How FOS Calculate Refunds

kerrycrabs

ok so i should get £5988 back (the cost of the ppi) but less the no claims bonus i received?

woul di get any interest? would this just be the interest for the 5 years i have paid? how would i work out what interest i have paid?

what about future interest?


oh and yes its the fscs.

i took a look at that other thread- im still confused but hava posted on there 2 to see if any one else can help me get my tiny brain round it all.

if i had any patience i would just wait and see but i just cant!

amersall

There is a good chance you won't get the 8% I don't think the FSCS pay this as they are compensating you for the PPI.

You will have to contact them and ask what happens to the whole PPI amount and future payments to this as the PPI is still on the loan to term end with interest, they will explain what happens with this.

Had the claim gone into Picture as a mis sell, you would have had the whole PPI taken off the balance, the PPI that you have paid with the interest and the 8% back to you and your monthly payment reduced by the PPI monthly amount, as this is the FSCS you need to ask them what will happen.

kerrycrabs

might give the fcsc a ring in the morning! dont think we could have gone through picture as they dont exist or summat happened with them!

amersall

I know, Picture went into default in 09, it is a pity as this PPI was mis sold as you now know the PPI is still on the loan after the 5 years the PPI ran for!!.

Let me know what the FSCS say.

kerrycrabs

will do!!
:p

[Deleted User]

kerrycrabs wrote: »

woul di get any interest?

I'm sure Di3004 would be very pleased to receive interest! Doubt she will though!:D

kerrycrabs

doh!!!:p:p:p:p

kerrycrabs

spoke to fscs.

i get back the oroginal premium.

interest from the 5 years i have paid

less the ncb

plus a small something else missed what he said it was something about 2% from 2009 and 4% from before that (not sure if thats applied to the whole of it or just the interest but he said it would only be a small amount)

kerrycrabs

and i still pay all the future ppi + interest unless i use the money i get to pay this off the loan!

makes sense to me im happy!

just wish i could work out what interest i have paid over the 5 years-is it £850 that a previous poster suggested?

frenchy28

No it isn't the £850 that is totally different to what you have paid so far.

the total cost of the ppi on your loan including interest would be £13,410 and its a shame that you only get the original amount back and the rest is left on as it still turns out to be quite a bit of cash.