PPI Reclaiming Discussion part 4

DanDaniel

Do i just ask for the original amount back or how do i go about working out interest etc. maths was never my strong point :rolleyes:

DanDaniel

sorry just read your little bit at the bottom x

marshallka

DanDaniel wrote: »

Do i just ask for the original amount back or how do i go about working out interest etc. maths was never my strong point :rolleyes:

You don't ask for anything only to be put back into the position as if you never had the PPI.

DanDaniel

sorry so is that £67 for each of the 180 months?

marshallka

DanDaniel wrote: »

sorry so is that £67 for each of the 180 months?

If your loan had ran for the whole 180 months then your total PPI would have been 180 x 67, yes, BUT you have only had this for 14 months so that is what they should actually repay to you and use the rest to reduce the balance of your remaining loan and PPI and draw a new loan up reflecting this.

You though do not need to request for any amounts. This is a normal redress and also they should pay 8% statutory interest on top for being deprived of the monies in the first place over the 14 months you have paid.

tiggrae

DanDaniel wrote: »

thanks all

i took the loan out for £15000 14 months ago
with ppi it took the total loan up to 18507.51
i pay £355.00 a month for 180 months in total
the interest rate is 22.20% on my statement and 24.60% on agreement ?
it does not break down the interest just says interest charge £45,483.71

thanks for your time Dan

hi Dan,

Yes unfortunately £355 x 180 = £63900

take off £18507.51 gives you £45393 in interest !!

Ok lets deal with the ppi bit first £3507.51 as a percentage of £18507.51 is approx. 18.95%

18.95% of £355 is £67.27 - you've paid this for 14 months £941.78 - that's what you've paid to date.

However, if taken over the full length of the loan (ie 67.27 x 180) is £12108.60
and that is the amount you want removing from the full loan term

marshallka

tiggrae wrote: »

hi Dan,

Yes unfortunately £355 x 180 = £63900

take off £18507.51 gives you £45393 in interest !!

Ok lets deal with the ppi bit first £3507.51 as a percentage of £18507.51 is approx. 18.95%

18.95% of £355 is £67.27 - you've paid this for 14 months £941.78 - that's what you've paid to date.

However, if taken over the full length of the loan (ie 67.27 x 180) is £12108.60
and that is the amount you want removing from the full loan term

I was right then tiggrae:T

tiggrae

marshallka wrote: »

Then you should have no problem taking this to the FOS if they do not uphold your complaint.

PPI element is 18.95% (is this right tiggrae) and then you take 18.95% of the repayments and that is how much is against the PPI being £67.27

you've got it girl !!! absolutely spot on !!!

gareth1973

just want to say thanks to Marshallka and Di3004 for the advice on the HFC PPI. I will keep you updated.

marshallka

gareth1973 wrote: »

just want to say thanks to Marshallka and Di3004 for the advice on the HFC PPI. I will keep you updated.

You're welcome.;)