How FOS Calculate Refunds

amersall

With both, you get the whole PPI amount back, less the rebates they gave you for the PPI when you settled plus the 8%, they will give you a breakdown of the figures, if you think they are wrong, then post back here, we need to know what the rebates were to give you the correct redress, you are looking at 6,501.38 less the rebate amounts.

logantb22

many thanks for your quick reply , i will post back when their offers arrive in the post .
thanks again

Greebo74

Please can anyone give me an idea of what my ppi claim is worth (it is going through afaik but taking aaaages!) - Borrowed £40k, with £10k ppi on top- the ppi apparently only lasted the first five years (don't think we are covered any more!!) although the loan has another 15 years to run I think the interest was arounf 6% - we have also had about £5 1/2k back in no claims repayments - any ideas how much we will be getting back? (Maths is really not my strong point!)
Depressing enough, we've just requested a redemption figure and they told us that, despite paying something like £22k over the last five years, to clear the loan now we would have to pay back £47k....

amersall

As you have had the cash back payment back, you will get the whole PPI amount taken off the Loan, this will reduce your Loan by this amount and the monthly payment should go down by the PPI monthly amount, you get back the monthly PPI payments back that you have made to date with interest and the 8%, they then take the bonus back that you have had, this may alter the whole redress but you will still be better off.

They may make offers as to what you want to do with the money, you should have the whole PPI amount taken off the Loan balance and the PPI paid to date back to you, it is imperative you do this as if you do not, the whole PPI is still on the Loan to term end with interest, this will cost you thousands through the remaining term.

Greebo74

amersall wrote: »

As you have had the cash back payment back, you will get the whole PPI amount taken off the Loan, this will reduce your Loan by this amount and the monthly payment should go down by the PPI monthly amount, you get back the monthly PPI payments back that you have made to date with interest and the 8%, they then take the bonus back that you have had, this may alter the whole redress but you will still be better off.

They may make offers as to what you want to do with the money, you should have the whole PPI amount taken off the Loan balance and the PPI paid to date back to you, it is imperative you do this as if you do not, the whole PPI is still on the Loan to term end with interest, this will cost you thousands through the remaining term.

Wow thanks Amersall, I was wondering how that would work (with the PPI taken off the loan etc). I shall definitely read the paperwork they send through (when it eventually arrives!)

Just so I understand - it seems the PPi was 'front loaded' - does that mean all we've been paying for five years has been PPI???

amersall

Greebo74 wrote: »

Wow thanks Amersall, I was wondering how that would work (with the PPI taken off the loan etc). I shall definitely read the paperwork they send through (when it eventually arrives!)

Just so I understand - it seems the PPi was 'front loaded' - does that mean all we've been paying for five years has been PPI???

When you get the calculations, would you post them on here? if you do not want to then thats ok, just so you know they are not ripping you off, the offers they make will do if you like.

With this Loan, it works similar to a mortgage, you pay less back off the Loan in the early years but the PPI will not have helped.

When you get paid up, the main thing is the whole PPI is taken off the Loan, this will save you thousands over the remaining term, even if they offer you a fiver, take it :D as long as the Loan is reduced.

Greebo74

amersall wrote: »

When you get the calculations, would you post them on here? if you do not want to then thats ok, just so you know they are not ripping you off, the offers they make will do if you like.

With this Loan, it works similar to a mortgage, you pay less back off the Loan in the early years but the PPI will not have helped.

When you get paid up, the main thing is the whole PPI is taken off the Loan, this will save you thousands over the remaining term, even if they offer you a fiver, take it :D as long as the Loan is reduced.

So we should get an 'offer' first, before we get the actual cheque (or however we decide to take the claim)?

amersall

Greebo74 wrote: »

So we should get an 'offer' first, before we get the actual cheque (or however we decide to take the claim)?

They should send you an offer, when they do, make sure that the whole PPI is taken off the loan, if you do not the cost for the remaining term in PPI and interest will be huge.

Greebo74

amersall wrote: »

They should send you an offer, when they do, make sure that the whole PPI is taken off the loan, if you do not the cost for the remaining term in PPI and interest will be huge.

So if I ask them to take it against the loan, I won't get much (if anything) back in a cheque to use against other debts?

Looking at the bigger picture (excuse the pun), if I have another loan which is paying at a higher interest rate, is it not best to pay that off now and use the saved repayment money to overpay the Picture loan? Or am I getting confused?

[Deleted User]

Greebo74 wrote: »

So if I ask them to take it against the loan, I won't get much (if anything) back in a cheque to use against other debts?

The problem is that these particular loans were very pernicious in their set up. Do as Amersall suggests and have the entire PPI removed from the loan. Remember, you've already had the Cash-back amount and you'll pay much more in subsequent interest than you'll ever have for "other debts"
Amersall has far more experience and knowledge than I in this respect and will no doubt be able to persuade you better.