR information with regards to mis selling. The loan was for £15,000 and had a single premium PPi. The ppi was for £2528 and interest of £2036. I have written to Sterling insurance with who the PPI is with and asked for the ppi to be cancelled. They have written back to say that the insurance is now cancelled and have included a cheque for £756. Therefore they have given me a refund of 29.9% of the total premium without interest.

 

Firstly can anybody tell me whether this is a fair refund % or should I be expecting more. Also in the letter that came with the refund they have mentioned nothing about the workings out of the refund or the interest amount. Once I have the SAR information i will go after Loans.co.uk but was just wondering what to do about this refund amount.

 

Any help much appreciated

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Couple of things Nicho,

 

Have you aaccepted the refund as full and final settlement? (ie Cash the cheque or write back?)

 

If you have they will draw a line under it and call the matter dead.

 

Secondly, in the case of misselling you should look for a full refund along with statuatory interest as set in your original agreement by the lender.

 

29% seems derisory and you should look for it all.

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i have cashed the cheque. was going to write back and to say that i accepted this as a partial refund and that i would like to see the workings out and how they have come to that figure. I am still waiting on the SAR information from the agent to press ahead with the misselling.

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  • 2 months later...
I wonder if anybody can help. I am 2 years into a 10 year loan with London Mortgage company. I got the loan through Loans.co.uk and am currently waiting for my S.A.R - (Subject Access Request) information with regards to mis selling. The loan was for £15,000 and had a single premium PPi. The ppi was for £2528 and interest of £2036. I have written to Sterling insurance with who the PPI is with and asked for the ppi to be cancelled. They have written back to say that the insurance is now cancelled and have included a cheque for £756. Therefore they have given me a refund of 29.9% of the total premium without interest.

 

Firstly can anybody tell me whether this is a fair refund % or should I be expecting more. Also in the letter that came with the refund they have mentioned nothing about the workings out of the refund or the interest amount. Once I have the SAR information i will go after Loans.co.uk but was just wondering what to do about this refund amount.

 

Any help much appreciated

 

Hey Nicho

 

... me again!! :)

 

Can you tell me how you found out how much the interest is on your single premium? Did you work it out yourself or was it set out in your agreement with LMC via Sterling Insurance?

 

Thanks

 

Painty x

'Fortune favours the brave.'

 

 

 

 

 

 

 

Any advice given is purely on the basis of my own views and opinions and offered in good faith.

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Thanks :)

'Fortune favours the brave.'

 

 

 

 

 

 

 

Any advice given is purely on the basis of my own views and opinions and offered in good faith.

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