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  • #1

    Quick question for Di (or anyone else) re PPI refunds

    Cant remember from my complaints previously, but whats the position with the refund?

    Obviously if the loan is paid off, its a cheque.

    But what if the loan is current? Something is in my mind that the PPI you have paid, is refunded as a cheque, and any outstanding is paid off the remainder of the loan, but I cant remember.
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.
    Tags: account, arrears, bank, complaints, interest, loan, missed payments, paid, payments, ppi, refund, refunds, update
  • #2
    Re: Quick question for Di (or anyone else) re PPI refunds

    Originally posted by oscar
    Cant remember from my complaints previously, but whats the position with the refund?

    Obviously if the loan is paid off, its a cheque.

    But what if the loan is current? Something is in my mind that the PPI you have paid, is refunded as a cheque, and any outstanding is paid off the remainder of the loan, but I cant remember.

    Hi Oscar

    Your correct in saying its a cheque payment when the account is settled.

    Now it may vary from one bank to another, but mostly "if there are any outstanding arrears/missed payments", then they award towards them first and anything remaining plus the interest - you should receive directly to you.

    But if no arrears, I believe your in your right to request the whole refund be paid directly to you.

    Comment

    • #3
      Re: Quick question for Di (or anyone else) re PPI refunds

      Originally posted by oscar
      Cant remember from my complaints previously, but whats the position with the refund?

      Obviously if the loan is paid off, its a cheque.

      But what if the loan is current? Something is in my mind that the PPI you have paid, is refunded as a cheque, and any outstanding is paid off the remainder of the loan, but I cant remember.

      Hi Oscar

      Your correct in saying its a cheque payment when the account is settled.

      Now it may vary from one bank to another, but mostly "if there are any outstanding arrears/missed payments", then they award towards them first and anything remaining plus the interest - you should receive directly to you.

      But if no arrears, I believe your in your right to request the whole refund be paid directly to you.

      Comment

      • #4
        Re: Quick question for Di (or anyone else) re PPI refunds

        Thanks Di, thought that was the case.

        Loan is fully paid next year I believe, so either way, I think it will be settled in full upon the refund.
        I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

        If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

        Comment

        • #5
          Re: Quick question for Di (or anyone else) re PPI refunds

          Brilliant, well done Oscar!

          Comment

          • #6
            Re: Quick question for Di (or anyone else) re PPI refunds

            Hi Oscar

            What's the update on this one so far honey?

            Thanks x

            Comment

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