How FOS Calculate Refunds

amersall

kerys28 wrote: »

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

:j:jWell done :beer::beer:

kerys28

:beer:thanks very much to you all on here for helping me :j:T

di3004

Well done Kerys, that is fab news, Congratulations!:beer:

kerys28

i know this is a different subject but my tax credits was £10565 last year but i have renewed in may and my income for this year is £3900 do you think im due for a payment off tax cedits and if so how much thanks

di3004

kerys28 wrote: »

i know this is a different subject but my tax credits was £10565 last year but i have renewed in may and my income for this year is £3900 do you think im due for a payment off tax cedits and if so how much thanks

Hi there

And yes I most certainly do.
Have the sent the new annual award yet, or is this to come?

I am not sure what the entitlement would be as everyone's circumstances differ, although there is a site that may have the answers......
https://www.turn2us.entitledto.co.uk/entitlementcalculator.aspx?AspxAutoDetectCookieSupport=1

It will also let you know what else your entitled to.;)

kerys28

hi there
i renewed in may i havent heard nothing off them they just say its processing
ill have a look at that site now
thanks
il let you know if i hear off them

di3004

kerys28 wrote: »

hi there
i renewed in may i havent heard nothing off them they just say its processing
ill have a look at that site now
thanks
il let you know if i hear off them

Hi

They are taking their time, maybe they owe you quite a sum and still calculating hey?:D;) good luck anyway and yes please do let me know.
I'm also waiting for mine, but have only just sent my yearly update off over the last week.;)x

kerys28

i just went on the website turntous and they said i should have had £27000 because i have 4 children and 3 of them go to a childminder when im in work but on my old award notice it says i got paid £21000 does that mean they will pay the difference i hope so lol

di3004

kerys28 wrote: »

i just went on the website turntous and they said i should have had £27000 because i have 4 children and 3 of them go to a childminder when im in work but on my old award notice it says i got paid £21000 does that mean they will pay the difference i hope so lol

Hi
To what I am aware of they should make up the difference, as you know it will vary every year, but if your income drops they should then rise the amount your entitled to.;)

Have you also checked out the thread here below in regards of this matter?
http://forums.moneysavingexpert.com/forumdisplay.php?f=139

https://forums.moneysavingexpert.com/discussion/2991856

Hope you find them useful too. x

jo-urney

hate to bump, but wondered if the brainy people who are good with figures are around on the site at the moment and wouldnt mind taking a gander at this lot please!

jo-urney wrote: »

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