How FOS Calculate Refunds

jordan360

Just taken my complaint to the FOS after egg refused to calculate the refund until after the review. Just wondered if someone could help me work out how much my refund is likely to be, as i could potentially pay off my loan with the refund!
details are as follows.

annual interest rate 6.73% fixed
date of initial advance ,21 February 2006
amount of credit £20,174.00 cash loan
£5,059.44 repayment protection
total: £25233.44

term of loan 60 months, however ive taken a few payment holidays and its now due to finish nov 2011
monthly payments are now £603 but have only gotten that high due to the payment holidays, i think they started at 500 ish.

ive used the calculator on this site but not entirely sure i got it right because it came up near 8k, surely thats way too much.
your thoughts would be ace.
thanks

di3004

jordan360 wrote: »

Just taken my complaint to the FOS after egg refused to calculate the refund until after the review. Just wondered if someone could help me work out how much my refund is likely to be, as i could potentially pay off my loan with the refund!
details are as follows.

annual interest rate 6.73% fixed
date of initial advance ,21 February 2006
amount of credit £20,174.00 cash loan
£5,059.44 repayment protection
total: £25233.44

term of loan 60 months, however ive taken a few payment holidays and its now due to finish nov 2011
monthly payments are now £603 but have only gotten that high due to the payment holidays, i think they started at 500 ish.

ive used the calculator on this site but not entirely sure i got it right because it came up near 8k, surely thats way too much.
your thoughts would be ace.
thanks

Hiya

I'm sure someone will he here at some point to check this over for you, good luck.:)

alexer

Hi,

It's really nice post dude.Thanks a lot for sharing information regarding FOS.

monners

Hi all,

Can somebody help me with some calculations please?

Below is verbatim the key financial info for my loan.

Amount of loan (the cash loan): £11000
Amount of credit (the insurance loan) £2703.64
Total amount of credit (the total loan) £13703.63
Duration of agreement £60 months
total amount you pay for the cash loan £15160.80
total amount you pay for the insurance £ 3726.60
total amount you pay for the total loan £18887.40

amount of monthly payments £314.79
Apr 13.2%

commencement date: july 2005
Expiry date: September 2010
Actually pai up in May 2010

I have just received an offer from the Halifax this morning.

Refund of premiums £2699.00
Refund of interest @ 13.2% £1031.54
interest @ 8% £911.20
Total Refund: £4641.74

Any experts know if this refund sounds correct?

Thanks

di3004

monners wrote: »

Hi all,

Can somebody help me with some calculations please?

Below is verbatim the key financial info for my loan.

Amount of loan (the cash loan): £11000
Amount of credit (the insurance loan) £2703.64
Total amount of credit (the total loan) £13703.63
Duration of agreement £60 months
total amount you pay for the cash loan £15160.80
total amount you pay for the insurance £ 3726.60
total amount you pay for the total loan £18887.40

amount of monthly payments £314.79
Apr 13.2%

commencement date: july 2005
Expiry date: September 2010
Actually pai up in May 2010

I have just received an offer from the Halifax this morning.

Refund of premiums £2699.00
Refund of interest @ 13.2% £1031.54
interest @ 8% £911.20
Total Refund: £4641.74

Any experts know if this refund sounds correct?

Thanks

Hiya

Wow, well done that is fab :beer:
Going by the figures that does look correct, but again I am no expert on calculations, so I will see if I can get hold of someone to check them out for you soon. OK? Well done!:beer::)

monners

Thanks Di3004, Much appreciated.

Monners

di3004

monners wrote: »

Thanks Di3004, Much appreciated.

Monners

Your very welcome.

And I have left a PM to one of my lovely mates for you, she will be along at some point soon I'm sure.;)

amersall

monners wrote: »

Hi all,

Can somebody help me with some calculations please?

Below is verbatim the key financial info for my loan.

Amount of loan (the cash loan): £11000
Amount of credit (the insurance loan) £2703.64
Total amount of credit (the total loan) £13703.63
Duration of agreement £60 months
total amount you pay for the cash loan £15160.80
total amount you pay for the insurance £ 3726.60
total amount you pay for the total loan £18887.40

amount of monthly payments £314.79
Apr 13.2%

commencement date: july 2005
Expiry date: September 2010
Actually pai up in May 2010

I have just received an offer from the Halifax this morning.

Refund of premiums £2699.00
Refund of interest @ 13.2% £1031.54
interest @ 8% £911.20
Total Refund: £4641.74

Any experts know if this refund sounds correct?

Thanks

Well done :j
Not an expert, but it seems to be right, they have given you redress as FOS reccomend.
You have all the ppi refunded and the interest plus 8%.

Marshalka and robbedof are absolute whizzes with figures and if they come on they will verify these for you.Looks right to me though.

di3004

Thank you amersall, your fab xxx:beer:

amersall

Cheers Di :A Does look right to me, full ppi and interest refunded. where are marshalka and robbedof when you need them? :rotfl: