How FOS Calculate Refunds

jaynemacdonald1979

Think it was 7.8 or 8.8% sorry im not sure what one. Picture claim that we were given a refund of 444 when we paid it off there is no record of it in my bank statements. So i guess it was taken from the early settlement like you said. I just cant figure out how much we paid each month to the ppi as it changed every month.

[Deleted User]

jaynemacdonald1979 wrote: »

Picture claim that we were given a refund of 444 when we paid it off there is no record of it in my bank statements.

It's not a "refund", it's a rebate. The rebate is applied to the final settlement figure-so it wouldn't show on any statements.

I can't see your PPI repayments varying every month, but if your rebate was £444 on early settlement that leaves a PPI total of £2548 plus attendant interest.

jaynemacdonald1979

Thank u for that. Appreciate the advice. I shall keep fingers crossed we are successful in our complaint. Thanks again x

[Deleted User]

celsh wrote: »

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 .

Only FOS and Aviva can answer questions like this. However, Aviva accepting liability does not mean they will definitely find in your favour although it's certainly a step in the right direction. As for timescales, there are none defined in such cases so you'll just have to be patient.

Contact FOS directly if you want less generalised advice.

Palookaville

Hi guys, would really appreciate if someone had a look at this to see if it's right.
Today have had an offer of redress on 2 Egg Loans.
Figures are:

Loan 1

£1796.60 - Total PPI Premium paid
£297.19 - Contractual Interest paid as a result of PPI applied to acc
£1172.52 - 8% compensatory interest
£3266.31 - Total amount of compensation.
This loan was for £10,000 obtained in December 2002 over 60 months with an interest rate of 7.66% and the APR was 7.9%

Loan 2

£1040.10 - PPI premium paid
£33.37 - Interest on premium
£526 - 8% interest
£1599.47 Total amount of compensation
This loan of £4790 was obtained in September 2004 over 60 months with and APR of 5%

Any answers would be most welcome.

-taff

Yes, they look fine.

Northern_gal

Hi All,

I have started proceedings with my claim and want to make sure that if I get an offer i will get enough, can you please give me an abouts figure?

Loan Amount:£5000
Monthly repayments £110.13
Over 60 Months
APR 10.9%
Total - £6607.80

PPI
£1218.30
Monthly repayments £26.84
Over 60 months
APR 10.9%
Total - £1610.40

Thanks,

Lx

-taff

1610 plus 8% interest.

Northern_gal

-taff wrote: »

1610 plus 8% interest.

Ahhh ok,seems very simple when you put it like that... so is it just a straight 8% or do i calculate it from when I have been paying it as it was taken out in December 2006 and completed in 2011.

Thanks,

Laura

-taff

8% simple interest, not compound.....