Question 7 of 11 about PPI complaints information
When will I get a PPI refund and how much will this be?
If you’re entitled to receive a refund, we’ll write to you and explain how your refund has been calculated. In most cases you’ll receive the refund within 7 working days – however in some cases this can take up to 28 working days as you may need to complete a new loan agreement.
The letter you receive from us will provide further information on this, including:
- How we calculated the refund
- Any deductions applicable – such as tax on any interest and any deductions for insurance claims paid against the policy
- If we need you to sign an acceptance form
- If we need you to agree to a new loan agreement
- Whether we will cancel your PPI policy or not
If you have an Individual Voluntary Arrangement (IVA) or bankruptcy order and you're due a refund, it may be sent directly to the official receiver or insolvency practitioner. We'll explain this clearly in the letter we send you with our decision, along with details of who'll receive the refund.