How FOS Calculate Refunds

kerrycrabs

that is alot- i wont get that much though will i as that is over the full 240 months isnt it not just the 60 i have paid.

now i may be wrong cos maths so aint my strength but is the interest over 5 years about £2500?

if so i should get the original ppi £5988 + interest £2500= 8488 - £300 ncb = £5488

plus what ever the other 2% 4% thing he was on about is?

if my maths is right i might just have to dance about like a mad head!

amersall

You need to know what interest you paid on the actual PPI amounts each month, when they give you the calculations, post them up.

It is in your best interest to pay as much of the win to the loan this will save you thousands over the remaining term of the loan, it will not reduce the payments each month by the monthly PPI amount so contact who you pay the loan to and ask if they will do this, you won't know until you ask.

kerrycrabs

tbh this is just one of many debts so we will be using it to pay something else off!

will def post the calculations when and if we get anything!

amersall

fingers crossed.

jdwmfc

Seriously has no Excel geek come up with a great spreadsheet yet? HAHAHAHA
I don't think my formula work is up to scratch else I would try.

xxlozxx

Can you give me some idea of what I might receive in compensation for the PPI I have on loans with Halifax

Loan 1 (Taken out in 2004) £25000 over 168 months @ 6.6% interest
Monthly payment (incl PPI) £249.73
Paid 96 months so far (loan still active)

Loan 2 £25000 over 132 months @ 5.8% interest
Monthly payment (incl PPI) £278.59
Paid 104 months so far (loan still active)

Thanks for your help.

amersall

xxlozxx wrote: »

Can you give me some idea of what I might receive in compensation for the PPI I have on loans with Halifax

Loan 1 (Taken out in 2004) £25000 over 168 months @ 6.6% interest
Monthly payment (incl PPI) £249.73
Paid 96 months so far (loan still active)

Loan 2 £25000 over 132 months @ 5.8% interest
Monthly payment (incl PPI) £278.59
Paid 104 months so far (loan still active)

Thanks for your help.

Do you know the actual PPI totals? these are needed to work this out.

You get all the PPI monthly payments that you made to date and the 8%, as the loans are still running, you get the same but the whole PPI amount is taken from the loan balance and your payment goes down by the monthly PPI amount.

xxlozxx

amersall wrote: »

Do you know the actual PPI totals? these are needed to work this out.

You get all the PPI monthly payments that you made to date and the 8%, as the loans are still running, you get the same but the whole PPI amount is taken from the loan balance and your payment goes down by the monthly PPI amount.

Thanks for that. Yes the PPI total on loan 1 was £3942 and £3457 on loan 2.

amersall

A rough calc, you are looking at the PPI that you have paid to both of 4,989, and the 8%, this is paid for every month that you paid the PPI monthly amount for from loan start date to the day they pay you out, this is on a decreasing scale so the nearer the date they pay you out, the less the 8% is.

Loan one will have the total PPI taken off the balance and your monthly payment will reduce by the PPI monthly amount of about £23.46.

Loan 2 will reduce by the whole PPI amount and the monthly payment will go down by PPI monthly amount of £26.32.

Hope this helps.

xxlozxx

amersall wrote: »

A rough calc, you are looking at the PPI that you have paid to both of 4,989, and the 8%, this is paid for every month that you paid the PPI monthly amount for from loan start date to the day they pay you out, this is on a decreasing scale so the nearer the date they pay you out, the less the 8% is.

Loan one will have the total PPI taken off the balance and your monthly payment will reduce by the PPI monthly amount of about £23.46.

Loan 2 will reduce by the whole PPI amount and the monthly payment will go down by PPI monthly amount of £26.32.

Hope this helps.

Thank you for your help.