How FOS Calculate Refunds

amersall

:D Thanks money :A:A you are spot on
with the redress I mean not " my experience"

[Deleted User]

amersall wrote: »

with the redress I mean not " my experience"

There's that grin again...;)

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]

Im back again!

This is now with the FOS adjudicator and almost a year on!
My question is for every full year to re-calculate the interest am I to add approximately £128.32?

Thanks,

DEX

amersall

dexstroyer wrote: »

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

Im back again!

This is now with the FOS adjudicator and almost a year on!
My question is for every full year to re-calculate the interest am I to add approximately £128.32?

Thanks,

DEX[/QUOTE]

Niggly has not been on here for quite a while now, sorry, I don't know how you work the interest out.

amersall

dexstroyer wrote: »

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

Im back again!

This is now with the FOS adjudicator and almost a year on!
My question is for every full year to re-calculate the interest am I to add approximately £128.32?

Thanks,

DEX

Niggly has not been on here for quite a while now, sorry, I don't know how you work the interest out.

jones1328

Hi All,


I have a question regarding a successful PPI reclaim and the amount I've been awarded - hopefully someone can help me!

Very recently had PPI reclaim sussess from a MBNA loan I recently paid off.

The loan was taken out in October 2006 for £4000 repayable over 5 years (60 months).

The interest rate on the loan was approximately 9% with the 60 monthly re-payments at £95.02 (this included the monthly PPI payment)

In thier letter informing me of my sucessful PPI claim, MBNA have broken down the refund as follows:

Total amount of PPI premiums and associated interest charged since sale date: £978.56

Total amount of 8% interest: £236.03

Total amount payable: £1214.59

Based on the information I've set out, does this refund amount sound about right?

Would appreciate any feedback on this matter.

Thanks :beer:

amersall

I answered your other post :D

Greebo74

Moneyineptitude wrote: »

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.

Cheers

I'm going to chase the FSCS tomorrow, is it worth asking them then if I can have the PPI taken off the loan rather than waiting for an offer in writing?

[Deleted User]

Greebo74 wrote: »

Cheers

I'm going to chase the FSCS tomorrow, is it worth asking them then if I can have the PPI taken off the loan rather than waiting for an offer in writing?

Don't ask them; tell them this is how it must be.

Greebo74

Moneyineptitude wrote: »

Don't ask them; tell them this is how it must be.

I'm not great on the phone; is it worth sending a letter? How would I word it?