How FOS Calculate Refunds

jansey07 · 10 October 2011 at 2:51PM

im new to this been hinding behing my screen so be gentle with me, im wondering if anyone can help me with what redress i should expect back for to loans ..
the first one was taken in feb 2003
the loan was for 6000
monthly interest 0.459%
loan, administration fee and interest by 132 monthly payments
administration fee 95.00
annual percentage rate 5.6%
61.67 mnthly payment
6.40 insurance premium

2nd loan taken may 2003
13,100 loan amount
monthly intrest 0.459%
loan and administration fee and intrest 132 monthly payments is 133.81
administration fee 125.00
13.88 insurance premium
total 147.60

ive been offerd 1000,62
and this sounds a little low to me if someone could help me id be so gratefull
annuual percentage 5.6%

Last edited by jansey07; Today at 2:35 PM. Reason: the offer i have recieved is for both loan, i tried to ring but apparently once again all systems are down

amersall · 10 October 2011 at 5:29PM

Hi there, did you pay both loans back for the full term,did you settle one or both early?.
This information is needed for when one of our maths comes on to help xxx.

jansey07 · 10 October 2011 at 5:45PM

i have just checked been on a hunt for paperwork i think its like you said the second one we paid the first one off

Little_Italy · 13 October 2011 at 12:25PM

Hi Jo-urney, Im a neewbie here and was surfing around to see if anyone else was going through the process. Im in a similar position to you. Roughly the same £ loan and PPI value and hopefully the reclaim value! Fingers crossed. Im waiting for my forms to come through from the FSCS. Eagerly anticipating the arrival of the forms.

jo-urney · 13 October 2011 at 4:53PM

good luck with your claim little italy! the forms may take a little while to get to you, depending on their backlog but once theyve been sent back it seems to take about 4 weeks to get a cheque through if successful!

fsaxom · 14 October 2011 at 11:03AM

Hi folks,

Long time no speak you will be glad to hear i have won my case with the help of the FOS and ofcourse with all the advice and guidance via here so thanks everyone. hopefully now someone who is good with numbers (unlike me lol) will be able to work out how much i'm likely to be offered please. here goes,

Loan amount: £27,400.00
PPI amount: £4,110.00 (front loaded)
Total amount credit: £31,510.00
APR: 10.88%
loan over 180 months = 15 years
but PPI cover for only first 5 years of loan
Monthly repayable amount: £355.85
loan started on 09/08/2005 still in force
PPI ended 11/08/2010 after running its term.

any help much appreciated if missing any info let me know

thanks again everyone

Little_Italy · 14 October 2011 at 4:16PM

Thanks Jo-urney, much appreciated, Im glad to hear your claim was upheld. Can I ask what reasons for miselling of your PPI was placed in the forms? Ive got several but im not 100% sure whether these are claims that are justifiable. 1) led to believe that the PPI was compulsory and not given the chance to shop elsewhere for it. 2) The length of the PPI policy was 5 years only which was not explained 3) Not asked if I had cover elsewhere 4) PPI was compulsory as the loan would not be granted. Are these good enough reasons?, even though I signed the documents to get the loan. How does it work? A little confused, sorry to be such a pain!

dilus · 14 October 2011 at 6:42PM

fsaxom wrote: »

Hi folks,

Long time no speak you will be glad to hear i have won my case with the help of the FOS and ofcourse with all the advice and guidance via here so thanks everyone. hopefully now someone who is good with numbers (unlike me lol) will be able to work out how much i'm likely to be offered please. here goes,

Loan amount: £27,400.00
PPI amount: £4,110.00 (front loaded)
Total amount credit: £31,510.00
APR: 10.88%
loan over 180 months = 15 years
but PPI cover for only first 5 years of loan
Monthly repayable amount: £355.85
loan started on 09/08/2005 still in force
PPI ended 11/08/2010 after running its term.

any help much appreciated if missing any info let me know

thanks again everyone

Hi fsaxom, do you have a separate figure for the Monthly PPI? this would help. I can have a go at figuring it out but the 8% has to be done on a spreadsheet and can take a while as you have to do a calculation on each month, regards dilus

fsaxom · 14 October 2011 at 7:59PM

Hi dilus,

Thanks for your reply sorry credit agreement doesn't give me anymore information. Thanks for giving it a go just as long as a get a rough idea how much to expect so when they make me an offer i know they are not trying to rip me off.

Thanks for your time
fiona

dilus · 14 October 2011 at 8:33PM

fsaxom wrote: »

Hi dilus,

Thanks for your reply sorry credit agreement doesn't give me anymore information. Thanks for giving it a go just as long as a get a rough idea how much to expect so when they make me an offer i know they are not trying to rip me off.

Thanks for your time
fiona

Hi Fiona,
Not to worry, I have worked out that your PPI was approx 15% of your re payments, so they should re pay you the following:-

Re payment of PPI = £4,110.00
Re payment of APR (5 years) @ 10.88% = £2235.00
8% simple interest (60 months) = £695.40

TOTAL £4,110.00 + £2,235.00 + £695.40 = £7,040.40

This is how I have been told how to work it out, I think I am accurate and have worked out my own using the same formula. Regards Garry

How FOS Calculate Refunds

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