PPI Reclaiming Discussion part 4

bugsy161

marshallka wrote: »

PPI works out at 16.62% of your monthly payment if that is what you mean here.

14950 divided by 89950 (which is total loan and PPI added together) and its 16.62.

You now take your monthly payment and times it by 16.62% and that is what your element of payment went towards PPI.

Just a couple of quick questions............Are the monthly payments refunded on a compound interest basis, and the 8% interest on a simplified basis?
Is this also the same formula for credit card PPI refunds?

amersall

marshallka wrote: »

PPI works out at 16.62% of your monthly payment if that is what you mean here.

14950 divided by 89950 (which is total loan and PPI added together) and its 16.62.

You now take your monthly payment and times it by 16.62% and that is what your element of payment went towards PPI.

Hi marshalka, not contradicting you at all as i know you are a whizz with figures, just going by what my ppi was with fp the ppi was £23000 and my monthly payment over 180 months for this element was £185 (this was on the agreement.) and according to the guy who set up fpc it is 20% of monthly payment!! now i am confused :eek:
and trust me that doesnt take much

marshallka

amersall wrote: »

Hi marshalka, not contradicting you at all as i know you are a whizz with figures, just going by what my ppi was with fp the ppi was £23000 and my monthly payment over 180 months for this element was £185 (this was on the agreement.) and according to the guy who set up fpc it is 20% of monthly payment!! now i am confused :eek:
and trust me that doesnt take much

MOST of Firsplus ones are 19.67% for some reason. Mine was the same as yours. I think they are all different TBH but if you work your PPI with a definate figure from FP I bet it is actually 19.67%. My bank ones were nearer 22%.

amersall

marshallka wrote: »

PPI works out at 16.62% of your monthly payment if that is what you mean here.

14950 divided by 89950 (which is total loan and PPI added together) and its 16.62.

You now take your monthly payment and times it by 16.62% and that is what your element of payment went towards PPI.

Hi marshalka, not contradicting you at all as i know you are a whizz with figures, just going by what my ppi was with fp the ppi was £23000 and my monthly payment over 180 months for this element was £185 (this was on the agreement.) and according to the guy who set up fpc it is 20% of monthly payment!! now i am confused :eek:
and trust me that doesnt take much
my loan was 92000 the ppi was 22530.80 total was 114530.80 loan monthly payment 755.52 and ppi 185.03

amersall

marshallka wrote: »

MOST of Firsplus ones are 19.67% for some reason. Mine was the same as yours. I think they are all different TBH but if you work your PPI with a definate figure from FP I bet it is actually 19.67%. My bank ones were nearer 22%.

:eek: if we only knew then what we know now :D

marshallka

bugsy161 wrote: »

Just a couple of quick questions............Are the monthly payments refunded on a compound interest basis, and the 8% interest on a simplified basis?
Is this also the same formula for credit card PPI refunds?

As far as FOS are concerned your monthly payments would have 8% interest added at the time your payment was made and then 8% added so a running total would be made as some payments would be in one year and others only a few months ago. Each one "can" be worked out this way OR sometimes FOS just accepts that the firm pays you what they owe you and then they add 8% interest from the settlement of an account if settled until todays date. I know you lose out slightly but I bet if you argued this you could win but may take some more time to sort. As regards credit cards there is somthing in the "how fos works out redress's" (sticky by Maxdp) on this as it is slightly different.

marshallka

amersall wrote: »

Hi marshalka, not contradicting you at all as i know you are a whizz with figures, just going by what my ppi was with fp the ppi was £23000 and my monthly payment over 180 months for this element was £185 (this was on the agreement.) and according to the guy who set up fpc it is 20% of monthly payment!! now i am confused :eek:
and trust me that doesnt take much
my loan was 92000 the ppi was 22530.80 total was 114530.80 loan monthly payment 755.52 and ppi 185.03

And there it is 19.67% lol..........;)

bugsy161

marshallka wrote: »

As far as FOS are concerned your monthly payments would have 8% interest added at the time your payment was made and then 8% added so a running total would be made as some payments would be in one year and others only a few months ago. Each one "can" be worked out this way OR sometimes FOS just accepts that the firm pays you what they owe you and then they add 8% interest from the settlement of an account if settled until todays date. I know you lose out slightly but I bet if you argued this you could win but may take some more time to sort. As regards credit cards there is somthing in the "how fos works out redress's" (sticky by Maxdp) on this as it is slightly different.

Thank you for that.
I know that Lloyds will give me a breakdown (choice use of words there as they nearly did give me a breakdown!!) but I want to have some idea of what they should be doing.
The FOS have told them to reimburse all my cc PPI payments for the last 23 years, averaging £40 per month, plus any charges incurred as a result of this. They have also told them to reconstruct my account by removing the PPI each month, and interest, and then deducting what I paid each month, reducing the balance by what had been removed with PPI and also with the extra payment that I made each month.
My belief is that they pay me back each £40 plus the monthly 1.527% interest and the interest is compounded onto the next monthly payment, 276 times.
Does the 8% then apply to each individual £40 but is only added to each month but not compounded or do they add the 8% onto every yearly total?
It could total a lot of money so I need to make sure they arent going to try and pull a fast one.

marshallka

bugsy161 wrote: »

Thank you for that.
I know that Lloyds will give me a breakdown (choice use of words there as they nearly did give me a breakdown!!) but I want to have some idea of what they should be doing.
The FOS have told them to reimburse all my cc PPI payments for the last 23 years, averaging £40 per month, plus any charges incurred as a result of this. They have also told them to reconstruct my account by removing the PPI each month, and interest, and then deducting what I paid each month, reducing the balance by what had been removed with PPI and also with the extra payment that I made each month.
My belief is that they pay me back each £40 plus the monthly 1.527% interest and the interest is compounded onto the next monthly payment, 276 times.
Does the 8% then apply to each individual £40 but is only added to each month but not compounded or do they add the 8% onto every yearly total?
It could total a lot of money so I need to make sure they arent going to try and pull a fast one.

Hi bugsy, I have no idea TBH on this one but I am sure that robbedofmymoney will have. Will try and bump when he is around. Sorry to have not been much help.

Flamingo80

Flamingo80 wrote: »

Well, I've just searched my posts on here and 2 months since my first post for advice...I have finally posted off my claim. Little Miss Disorganised or what?? lol

Thanks for all your help, I guess it's fingers crossed time now while I wait for a response. I'm a bit pessimistic when it comes to things like this so won't hold my breath.....

Have received a reply from Nationwide today saying that they are investigating my complaint and hope to get back to me by 1st September.

Fingers crossed. :undecided