PPI Reclaiming Discussion part 4

beaniebabe

busbyh wrote: »

Hi
The majority of the payments are interest. We were paying £350pm and in the first 18months the interest was £320 approx. It changed slightly as the rates changed. I did have the statement until the other day but I forwarded this to FSCS and out of 30 payments - £9000+ was interest. I think as with all loans the majority of the interest in taken out at the beginning. Our loan was for £35000 + £8832ppi =£43832. Dont know if you can work anything out from this.
busbyh
xx

Bushbyh

I am no good at this sort of thing and thats why I thought it was worth asking the question. Are you saying that the first 18 months repayments were for the PPI?
I hope someone can come along who has a better idea of figures!!
Looks like we have been paying well over the odds!!;) Cheers

busbyh

beaniebabe wrote: »

Bushbyh

I am no good at this sort of thing and thats why I thought it was worth asking the question. Are you saying that the first 18 months repayments were for the PPI?
I hope someone can come along who has a better idea of figures!!
Looks like we have been paying well over the odds!!;) Cheers

Hi
just added a bit more to post. am not too good myself at these things but as you can see over the 30 payments we made of £350 it works out only £66 was being paid of the loan.
Think i've worked that out right
XX

beaniebabe

busbyh wrote: »

Hi
just added a bit more to post. am not too good myself at these things but as you can see over the 30 payments we made of £350 it works out only £66 was being paid of the loan.
Think i've worked that out right
XX

Thanks Bushbyh
Sounds like your right there!
Thanks for making it a bit clearer for me. I think we are going to have to wait and see, however if your theory is right that sounds good to me;)XX

pinknico

So now ,was the £60 off the PPI loan or a bit of both? first and was the interest off the total loan , anyway we should get the interest back, taken off the current loan and refunded what has already been paid towards PPI, yes? no? maybe? !!!! LOL

busbyh

Just been trying a few more calculations. I reckon my PPI works out to 1/5th of the whole amount.
If I was paying £320pm interest, 1/5th of payment is £64 x 30mths =£1920 +£8832 ppi. I make that they owe us at least £10752.
Any comments on this or am I being too optimistic.;) although I think they only pay 90% of amounts after the first £2000:mad:
busbyh
xx

busbyh

:eek:

pinknico wrote: »

So now ,was the £60 off the PPI loan or a bit of both? first and was the interest off the total loan , anyway we should get the interest back, taken off the current loan and refunded what has already been paid towards PPI, yes? no? maybe? !!!! LOL

COMPLICATED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!;)

beaniebabe

pinknico wrote: »

So now ,was the £60 off the PPI loan or a bit of both? first and was the interest off the total loan , anyway we should get the interest back, taken off the current loan and refunded what has already been paid towards PPI, yes? no? maybe? !!!! LOL

Think I have started a right debate here! :eek:
Sounds to me like we are all wondering the same thing and havn't a clue how we will be refunded :rolleyes:
I guess its so frustrating as we have all waited such a long time and good news is getting very near now.
Suppose no news is good news! Lets hope we are right:D XX

beaniebabe

busbyh wrote: »

Just been trying a few more calculations. I reckon my PPI works out to 1/5th of the whole amount.
If I was paying £320pm interest, 1/5th of payment is £64 x 30mths =£1920 +£8832 ppi. I make that they owe us at least £10752.
Any comments on this or am I being too optimistic.;) although I think they only pay 90% of amounts after the first £2000:mad:
busbyh
xx

I hope you are right Bushbyh. In all honesty I think they will just refund us the full PPI repayment at the first £2000 at 100% and the remainder at 90%. I am uncertain if they would pay us any interest but they aught to!! I doubt if they will pay us any additional compensation. Who knows, lets hope they do X

busbyh

beaniebabe wrote: »

I hope you are right Bushbyh. In all honesty I think they will just refund us the full PPI repayment at the first £2000 at 100% and the remainder at 90%. I am uncertain if they would pay us any interest but they aught to!! I doubt if they will pay us any additional compensation. Who knows, lets hope they do X

You are right, you have started a debate:eek: but I am sure I have read they do pay 8% interest at least and some of the successes I have read I work out they have received more than 8%, Sureley if it is mis sold we will get all the interest back that we have paid - we must:mad:
xxx

busbyh

beaniebabe
Just read Martins site and we should get 8% statutory interest on each payment made as this is what a court would allow
xx