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How FOS Calculate Refunds
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marshallka wrote: »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 helps
it's about right based on the information posted.
8 % simple on these amounts going back to 2004 would add up to quite a bit.
1400 in 2005 at 8% simple is approx £600 on top.I'm proud to say that the banks no longer take money from me after becoming debt free0 -
thanks to you both
;)
i just wanted to have an idea roughly how much.0 -
Just had a letter from the OFS saying that Black Horse are agreeing to pay my claim! The letter says that they agree to pay "based on the general approach" laid down by the FOS. We paid 53 payments of £47 and still have 7 to go! By my calculations that means we are due around £2491 plus interest! Interestingly the letter does not mention any compensation for distress, like the original message at the start of this thread (£300 is mentioned). Is it a given that Black Horse will include a figure for "em!!!!!!ance" as Terry Pratchet would have it?;)0
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Just had a letter from the OFS saying that Black Horse are agreeing to pay my claim! The letter says that they agree to pay "based on the general approach" laid down by the FOS. We paid 53 payments of £47 and still have 7 to go! By my calculations that means we are due around £2491 plus interest! Interestingly the letter does not mention any compensation for distress, like the original message at the start of this thread (£300 is mentioned). Is it a given that Black Horse will include a figure for "em!!!!!!ance" as Terry Pratchet would have it?;)
Well done Steve, Congratulations!:beer:
Oh if resolved direct with the bank, distress compo is not normally included, although if they uphold in inline with the FOS its they work the same with the refund calculations, minus the distress compo, hope that makes sense.;)The one and only "Dizzy Di"0 -
I took out a welcome finance loan which then went into arrears.
I then took out a debt management programme and as part of this have more or less paid it off.
Now the calculation that they have sent me - I do not think calculates properly. I think I am missing some money somewhere but am not sure.
Should I contact the FOS and check with them or is there anyone on here that can help.
Its very confusing - especially as I have hardly any infornation about the loan and think they could be using that as a way to get round it.
Can anyone offer me any advice?
Thanks0 -
antoinettecitybird wrote: »I took out a welcome finance loan which then went into arrears.
I then took out a debt management programme and as part of this have more or less paid it off.
Now the calculation that they have sent me - I do not think calculates properly. I think I am missing some money somewhere but am not sure.
Should I contact the FOS and check with them or is there anyone on here that can help.
Its very confusing - especially as I have hardly any infornation about the loan and think they could be using that as a way to get round it.
Can anyone offer me any advice?
Thanks
Hi there
Did you make a reclaim on the ppi?
You can always post up the calcs on the ppi thread and someone I'm sure will check them for you.
Did Welcome send you a full written detailed breakdown, if not ask them for this, you will then know what is what.
Good luck with this.The one and only "Dizzy Di"0 -
Hi there
Did you make a reclaim on the ppi?
You can always post up the calcs on the ppi thread and someone I'm sure will check them for you.
Did Welcome send you a full written detailed breakdown, if not ask them for this, you will then know what is what.
Good luck with this.
My claim for misselling has been accepted by NatWest. I have been payig £150 per month premium since March 2007. I stopped the insurance in September 10. I have therefore paid £6,300 in insurance premiums. How do I calculate the 8% interest to see what i'm due?0 -
sunandsailcat wrote: »My claim for misselling has been accepted by NatWest. I have been payig £150 per month premium since March 2007. I stopped the insurance in September 10. I have therefore paid £6,300 in insurance premiums. How do I calculate the 8% interest to see what i'm due?
You put the payment in the calculator and then the date the payment was made and click add to charges. This then calculates an amount you paid and adds the interest to todays date. You do this with each and every payment made (you now have a running total) and the date the payment was made and it gives you a running total which is the total amount of your claim including the interest.0 -
http://www.moneysavingexpert.com/reclaim/bank-charges
Hi marshalka, it is still there, about half way down the page ! step 2 how much can you reclaim,i only know this because i used it a few weeks ago and had trouble findidng it then.0 -
marshallka wrote: »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 helps
Hi my colleague, close friend & member of the legendary Simiantics Team--nearly posted a SS of ours for old times sake on here--but unsure if Alfie says his Settlement payment actually was 10,360.41 OR (10,360.41-1581.20)--lol
Not pursuing by the way--other things to do as you know-lol
Clxxx xxaka Calculator
My grandmother started walking five miles a day when she was 60. Now she's 97 years old and we don't know where the hell she is.0
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