How FOS Calculate Refunds

Niggly_2

Niggly wrote: »

Originally Posted by dexstroyer
Evening all,

I have my statement back from Welcome finance and have sent my letters away asking politely for my money back...:rotfl:

Since the great people of these forums have said my PPI was front loaded and then interest charged on top, and I settled early, would someone that has the abilty be able to calculate a possible figure I MAY be able to get back?

The best I can do is post a photo bucket link for the 3 pages.

HERE...

It confuses me the more I look at it,

Thank you.


QUOTE=amersall;46294145]Bumping this,thank you xxxxx

I have sussed it be back with figs soon

N:beer:[/QUOTE]
20/08/2001 loan £7000
20/08/2001 ppi loan £2063
Total payment 243.01
Interest per month total
Loan settled 23/12/03 £7065
Ppi rebate is £423.16

PPI is £2063/£9063 is 22.76%
PPI payment is 243.01 x 22.76% = £55.31 x29 =
PPI payment refund is £1603.99
8% interest £1144.18 (29 payments from 20/08/2001 to 20/08/11 is 121 months)

Total refund is £2748.17

amersall

Niggly wrote: »

Originally Posted by dexstroyer
Evening all,

I have my statement back from Welcome finance and have sent my letters away asking politely for my money back...:rotfl:

Since the great people of these forums have said my PPI was front loaded and then interest charged on top, and I settled early, would someone that has the abilty be able to calculate a possible figure I MAY be able to get back?

The best I can do is post a photo bucket link for the 3 pages.

HERE...

It confuses me the more I look at it,

Thank you.


QUOTE=amersall;46294145]Bumping this,thank you xxxxx

I have sussed it be back with figs soon

N:beer:[/QUOTE]

Cheers N :A

dexstroyer_2

Niggly wrote: »

I have sussed it be back with figs soon

N:beer:

20/08/2001 loan £7000
20/08/2001 ppi loan £2063
Total payment 243.01
Interest per month total
Loan settled 23/12/03 £7065
Ppi rebate is £423.16

PPI is £2063/£9063 is 22.76%
PPI payment is 243.01 x 22.76% = £55.31 x29 =
PPI payment refund is £1603.99
8% interest £1144.18 (29 payments from 20/08/2001 to 20/08/11 is 121 months)

Total refund is £2748.17[/QUOTE]

REALLY?? WOW, cant begin to understand how you can do this! :T:T

Thank you very much, most appreciated, just need to try and find the next step now as Welcome still have not written back to me.

Will keep you posted on my success,

Cheers Niggly,

FlySi

Could somebody explain how the figure for 8% interest was calculated above? I'm at a loss as to the relevance of 29 payments and 121 months. I'm in the process of trying to sort out the claim for my parents and am about to try and calculate (in theory) the PPI refund.

amersall

Hi there,you get the 8% on the ppi you have paid to date,so go on here
http://www.moneysavingexpert.com/reclaim/bank-charges#calc
Put the date and amount of 1st ppi payment made in the calc,then at the end when you have done all the months and monthly ppi amount there will be a total of the ppi you get back and the 8%.

leanne123_2

Hi i am in need of some advice, 6 weeks ago ocean finance contacted me about sale of ppi ! asked us if we were happy with sale and if not to fill in questionaire and wait for reply so thought give it a go. 2 weeks later wrote back saying although we agreed at time to take insurance they were upholding complaint and would contact us again to offer redress.
Got letter yesterday with offer and now wondering wether to accept and run or hold out for more as they seem a little to keen to settle !

here are details
loan taken in 2005 the loan is still live and runs for 240 months altogether the ppi only covered 60 months
loan amount 10,000
insurance 1,400
monthly cost of ppi 16.84
amount paid 1,313.52
notational redemption 1,261,67
subtotal 2,575,19
minus 649.67 for equivelnt monthly policy ???????
plus 8% simple interest of 123.49
so are offering us 2,024.31
which is good considering we hadnt even thought of reclaiming but just would like advice as to if this is correct as the 1400 ppi was added to the loan amount so we are going to end up paying back a lot more than what they are offering.
Any advice would be greatly appreciated :)

Niggly_2

leanne123 wrote: »

Hi i am in need of some advice, 6 weeks ago ocean finance contacted me about sale of ppi ! asked us if we were happy with sale and if not to fill in questionaire and wait for reply so thought give it a go. 2 weeks later wrote back saying although we agreed at time to take insurance they were upholding complaint and would contact us again to offer redress.
Got letter yesterday with offer and now wondering wether to accept and run or hold out for more as they seem a little to keen to settle !

here are details
loan taken in 2005 the loan is still live and runs for 240 months altogether the ppi only covered 60 months
loan amount 10,000
insurance 1,400
monthly cost of ppi 16.84
amount paid 1,313.52
notational redemption 1,261,67
subtotal 2,575,19
minus 649.67 for equivelnt monthly policy ???????
plus 8% simple interest of 123.49
so are offering us 2,024.31
which is good considering we hadnt even thought of reclaiming but just would like advice as to if this is correct as the 1400 ppi was added to the loan amount so we are going to end up paying back a lot more than what they are offering.
Any advice would be greatly appreciated :)

The figures look okay but I thought I should expalin the reduction of £649.67. FOS allow a firm to decide wether you would have bought a cheaper policy at the time of sale compared to a single premium policy. In other words in your case they think you would have and have taken this off the compensation total.

They can charge you 9% of every £100 you repay against the loan.

You have to decide whether this is a fair assumption. I see it has a way of companies clawing back some of the cost to them personally. It will depend on what you put in the FOS questionairre or letter of complaint as to wether the FOS WILL OVERTURN THE DECISION.

If you have lots of benefits else where then there arguement isnt strong. If you have no benefits elsewher to cover the payments then FOS are likely to side with Ocean.

So its up to you go back to FOS and complain or take the money on offer now

N:beer:

dilus

Hi was wondering if one of the mathematicians out there could run over these figures to see if I am any where near in my assumptions. I am in the early phase of claiming back PPI on a loan which has been paid in full after paying my outstanding balance with 3 months remaining. Loan details are :-

Loan £10,000
PPI added up front £4,042
Amount of credit £14,042
Total charge for credit £3,322.48
Total amount payable £17,364.48
Monthly instalments £206.72
Loan period 84 months
APR 6.0%
13/08/04 - 25/07/11 Settled in full 3 months from end

From previous posts I have worked out that the PPI accounted for approx 29% of my monthly repayments so:-
29% of £206.72 = £59.94
£59.94 x 84 months = £5,034.96
+ 8% interest = £402.79
Total = £5,437.75

I am asking in the hope that my case is upheld but would like to know from the experts on the site if my figures are close to what they should be.
Your thoughts would be very much appreciated, regards dilus

Niggly_2

dilus wrote: »

Hi was wondering if one of the mathematicians out there could run over these figures to see if I am any where near in my assumptions. I am in the early phase of claiming back PPI on a loan which has been paid in full after paying my outstanding balance with 3 months remaining. Loan details are :-

Loan £10,000
PPI added up front £4,042
Amount of credit £14,042
Total charge for credit £3,322.48
Total amount payable £17,364.48
Monthly instalments £206.72
Loan period 84 months
APR 6.0%
13/08/04 - 25/07/11 Settled in full 3 months from end

From previous posts I have worked out that the PPI accounted for approx 29% of my monthly repayments so:-
29% of £206.72 = £59.94
£59.94 x 84 months = £5,034.96
+ 8% interest = £402.79 £1426
Total = £5,437.75

I am asking in the hope that my case is upheld but would like to know from the experts on the site if my figures are close to what they should be.
Your thoughts would be very much appreciated, regards dilus

The 8% is simple on each payment made £59.94 x 8%/12 x 84 plus £59.94 x 8%/12 x 83 and so on.

Cheers N

dilus

Niggly wrote: »

The 8% is simple on each payment made £59.94 x 8%/12 x 84 plus £59.94 x 8%/12 x 83 and so on.

Cheers N

Many thanks Niggly, I understand that now, I think I have a good case so fingers crossed that I get positive result over the coming weeks