How FOS Calculate Refunds

amersall

You are very welcome,hope its right!.

gshutzy

i have recently started to cliam my ppi. i dont have any actual figures of what ppi i paid but i know the dates of one loan(start and end) but i have another loan back to 2003 to calculate.

i used excel to calculate (roughly) my claim. just to clarify that the interest is compound. also is it at a daily rate or monthly? i know i have been offered 8% so i went of that. this is what you need to input into excel and let it do it for you.

cloumn
a1 date of first payment
a2 date of second payment
then highlight the 2 and in the bottom right hand corner of the lowest 1 drag it until the date shown in the little box shows the last date you made your loan payment.

column
b1 ammount of your ppi payment
b2 =sum(c1)

column
c1 =sum(b1*0.006666666) this is the 8% broke down into a monthly rate.
c2 =sum(b2*0.006666666)
then all you have to do is highlight b2 & c2. same again, drag the bottom right hand corner(c2) until you reach the end of your dates.

it should give you a running total. now this is for monthly compund interest. for daily compound interest a2 should be the day after your first payment. then hightlight as for monthly and drag until you reach todays date. dont forget to change c1 & c2 to =sum(b1*0.000219178)simples.

i mentioned the compound as daily rate as i am going to go for compound interest. after all that is how credit cards etc are charged interest. that is what i will do. unless the ombudsman guidelines are different.

thanks

MackT

I want to manage the expectations of those waiting for their PPI compensation. There is an agreement between the banks and other mis-sellers and the FSA that the usual rate of 8 per cent simple interest will be included. Please be aware this interest is taxable, and I think most institutions will deduct basic rate tax at source.
I picked this up at InsuranceGuardian - .co.uk
Sorry if it bursts any bubbles, but best you know.

Eosman

Hi...just been reading the last 12 pages of posts...please can I start by saying "What a bunch of Superstars you guys are with your calcs. n advice !!!"

I'm a newbie so will try to keep it short n sweet...please could someone give me a heads-up (yuck!!) as to whether these offers are about right I've just had offers for 2 claims from HFC as follows:

1.
Loan taken out 24-4-2004
Amount of loan: £ 7575.00 + Ins.(Life + ASU) loan £2002.39
Total charge for credit: £ 5094.84 + £1347.05
Total amount payable: £12669.84 + £3349.44
Total combined £16019.28
Monthly payment: £ 175.97 + £ 46.52
Interest 20.4% p.a.
Loan over 72 months but made early (reduced) settlement via CapQuest on 27-3-2009 as follows:

Amount owing as at 27-3-2009 £2509.80
Paid reduced amount £1479.93
Balance "written off" £1029.87
Ins. canc. by HFC (26-6-09) deducted £36.22 off bal. so = £ 993.65

Offer made on above claim as follows:
Premiums paid from 21-5-2004 (1st payment) £3321.76 DOES THIS INCLUDE INTEREST @ 20.4% ?
Plus interest @ 8% £1274.70
Adjustment to account for unpaid excess £ 154.75 What's this ?

2.

Loan taken out Nov-2004
Amount of loan: £ 1127.98
Total charge for credit: £ 702.26
Total amount payable: £ 1830.24
Monthly payment: £ 44.23 (of which Ins. payments were £6.10 )
Interest 29.5% p.a
Loan over 48 months

Thank you very much in anticipation.


Hope this next bit isn't too long (was gonna put it on another post but it is relevant to the figures on loan 1. above:

[Just to give people insight as to the mind games and bullying that some of these Banks get up to...I wrote to HFC requesting PPI statement which I received within the alloted time...less than a month later I started to receive letters from Beneficial Finance AND HFC (part of the HSBC Group) stating that £993.65 was outstanding and needed paying within 7 days otherwise possible solicitors/debt collection agency may be contacted with costs incurred by me. I contacted HSBC by phone and within 30 seconds the (helpful) young lady found the error and was "determined to rectify things with her manager" (which she did)...so the HFC info WAS obviously available to HSBC staff. I received written confirmation of the error (from HFC Bank) saying that no further monies would be sought but it was the Bank's intention to file a reduced settlement notification against my account, with the Credit Reference Agencies (no-one {HFC or Capquest}had mentioned this before, AND they decided to do it 27 months after the early settlement date).
When I eventually sent off my 3 x Claim Questionnaires to HSBC in Sept, I received a reply stating that "they could not find any evidence of the reference numbers provided" ... luckily, after the previous fiascos, I sent duplicates to HFC too...it shows you need to keep a record of everything and not to be fobbed-off by seemingly official letters, written by people who can't be bothered to look into things a bit deeper !!!]

GO, GET WHAT'S YOURS !!!!!

amersall

Eosman wrote: »

Hi...just been reading the last 12 pages of posts...please can I start by saying "What a bunch of Superstars you guys are with your calcs. n advice !!!"

I'm a newbie so will try to keep it short n sweet...please could someone give me a heads-up (yuck!!) as to whether these offers are about right I've just had offers for 2 claims from HFC as follows:

1.
Loan taken out 24-4-2004
Amount of loan: £ 7575.00 + Ins.(Life + ASU) loan £2002.39
Total charge for credit: £ 5094.84 + £1347.05
Total amount payable: £12669.84 + £3349.44
Total combined £16019.28
Monthly payment: £ 175.97 + £ 46.52
Interest 20.4% p.a.
Loan over 72 months but made early (reduced) settlement via CapQuest on 27-3-2009 as follows:

Amount owing as at 27-3-2009 £2509.80
Paid reduced amount £1479.93
Balance "written off" £1029.87
Ins. canc. by HFC (26-6-09) deducted £36.22 off bal. so = £ 993.65

Offer made on above claim as follows:
Premiums paid from 21-5-2004 (1st payment) £3321.76 DOES THIS INCLUDE INTEREST @ 20.4% ?Your monthly ppi payment will have included this interest
Plus interest @ 8% £1274.70here it is!!!
Adjustment to account for unpaid excess £ 154.75 What's this ?you need to contact them and ask ,it could be a number of things

2.

Loan taken out Nov-2004
Amount of loan: £ 1127.98
Total charge for credit: £ 702.26
Total amount payable: £ 1830.24
Monthly payment: £ 44.23 (of which Ins. payments were £6.10 )
Interest 29.5% p.a
Loan over 48 months £292.80 redress on this one
then the interest

Thank you very much in anticipation.


Hope this next bit isn't too long (was gonna put it on another post but it is relevant to the figures on loan 1. above:

[Just to give people insight as to the mind games and bullying that some of these Banks get up to...I wrote to HFC requesting PPI statement which I received within the alloted time...less than a month later I started to receive letters from Beneficial Finance AND HFC (part of the HSBC Group) stating that £993.65 was outstanding and needed paying within 7 days otherwise possible solicitors/debt collection agency may be contacted with costs incurred by me. I contacted HSBC by phone and within 30 seconds the (helpful) young lady found the error and was "determined to rectify things with her manager" (which she did)...so the HFC info WAS obviously available to HSBC staff. I received written confirmation of the error (from HFC Bank) saying that no further monies would be sought but it was the Bank's intention to file a reduced settlement notification against my account, with the Credit Reference Agencies (no-one {HFC or Capquest}had mentioned this before, AND they decided to do it 27 months after the early settlement date).
When I eventually sent off my 3 x Claim Questionnaires to HSBC in Sept, I received a reply stating that "they could not find any evidence of the reference numbers provided" ... luckily, after the previous fiascos, I sent duplicates to HFC too...it shows you need to keep a record of everything and not to be fobbed-off by seemingly official letters, written by people who can't be bothered to look into things a bit deeper !!!]

GO, GET WHAT'S YOURS !!!!!

Hope i have answered the question you asked?.In bold under your questions.

Eosman

amersall wrote: »

Hope i have answered the question you asked?.In bold under your questions.

Yes you have amersall ...TVM :beer:

amersall

You are very welcome x.

Eosman

Hi all...just a quicky...

Amount owing as at 27-3-2009 £2509.80
Paid reduced amount £1479.93
Balance "written off" by HFC £1029.87
Ins. canc. by HFC (26-6-09) deducted £36.22 off bal. so = £ 993.65

...when I made my early balance settlement with HFC I presumed that was that, but during my reclaiming with them I started to get letters saying I still owed this money. Eventually they said it was a mistake and that I didn't owe it...I have a written apology saying the account was short settled and no further monies will be sought by HFC.

On the PPI "Acceptance of Offer' form I have to sign there is a paragraph saying "As I still have a financial committment to HFC Bank, the amount of redress paid directly to me is subject to the status of my accounts. If there is any residual balance, this will be sent to my bank account. It may be necessary to contact you via telephone to discuss this further. Please give preferred contact number."

Does this mean that they can still take the £993.65 out of the final redress even though they accepted a lower settlement fee via CapQuest (debt collection agency)?

Any thoughts please

brendang_2

hi,can anyone please me regards my ppi and my acceptance of it,on 26th august i agreed to accept rbs's offer of £3054 in relation to my ppi claim and even though ive just today had a phonecall telling me my payment will be processed in 7-10 days the lady stated that i would be recieving interest on top of this amount as a result of the delays in dealing with my payment at a rate i think of 8% ,if this is the case as im no good at maths what roughly would i be in line to recieve if say my cheque did arrive in say 7 days,thanks in advance

amersall

brendang wrote: »

hi,can anyone please me regards my ppi and my acceptance of it,on 26th august i agreed to accept rbs's offer of £3054 in relation to my ppi claim and even though ive just today had a phonecall telling me my payment will be processed in 7-10 days the lady stated that i would be recieving interest on top of this amount as a result of the delays in dealing with my payment at a rate i think of 8% ,if this is the case as im no good at maths what roughly would i be in line to recieve if say my cheque did arrive in say 7 days,thanks in advance

This is 8% per monthly ppi payment,it wont be a great deal but it is better in your pocket than theirs!!.
Hope you get your cheque very soon.