How FOS Calculate Refunds

amersall

boots114 wrote: »

thanks for that - yes the loan was paid off in full and no claims made. Is the 8% just based on the full 72x60 or otherwise.
J

The 8% is on a decreasing monthly scale from the start date to the end date, as the PPI gets nearer to the redress date, the less the 8% is.
Nice tidy sum to come then

boots114

amersall wrote: »

The 8% is on a decreasing monthly scale from the start date to the end date, as the PPI gets nearer to the redress date, the less the 8% is.
Nice tidy sum to come then

Thanks again amersall. When you mean nice tidy sum im still lost LOL is it about £4665 or more.

Thanks for some great threads i would not have even contemplated putting my own claim in without them.

j

amersall

You will get all the PPI you paid and the 8% on top, I cannot work the 8% out for you, sorry, but the PPI you paid is a very nice sum, any extra is a bonus.

Jamloune

:THi,
mine is only a small loan, but would really appreciate help in calculating how much Barclays will be paying back (they have already agreed to the complaint).

Loan amount : £2000.00
Loan commenced : 25th Nov 1993
Loan period : 24 months - paid each month and fully paid by the end of the term
Monthly payment : £114.93
PPI payment : £11.94
Loan APR: 22.04%
Total PPI premium loan : £233.72
Charge for PPI credit : £52.84
Total PPI amount : £286.56

Barclays have agreed to pay a full refund of the premiums together with interest paid on the premium to date plus 8% per annum simple interest.

Is it possible for one of you ever so clever people to work out how much I am likely to get paid out?

Hope this is enough information, please let me know if I can provide anything else to help.
Many thanks.

amersall

You will get the PPI amount the interest on that and the 8%, the 8% is decreasing each month on the PPI paid each month to the day they pay you out.
Go on the bank charge calculator, put in the year month and date of each PPI payment you made each month to October 2012, the calculator will keep a running total of the total redress and the 8%, good luck as you have to go back to November 93 !.

http://www.moneysavingexpert.com/reclaim/bank-charges#step2

Jamloune

Thanks Amersall, did try using the calculator, but it doesn't go back to 1993 !

Jamloune

I did work out the interest for the 2 years of the loan as being :

£233.72 x 22.40% / 12 x 24 = £104.71.

But when the letter quotes to date does that mean that interest will be paid from the start of the loan to now i.e. 17 years, 9 months?

amersall

You get the whole PPI amount back that was put on the loan with the interest associated with that, you then get the 8% for each month from the start date of the loan to the day they pay you back, as I said, this amount is on the PPI payment each month and each month it decreases until the day they pay out, best wait and see what 8% they offer you.

That is a lot of monthly PPI for a 2 year loan £233.72,must have cost a fortune over the 2 years with the loan payment too !.

sidhart

Gurus,
Firstly many thanks for all the support and useful info on these forms.

My complain against HSBC was upheld and they have now offered me the following amount -
PPI Premium - 2182.61
8% interest - 1287.74
I have spent the past two weeks going through the forms and various calculator/spread sheets to evaluate if the amount they are offering is correct.
Here are the loan details -
Date Loan taken Nov 2002

Loan Amount - 7500
Charge for credit on loan - 1554.25
PPI premium - 1514.91
Charge for credit on PPI - 301.91 @7.9% each.
60 months time frame - Last payment Oct 2007
Monthly PPI payments were - 30.35

Could someone please help me evaluate what should i be offered back.
I cant make sense of HSBC calculations, according to me i paid 1514.91+301.91=£1816.81, but they are offering 2182.61?
Secondly 8% interest should be charged on monthly payments from first payment till today(until they have paid me).
If i use £30.35 per month, i get
PPI premium as £3581.31
and 8% interest as £1430.36

Can someone please advise , where i am going wrong? or right?
many thanks in advance.

amersall

You paid £1816.81 in PPI and interest, the 8% from Nov 02 to Nov 12 is £1430.36, this is full redress, if you add these together your total redress was £3246.98 they have given you £3470.08 so you are £223.10 up on the deal, this could be extra interest maybe.

What you did wrong was to count the PPI total from the start of the loan to now, you get the PPI amount to the date of the loan end, it is only the 8% that you get to the redress date, does this help?.