How much will my PPI refund 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 will 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:
- How we calculated the refund
- Any deductions applicable – such as tax on any interest and any deductions for insurance claims paid against the policy
- Whether we will cancel your PPI policy or not.
If you have a debt relief order, 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.