PPI Reclaiming discussion Part III

di3004

marshallka wrote: »

Just found a bit of my calculations...

PPI element 16.4%
370.53 x 16.4% = 60.76 x 9 = 546.90
8492.00 (total PPI) - 546.90 (repayments of PPI x 9) - 7644.43 (rebate of PPI when you settled = 300.67

300.67 + 546.90 = £847.57 total PPI to cover 9 months on a loan 43K (equals £94.17 per month for the PPI)


Will look for the rest in a min...;)[/quote

Cheers hun.:T x

di3004

marshallka wrote: »

Di, this was using Tiggraes method of calculations and mine were way out with the FOS using this and I got far less back than this way.

How FOS works it is that they take the actual loan and work it as if you never had the PPI and what the settlement would have been and then they work it with the PPI and what you actually settled and then take one from the other. I will do your calculations this way...

Was this one settled using rule of 78??? It was if I am thinking right..?

No don't think this was used by using that rule hun, this was taken out in Nov 2005 settled for new loan July 2006.;) Thank youx

This was the loan I had taken out to pay off Endeavour x

marshallka

Loan 43000
PPI 8492.50
repayments 370.53

PPI repayments 16.4% of the total repayments being 60.76

Repaid 9 months.

If you settled the loan after paying 9 months of £309.77 being the amount without the PPI you would have settled and paid back £43479.98 just for the loan.

As you had the PPI you would have paid back £52062.81 and you still only paid them £43559.25 so actually you were not really charged anything over the PPI.

You can put the figures into the rule of 78 calculator yourself here.

If you enter the loan without the PPI put in £43000 and then repayments of £309.77 and the length of time you had the loan was 9 months and this would be the amount you would have settled if you had not had any PPI.

You then enter into the amount of credit the loan with the PPI being the £43K plus the £8492.50 being a total of £51492.50 and then your repayments were all of the £370.53 and then your total length of loan 300 months and then time to settlement 9 months.

http://brian-stewart.orpheusweb.co.uk/credit/javascript/equalr78-prr.htm


As you paid £43559.25 to settle the loan and not the amount of £52062.81 you were actually rebated almost all of it and this is how the FOS work these out too.

Credit-Crunched

marshallka wrote: »

Di, this was using Tiggraes method of calculations and mine were way out with the FOS using this and I got far less back than this way.

How FOS works it is that they take the actual loan and work it as if you never had the PPI and what the settlement would have been and then they work it with the PPI and what you actually settled and then take one from the other. I will do your calculations this way...

Was this one settled using rule of 78??? It was if I am thinking right..?

As a general rule, loans over 25k prior to the CCA removeing the 25k ceiling were calcualted using in house early settlment penalties (erps).

These erps were not covered by the cca so could be anything, large companies well discussed ;-) on here would have somthing like this.

Year settled in

= 6 months int
3-4 = 5 months
4-5 = 4 months and so on.

Rule of 78 generally applied to regulated loans, i.e below 25k.

Also the PPI calcualtions take into account compounded interest, your calcualations can give you a ball park figure, hwoever more accurate ones can be requested from the lender directly. THey are not obliged to give you this informaiton, however under the treating customers failry guidlines, any reasonable request by a customer to explaina complex situation should be accepated.

Hope this helps

marshallka

marshallka wrote: »

Loan 43000
PPI 8492.50
repayments 370.53

PPI repayments 16.4% of the total repayments being 60.76

Repaid 9 months.

If you settled the loan after paying 9 months of £309.77 being the amount without the PPI you would have settled and paid back £43479.98 just for the loan.

As you had the PPI you would have paid back £52062.81 and you still only paid them £43559.25 so actually you were not really charged anything over the PPI.

You can put the figures into the rule of 78 calculator yourself here.

If you enter the loan without the PPI put in £43000 and then repayments of £309.77 and the length of time you had the loan was 9 months and this would be the amount you would have settled if you had not had any PPI.

You then enter into the amount of credit the loan with the PPI being the £43K plus the £8492.50 being a total of £51492.50 and then your repayments were all of the £370.53 and then your total length of loan 300 months and then time to settlement 9 months.

http://brian-stewart.orpheusweb.co.uk/credit/javascript/equalr78-prr.htm


As you paid £43559.25 to settle the loan and not the amount of £52062.81 you were actually rebated almost all of it and this is how the FOS work these out too.

So this post is useless then DI... Sorry matey....:o

Credit-Crunched

marshallka wrote: »

So this post is useless then DI... Sorry matey....:o

Not usless , just a little out if they are not using r78.

Not all companies opted out of using it, i now FP, Nemo and Picutre all had their own erps. If they did use r78 it is quite an accurate refleciton

Not sure about some of the smaller ones?

marshallka

di3004 wrote: »

No don't think this was used by using that rule hun, this was taken out in Nov 2005 settled for new loan July 2006.;) Thank youx

This was the loan I had taken out to pay off Endeavour x

If this is the case then the above calculations of which I used tiggrae's method would be correct... I have worked all the rest for nothing here then Di... but hey ho... You have them now... Just goes to show you the difference between rule of 78 and those calculated using the newer regs. :eek:

showergirl

Just a qickie to tell you that I received a letter today from the ombudsman saying they have wrote to Tesco PF on my behalf and have sent me the forms to send off if I do not get a satisfactory reply. Hopefully this should get things moving. Can't stop will speak to you tomorrow. Wish me luck

marshallka

showergirl wrote: »

Just a qickie to tell you that I received a letter today from the ombudsman saying they have wrote to Tesco PF on my behalf and have sent me the forms to send off if I do not get a satisfactory reply. Hopefully this should get things moving. Can't stop will speak to you tomorrow. Wish me luck

Extra good luck showergirl....;)

di3004

Thanks for working them out anyway :T , you know me I have not got a clue where to start......:o , I take it its the amount of PPI paid in plus interest I should try to reclaim back minus the rebate.;)

I know that the Endeavour one was confirmed by the HFC that they used the rule of 78 but not the nemo one.

Endeavour £21K this was a regulated agreement and ppi of less that £3K, added in together in the loan.