How FOS Calculate Refunds

jools35

Hello, don't know if this is the correct place to post this:

I've have had a look at my agreement with Black Horse and tried to work our what we would be refunded by looking at the sticky, but i'm a bit confused. Could someone help please?

Loan 09.04.2003
£20,000 - 11.9% = £278.68 per month
PPI £5374.33 - 11.9% = £74.89 per month
total monthly payment from May 2003 -October 2003 inclusive = £353.75
monthly payment changed from November 2003 - February 2005 inclusive £361.25 (I do not know why this increased)

Total of 20 payments made.

Loan settled on 21 March 2005 for £21,416.50 - (£2,006.20 was deducted from the balance to settle)

I've worked out £74.89 x 20 = £1497.80

It's the 'simple' interest at 8% that's confusing me - funny how they call it 'simple'!

I know it's on each ppi payment from the date paid until the today's date, but i just do not know how to work that out. Also I don't know how to work out the difference in what the settlement figure would have been if we hadn't had the ppi.

Black horse have said they will 'payout' but I want to be prepared for what they will offer.

Thanks in advance

amersall

This is how you work the 8%
http://www.moneysavingexpert.com/reclaim/bank-charges#calc

Put each month, year, and ppi monthly amount that you paid into the calc, this will keep a running total for you and the final figure is the 8%.

Robbedof or Marshallka will know how to work what the settlement would have been without ppi, and hopefully one of them will help you with this.

jools35

Thanks for your help. I've checked the calculator and worked out we should get just short of 3k based on the simple interest.

Just need some help now with the settlement differences please.

J19LOM

Hi Everyone, well done to all who have successfully reclaimed, and thanks for inspiring me to put in my own claim
I work near my bank so I had originally hand delivered my claim form to my bank, and was told it would get passed onto the manager (in hindsight maybe this was a mistake) I didnt hear anything for 3 weeks so I looked at this again and THEN found the address to send it to (!) Its now been a further week since I posted my reclaim form and I haven't had a phone call or letter or email, and I was wondering if anyone knows how long they usually take to reply? The lender is NatWest. Just wanted to know really if I should have got a reply by now?
Also, does anone know if banks (especially NatWest) are also compensating for this, i.e if i have paid 3k (in PPI) so far in the last 3 and a half years, would I get back my 3k + interest/compensation?
Thanks for reading... I will keep you updated on any news... Cheers, Jai

di3004

J19LOM wrote: »

Hi Everyone, well done to all who have successfully reclaimed, and thanks for inspiring me to put in my own claim
I work near my bank so I had originally hand delivered my claim form to my bank, and was told it would get passed onto the manager (in hindsight maybe this was a mistake) I didnt hear anything for 3 weeks so I looked at this again and THEN found the address to send it to (!) Its now been a further week since I posted my reclaim form and I haven't had a phone call or letter or email, and I was wondering if anyone knows how long they usually take to reply? The lender is NatWest. Just wanted to know really if I should have got a reply by now?
Also, does anone know if banks (especially NatWest) are also compensating for this, i.e if i have paid 3k (in PPI) so far in the last 3 and a half years, would I get back my 3k + interest/compensation?
Thanks for reading... I will keep you updated on any news... Cheers, Jai

Hi there
The normal timescale is that of 8 weeks, although I believe they should have acknowledged your complaint by now, give them a ring and chase this up, good luck.

kerys28

hi there i have a secured loan with welcome finance for £11000 in october 2007 the ppi was £2736 i was wondering how much i could claim back off the fcsa please:T

amersall

kerys28 wrote: »

hi there i have a secured loan with welcome finance for £11000 in october 2007 the ppi was £2736 i was wondering how much i could claim back off the fcsa please:T

Hi there, give them a ring and they will send you a form.
http://www.fsa.gov.uk/pages/consumerinformation/consumer_contact/index.shtml

defected82

Hi there

I hope this is the right place for this post. I have recently had a response for MBNA regarding my Sonycard PPI complaint.

I'm an analyst but still really struggling with the maths due to the lack of detail so I'm hoping someone can help explain!

PPI Charges since sale date (around June 2006)- £974
Total amount of interest associated with PPI premiums - £1456.27
8% amount - £7.89
Total amount payable - £2438.16

I cancelled the PPI in June 2009 as they refused to investigate my complaint then. My interest rate was increased to 34% in the same month.

Q: How is the 8% calculated? Given my balance was approx £6 (reducing to £3.5k after this offer), £7.89 just doesn't seem right?

Whilst I am pleased they have upheld complaint, I don't think this is really making things right. My interest rate was increased to 34% after cancellation of policy, which meant I could only make a little more than min payments. Would the FOS agree with this, or am I wasting paper and ink by referring complaint to them?

Thanks for any help!!

amersall

kerys28 wrote: »

hi there i have a secured loan with welcome finance for £11000 in october 2007 the ppi was £2736 i was wondering how much i could claim back off the fcsa please:T

You will get 90% compensation, if the loan is still running, you can cancel the ppi and get this back to you.

amersall

defected82 wrote: »

Hi there

I hope this is the right place for this post. I have recently had a response for MBNA regarding my Sonycard PPI complaint.

I'm an analyst but still really struggling with the maths due to the lack of detail so I'm hoping someone can help explain!

PPI Charges since sale date (around June 2006)- £974
Total amount of interest associated with PPI premiums - £1456.27
8% amount - £7.89
Total amount payable - £2438.16

I cancelled the PPI in June 2009 as they refused to investigate my complaint then. My interest rate was increased to 34% in the same month.

Q: How is the 8% calculated? Given my balance was approx £6 (reducing to £3.5k after this offer), £7.89 just doesn't seem right?

Whilst I am pleased they have upheld complaint, I don't think this is really making things right. My interest rate was increased to 34% after cancellation of policy, which meant I could only make a little more than min payments. Would the FOS agree with this, or am I wasting paper and ink by referring complaint to them?

Thanks for any help!!

Hi there have you statements of the ppi monthly amounts?
Go on the link and put the ppi monthly amounts and the month and year and this calcalator will keep a running total for you.

I am not a whizz with figures but the 8% seems right to me, check yourself and then you will know.

http://www.moneysavingexpert.com/reclaim/bank-charges#calc