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How FOS Calculate Refunds
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kharte2010 wrote: »im lost to be honest i paid 571 i think up front as part of the loan of 2000 total credit 2571.65 to which i am paying 168.00 for 48 months last loan payment will be aug 1st 2010 total repayment will be 4571.65 (yea i know ouch but its welcome finance but it was needed at the time) i dont really get how to work out what i should get as a refund is it simply 571.65 +8% interest or am i really missing the point
can anyone please help
hi,
i am struggling to get the numbers to stack up,
if you made 48 payments of £168 then thats over £8k, not 4571
please can you confirm the numbers and any breakdowns you have
cheersI'm proud to say that the banks no longer take money from me after becoming debt free0 -
sorry it was 24 payments of 168.00 the loan was 2000 over 2 years sorry my typo i paid 571.36 on to the loan at the start for ppi
any thing just let me know0 -
kharte2010 wrote: »sorry it was 24 payments of 168.00 the loan was 2000 over 2 years sorry my typo i paid 571.36 on to the loan at the start for ppi
any thing just let me know
i will need ot make an assumption as you don't show the monthly ppi payment
so if i take the 571 premium as a percentage of the total loan + ppi it equates to 22%
so approx 22% of your monthly premium will be attributed to ppi and interest that was applied
so 22% of 168 = 36.96
so your total ppi refund would follow the FOS guidlines of refunding you the ppi premiums and interest paid,
24 X £36.96 = £887.04
you will then get 8% simple interest on this 887, this is applied to each and every payment you made from the time you made it to the time of settlement/refund
8% simple on this is approx £74
so total refund of approx 887 + 74 = £961
this is based on my rough assumption of monthly ppi premium with interest, if you have a definate figure let me know what it is.
however, these figures will not be too far out.I'm proud to say that the banks no longer take money from me after becoming debt free0 -
great thanks i don't have a break down of what each monthly payment covers but you have given me a guide as to what id get and il see when the settlement comes in what welcome offer0
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1874.70 paid to customer
4125.30 re financed ( please note had no ppi on previous loan)
309.00 ins
115.00 arrangement fee
total 7781.52
apr 23.2% 24 monthly payments of 324.23 from 1/07/2006
citi have offered me 309.00 plus 80.14 interest is this correct??0 -
1874.70 paid to customer
4125.30 re financed ( please note had no ppi on previous loan)
309.00 ins
115.00 arrangement fee
total 7781.52
apr 23.2% 24 monthly payments of 324.23 from 1/07/2006
citi have offered me 309.00 plus 80.14 interest is this correct??
Hi there and well done.:beer:
I'm sure Robbedofmymoney will check this over for you at some point today, good luck.;)The one and only "Dizzy Di"0 -
could someone help me with calculations please and make a old man very happy.. i have tried but cannot work it out :mad::mad: i took this loan out on 9/3/2004, i made 12 payments and cleared the loan on 24/3/2005
loan; £11,565.75
ppi;£2,611.39
total loan £14,177.14
monthly payments;£317.07 including ppi of £58.41
cleared the loan after making 12 monthly payments .
the early settlement figure was £10,630.41.
i recieved a ppi rebate of £1,581.20
thanks in advance0 -
could someone help me with calculations please and make a old man very happy.. i have tried but cannot work it out :mad::mad: i took this loan out on 9/3/2004, i made 12 payments and cleared the loan on 24/3/2005
loan; £11,565.75
ppi;£2,611.39
total loan £14,177.14
monthly payments;£317.07 including ppi of £58.41
cleared the loan after making 12 monthly payments .
the early settlement figure was £10,630.41.
i recieved a ppi rebate of £1,581.20
thanks in advance0 -
sorry 60 months0
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Hi Alfie26, I make it that you would get back the 12 x 58.41 = £700.92 and should have settled (calculated this rule 78 as the old regs were in force when your loan was taken out) for the loan without PPI about £9927.31 so you have overpaid at settlement cause of the PPI by £703 so added together make about £1400 due back (cannot work it to the penny though). I have calculated both your loan and your PPI seperately using rule 78 calculator and if you add both settlements together and take away the PPI rebate they come to about £10587 which is not too different from your actual settlement.
Hope they are also paying you 8% statutory interest on this amount.
I will ask for robbedofmymoney to take a look too but that is my understanding from what I can see.
Hope it helps0
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