Related provisions for DISP App 3.7.12
1 - 3 of 3 items.
Additionally, where a single premium was added to a loan:(1) for live policies:(a) subject to DISP App 3.7.5 E, where there remains an outstanding loan balance, the firm should, where possible, arrange for the loan to be restructured (without charge to the complainant but using any applicable cancellation value) with the effect of:(i) removing amounts relating to the payment protection contract (including any interest and charges); and(ii) ensuring the number and amounts of any
In this appendix:(1) "historic interest" means the interest the complainant paid to the firm because a single premium payment protection contract was added to a loan or credit product;(2) "simple interest" means a non-compound rate of 8% per annum; and(3) "claim" means a claim by a complainant seeking to rely upon the policy under the payment protection contract that is the subject of the complaint.