How FOS Calculate Refunds

amersall

axiana wrote: »

Hiya

I just recieved a decision from fos in my favour regarding ppi of £4840 which was included on my 84 month loan that I took out in June 2008 and am still paying. My loan statement says I pay 14.23% apr. Does anyone know if I will recieve that interest rate back or will it be 8%. I can't figure it out.

Thanks in advance.

Make sure that the loan is reset without PPI as well, they should reduce your loan balance by the whole PPI amount and your monthly loan payment should go down by the PPI monthly amount.

Malibu27

HI All
Just wondering if anyone can please. I made a complaint to NatWest last year re being mis-sold a single premium PPI policy. I took it the FOS and they have sent a letter saying that NatWest would like to make an offer…
How much would I be looking at based on the following:
Loan £6,000 (over 60 months)
Monthly payment of £147.88
PPI monthly payment £49.61
APR 18.1%
After 24 months the loan was paid off - £5,202.38.
I haven’t got a clue how to calculate this, but I just don’t trust the bank!! Any help would be greatly appreciated.
Thanks

amersall

You will get the whole PPI amount back, they will take off the rebate they gave you for settling early and the remaining 36 PPI payments that you did not make, the rebate of PPI they gave you meant that you repaid the remaining PPI back at settlement so you get this back, you also get the 8% on the monthly PPI payment, this is a decreasing amount for each months PPI payment that you made from the start date of the loan to the day they pay the redress, the nearer to the date redress date then the less the 8% is.

Cannot be exact with figures as I do not know what the rebate figure for the PPI was and what rebate you got on the loan for early settlement, when you get the figures, post them up, as the FOS are involved the bank will calculate as I said above, don't think they will rob you.

Malibu27

Thanks for your response. I'll be patient and wait for their offer letter and post the figures on here. Thanks again for your help

amersall

You are welcome.

celsh

Looking for some guidance please I currently have a case at the FOS which is related to an extremely old welcome finance loan (i know young and stupid!) however with welcome now being defunct the current status is that Aviva who were the underwriter for Welcome at this time have been sent information by the FOS to see if they were taking ownership of the claim, and I have been notified today that Aviva have accepted the ownership of this claim.
Following this I have now been advised that this is now back to the assessment stage within the FOS and I am a little unsure of what this means following Aviva's acceptance of this claim? and time scales that may now be involved or even if this shall be paid out at all can anyone advise ? many thanks .

jaynemacdonald1979

Hi all PPI claim gone in against picture loans, deloitte have received my paperwork. Just wondering if anyone could figure out what sort of figure we may get back.

Loan began apr 2006
£15000 loan
Ppi £2992
Loan was for 120 months at £215 per months.
Paid off early jan 2008. £16500 to pay it off
So only paid 21 months. Never missed. Every month was different.
Varied between £230/£300 ??? Is this right??.

How much roughly should we get back?. There was a single premium ppi on it also. Told we had to have the ppi to get the loan.

Can anyone advise so i have an idea roughly what we are due back.

Thank u x

-taff

The FSCS don't pay the 8% so you'll get back the PPI amount and the associated interest.

jaynemacdonald1979

How is it worked out though iv roughly paid £21g on a £15g loan paid it off early. Would i get the 2992 back?. How do i work out how much was paid to ppi every month.

-taff

Becauise you paid it off early, there would have been a partial rebate of the PPI in the settlement figure. You'll have to wait to see what they come back with I'm afraid.
2992 divided by however many months you were supposed to pay, plus the interest on top, which I haven;t got a clue was....