How FOS Calculate Refunds

tomboy100

The wife & I have a loan in place which has 8 months to run
I took out PPI which was a total of £2428.92 over 60 months.

The company in question have offfered me £2,100 compensation
I reckon with the interest working on 8% comes to £3392.63 after paying for 52 months.

Should I take it or turn it down and wait for FOS to adjudicate (the case is with the adjudicator at the FOS at the moment)

Iam waiting for the offer to be posted to me but from what i gather the policy will be cancelled if I accept the £2,100 and the monthly repayment will go down by £40.48 per month.

I would like any advice if possible please

Jen1878

Hi,
I am hoping for some advice on reclaiming PPI from my Egg credit card and loan.

After checking my paper work I have discovered that I paid approx £800.00 for my egg loan which ended in October 2007.

I only have statements up to July 2007 for the credit card and have applied for more statements from Jan 2005 to July 2002. But so far I have counted approx £540.00 so far and have used the bank charges calculater to work out how much I can claim back on this

My main question is, how do I calculate how much I can claim for the loan me including interest plus the 8%. I know that they should do this for me but would like to be sure so I can be confident that they are not going to miscalculate and do me out of what is owed to me.

Any advice would be much appreciated.

Thanks

jo-urney

hi, i posted this info (below) on another forum earlier in the week but i think it may have got missed as its quite busy on there - anybody on here who may be able to help?

ive been trying to go through my loan figures to work out how much i would potentially be awarded if my claim is upheld - but getting in a complete mess here - anybody a maths whizz who might have some insight? it all starts to go pear shaped with me when it comes to working out interest!!!!! ive put as many details as possible below - any assistance would be much appreciated!!!!

• Loan taken out in october 2005.
• loan amount £46,000 + £11,477 ppi (total loan amount £57,477)
• loan to be repaid over 240 months at 7.2% apr variable.
• received a ppi no claims refund of £2,800.39 in year 3, £1,680.23 in year 4, and £1,120.16 in year 5 - so a total refund overall of £5600.78

as the company we originally took the loan out with is in default, we are putting in a claim with the FSCS - i am aware that they pay out 90% of the total amount.

thanks to anyone who can help out/direct me to someone who can!!!!

jo

amersall

tomboy100 wrote: »

The wife & I have a loan in place which has 8 months to run
I took out PPI which was a total of £2428.92 over 60 months.

The company in question have offfered me £2,100 compensation
I reckon with the interest working on 8% comes to £3392.63 after paying for 52 months.

Should I take it or turn it down and wait for FOS to adjudicate (the case is with the adjudicator at the FOS at the moment)

Iam waiting for the offer to be posted to me but from what i gather the policy will be cancelled if I accept the £2,100 and the monthly repayment will go down by £40.48 per month.

I would like any advice if possible please

Hi there, you have not made the 8 months payments that are left,so at £40.48 a month for ppi that was left this = 323.84 take this off the total ppi this leaves 2.105.08 so that is right.

Total ppi you paid = 1935.09
The interest at 8% from 1st feb 08 to july 1st 11(i used the 1st of the month as i do not know when the loans first payment was made) is 234.93.Your redress totals with the 8% 2.1070.02, this is slightly over what you have been offered as i did not know the date in the month your loan started.

They have given you the correct redress as the ppi comes off your loan balance and as you say the loan goes down by the 40.48 that is the ppi payment.
Does this help?.

amersall

jo-urney wrote: »

hi, i posted this info (below) on another forum earlier in the week but i think it may have got missed as its quite busy on there - anybody on here who may be able to help?

ive been trying to go through my loan figures to work out how much i would potentially be awarded if my claim is upheld - but getting in a complete mess here - anybody a maths whizz who might have some insight? it all starts to go pear shaped with me when it comes to working out interest!!!!! ive put as many details as possible below - any assistance would be much appreciated!!!!

• Loan taken out in october 2005.
• loan amount £46,000 + £11,477 ppi (total loan amount £57,477)
• loan to be repaid over 240 months at 7.2% apr variable.
• received a ppi no claims refund of £2,800.39 in year 3, £1,680.23 in year 4, and £1,120.16 in year 5 - so a total refund overall of £5600.78

as the company we originally took the loan out with is in default, we are putting in a claim with the FSCS - i am aware that they pay out 90% of the total amount.

thanks to anyone who can help out/direct me to someone who can!!!!

jo

Hi there, this is one for the maths whizards,Marshallka and Robbedof, i am sure when they come on line they will see this and help you, i can do the 8% and know you get ppi you have paid to date back but yours has no claims refunds etc.
Just hang on in there and i am sure you will get help with this.

This site is manic at the moment!!! i have been on 3 hours and am only on the third reclaim thread!!.

amersall

Jen1878 wrote: »

Hi,
I am hoping for some advice on reclaiming PPI from my Egg credit card and loan.

After checking my paper work I have discovered that I paid approx £800.00 for my egg loan which ended in October 2007.

I only have statements up to July 2007 for the credit card and have applied for more statements from Jan 2005 to July 2002. But so far I have counted approx £540.00 so far and have used the bank charges calculater to work out how much I can claim back on this

My main question is, how do I calculate how much I can claim for the loan me including interest plus the 8%. I know that they should do this for me but would like to be sure so I can be confident that they are not going to miscalculate and do me out of what is owed to me.

Any advice would be much appreciated.

Thanks

Hi there, if you have been on the bank charge calculator this totals the ppi payment made and the 8%, not sure about the interest,but hopefully Marshallka or Robbedof will be along to help with this.

tomboy100

amersall wrote: »

Hi there, you have not made the 8 months payments that are left,so at £40.48 a month for ppi that was left this = 323.84 take this off the total ppi this leaves 2.105.08 so that is right.

Total ppi you paid = 1935.09
The interest at 8% from 1st feb 08 to july 1st 11(i used the 1st of the month as i do not know when the loans first payment was made) is 234.93.Your redress totals with the 8% 2.1070.02, this is slightly over what you have been offered as i did not know the date in the month your loan started.

They have given you the correct redress as the ppi comes off your loan balance and as you say the loan goes down by the 40.48 that is the ppi payment.

Hi thanks for the info i have decided to turn down the offer :cool: dont know if i have done right
i will let you know as it is with the FOS now for adjudication
Does this help?

jo-urney

so, ive been having a look at the figures for my loan + ppi while hanging on to see if anyone with a genius brain will be able to help me work out what my reclaim amount may be - this is what i have come up with, but to be honest i could have got the completely wrong end of the stick with my calculations lol.
can you tell ive got a little too much time on my hands at the moment??? (my little boy has chicken pox so i'm off work at home, looking after him!)

• Loan taken out on 3rd october 2005.
• loan amount £46,000 + £11,477 ppi (total loan amount £57,477)
• loan to be repaid over 240 months at 7.2% apr variable.
• received a ppi no claims refund of £2,800.39 in oct year 3, £1,680.23 in oct year 4, and £1,120.16 in oct year 5 - so a total refund overall of £5600.78

so i think.....
11477 ppi total put onto the loan amount.

minus total rebate of £5600 (paid in yrs 3,4&5) = £5877 basic ppi on top of the loan.
　
3yrs interest on £11477 (yrs 1-3) @ 7.2% = £2478
1yr interest on £8676 after 1st rebate @ 7.2% = £624.67
1yr interest on £6996.38 after 2nd rebate @ 7.2% = £503.74
8mths interest on £5876.22 after 3rd rebate @ 7.2% = £282.06
　
so £3888.47 total interest paid so far?
　
adding the ppi amount (minus rebate) to the interest i have paid, i come up with a total of £9765.47

adding on 8% simple interest from the start of the loan until now (8% on 68 monthly ppi payments of approx £91) = £495.04

total of ppi after rebate, interest paid, and 8% simple interest i make the possible rebate: £10,260.51

fscs pay 90% so reclaim could be: £9234.46

i am assuming the ppi of £11477 would be taken off my loan amount, and my monthly repayments would drop by the £91 ppi payment amount?

does this look right to anyone, or am i way off the mark here!!!????

many thanks, patient people

amersall

tomboy100 wrote: »

amersall wrote: »

Hi there, you have not made the 8 months payments that are left,so at £40.48 a month for ppi that was left this = 323.84 take this off the total ppi this leaves 2.105.08 so that is right.

Total ppi you paid = 1935.09
The interest at 8% from 1st feb 08 to july 1st 11(i used the 1st of the month as i do not know when the loans first payment was made) is 234.93.Your redress totals with the 8% 2.1070.02, this is slightly over what you have been offered as i did not know the date in the month your loan started.

They have given you the correct redress as the ppi comes off your loan balance and as you say the loan goes down by the 40.48 that is the ppi payment.

Hi thanks for the info i have decided to turn down the offer :cool: dont know if i have done right
i will let you know as it is with the FOS now for adjudication
Does this help?

That is up to you if you think it is wrong, as anyone else worked this out for you and said you need more? i am not a maths genius lol, so i could have been wrong!!. i hope they did not do the correct redress that they offered as if it is correct the FOS will find in their favour and you will have had the long wait at FOS nothing.
Good luck.

kerys28

great news yesterday had a letter from the fscs about my welcome finance ppi they are taking £3900 off my loan woohoo thats knocked 2 years off my loan payments thanks money saving expert