How FOS Calculate Refunds

Placida

Niggly wrote: »

My questions are
1. If Barclays agreed to cancel my PPI in Nov 2007 does this mean they will have to agree they mis sold ppi in 2004 (My circumstances were the same) This would seem logical as your circumstances havent changed
2. Will Barclays now follow FOS guidelines for “successive single premium payment protection insurance” to recalculate the all my loans & the payments up to my present one, to what they would have been if I had taken the first loan in 2004 without PPI & pay me compensation? They should follow the FOS guidelines yes
I would really appreciate some help. Should Request a SAR now or wait for their decision?

You have all the details you need no need for SAR wait to see what they offer.

Thanks I would be so grateful for any advice

[/QUOTE]

I just hope I have a good case-fingers crossed.

DaisyMoo

Niggly wrote: »

This one is fairly straight forward based on the facts given

Loan still exists
Start date May 2005 Finish date May 20012
Payments made 77
PPI per month is £:eek::eek::eek:

What is the payment to ppi per month then I can calculate accurately.

:beer:

That's just it, I'm not sure how much ppi is being paid per month,
I work it out at approx £82 but not sure if that's right (seems a bit high to me)
Do I just multiply this figure by 72 and add 8% ? I'm sorry - it probably seems really simple to most but I've never had a head for sums :0)
Thanks again x

Niggly_2

DaisyMoo wrote: »

That's just it, I'm not sure how much ppi is being paid per month,
I work it out at approx £82 but not sure if that's right (seems a bit high to me)
Do I just multiply this figure by 72 and add 8% ? I'm sorry - it probably seems really simple to most but I've never had a head for sums :0)
Thanks again x

£80 X 77 = 6160
8% = £1601

:beer:

DaisyMoo

Thanks Niggly - now I know what I should be due, puts me in a better position to negotiate if necessary.
You have helped a lot, hope you are feeling better x

squin1

amersall wrote: »

This is what happens when you cancel ppi,the ppi is still there so you will still pay for this and it will continue to the end of the loan,when you get redress you could take this off the loan and pay it back sooner,that will save you a great deal of interest over the remaining time.
Only with a mi sell do you get the ppi taken off and the monthly ppi amount taken off your monthly loan payment.

Hi,
they've agreed it was a mis-sell and I'm trying to work out if their offer is right.
Thanks

monners

where is my post? its disappeard!

bex2012

bex2012 wrote: »

Hi, Ive been pointed to this thread, and was wondering if anyon could check my figures and make sure Im thinking along the correct lines:

After emailing MBNA's CEO, I finally got an offer this afternoon. They are offering:

PPI and associated interest: £2100.02
8% amount: £979.37

Total amount payable: £ 3079.57


which doesnt sound right to me (or maybe Im just being greedy and expecting too much... maths really isnt my strong point!). Would someone be really nice and double-check for me?


These are my loan figures:

Loan amount: £15800
PPI amount: £2807.12
Total amount: £18607.12
APR: 6.9%
Monthly APR: 0.575 (6.9 / 12)
48 months/ 4 years
Monthly repayable amount: £442.90

By my calculations the PPI amount per month was £91.03 (2807.12 / 48)

I made 16 payments before clearing the loan (16 x £442.90 = £7086.40).

The settlement figure of the loan was £12288 (I dont have anything to say if this included a refund of PPI, all the PPI was paid for at the start of the loan).

If I hadnt had the PPI, the figures would have been £351.87 per month (£442.90 - £91.03), over the 16 months: 16 x £351.87 = £5629.92

So am I right in thinking that they have to refund the 16 x 91.03 = £1456.48 PLUS £1442.08 (£7086.40 - £5629.92 = £1442.08) which is the difference between the loan with and without PPI.
£1456.48
+£1442.08
= £2898.56

Then obviously the interest from each PPI payment needs to be added, plus the 8% statutory. I put all the info in the CAG ppi calculator, and it was bringing the refund due at over 5K!

Ive just managed to get through to MBNA and apparently I had a rebate of £1109.96 when the loan was settled. By my calculations that means they kept £1697.16 (£2807.12 - £1109.96). Does this make their offer of £3100 reasonable?
Thanks!

KIMY

KIMY wrote: »

Di has advised me to ask your advise on calculations
Hi Di, just received a email from my adjuicator, what do you think ?

I have not yet calculated the approximate amount. I intended to do this by Friday and have been considering from the information you have given me how I can go about fairly calculating the redress. I hope to be able to provide you with an estimate tomorrow, but bear in mind that this would also have to be calculated more accurately and agreed by HFC Bank

Maybe l am being too optimistic but this is getting more promising, although it will be interesting to hear HFC response. This l premuse will be both loans PPI amalgmated as my adjuicator has the agreement from the first loan what was found after been destroyed.This was for £3000 over 36 months with front loaded PPI £526.91 with 26.6% interest = £742.32 payable 36 months £20.62 and was paid off in full after 30 months with no PPI rebate for early settlement.
The other loan was for £15,000 and run for only 2 years but was front loaded PPI, not sure what was paid

Any indication of possible refund amount would be appreciated.
As you can read my adjuicator is going to try and calculate PPI paid on 15,000 loan

Hi Niggly can you give me any help with this calculation, Many thanks

amersall

squin1 wrote: »

Hi,
they've agreed it was a mis-sell and I'm trying to work out if their offer is right.
Thanks

It may be a mis sell,but you cancelled the insurance and you have in effect a new loan,so your redress will be from the start date to the date the ppi was cancelled.

gary_909

I wonder if anyone can tell me if the amount I recieved is correct MBNA have offered me £1360.64p for a loan I had for £7000 over 3 years which ran its full term the loan was from October 2001 to October 2004 and the monthly payments were £262 a month this all the info I have as I have no paerwork as it was such a long time ago and no % figures as what the apr was I would be grateful if someone could help and sorry I have no more info thanks.