How FOS Calculate Refunds

monners

Your both brilliant, the way you help people on here is fantastic and I thank you both very much!

monners

by the way, my last post was meant for di3004 and amersall!! My skills on posting are non existence hence the no cut and pasting.

di3004

Your very welcome Monners, we are so happy to help :A.

So happy for you.

Congratulations!:beer: x

amersall

monners wrote: »

by the way, my last post was meant for di3004 and amersall!! My skills on posting are non existence hence the no cut and pasting.

We gathered that :rotfl::rotfl: And you are very welcome

k77mss

hi just heard back from fos to say they have upheld my complaint against hfc just wondered what amount i could be paid out

loan amount 9145.67
ppi 1176.73
total amount 10322.40
term 48 months started 13th nov 2002
monthly payments 215.05

paid off 13th january 2004
total amount 5146.54 which i think reading the statement is 1666.83 refund of interest and 528.33 refund on ppi

the total due on loan on 9th jan 2004 is 7311.70
hope this makes sense thanxs for any reply

di3004

k77mss wrote: »

hi just heard back from fos to say they have upheld my complaint against hfc just wondered what amount i could be paid out

loan amount 9145.67
ppi 1176.73
total amount 10322.40
term 48 months started 13th nov 2002
monthly payments 215.05

paid off 13th january 2004
total amount 5146.54 which i think reading the statement is 1666.83 refund of interest and 528.33 refund on ppi

the total due on loan on 9th jan 2004 is 7311.70
hope this makes sense thanxs for any reply

Hi

Well done on your success :beer:

Hopefully someone will be along soon.

Sorry I am not the one for calculations.

amersall

k77mss wrote: »

hi just heard back from fos to say they have upheld my complaint against hfc just wondered what amount i could be paid out

loan amount 9145.67
ppi 1176.73
total amount 10322.40
term 48 months started 13th nov 2002
monthly payments 215.05

paid off 13th january 2004
total amount 5146.54 which i think reading the statement is 1666.83 refund of interest and 528.33 refund on ppi

the total due on loan on 9th jan 2004 is 7311.70
hope this makes sense thanxs for any reply

Well done :j:j
Robbedof or Marshalka are brilliant with figures, hopefully one (or both) will come and help you with the calculation.

marshallka

k77mss wrote: »

hi just heard back from fos to say they have upheld my complaint against hfc just wondered what amount i could be paid out

loan amount 9145.67
ppi 1176.73
total amount 10322.40
term 48 months started 13th nov 2002
monthly payments 215.05

paid off 13th january 2004
total amount 5146.54 which i think reading the statement is 1666.83 refund of interest and 528.33 refund on ppi

the total due on loan on 9th jan 2004 is 7311.70
hope this makes sense thanxs for any reply

PPI element is 11.40% so 11.40% of the repayment went to repay the PPI being £24.52.

Total PPI for the whole period 24.52 x 48 = 1176.73

24.52 x 14 months (loan was running before settlement) = 343.28
PPI 1176.73 - 343.28 = 833.45 (amount of ppi AND interest owing at settlement)
833.45 - 528.33 (rebate of PPI when you settled) = 305.12 + 343.28 (repayments made against PPI) = £648.40. This is the amount of the refund PLUS you would be entitled to 8% statutory interest on each repayment when you made it to todays date and also 8% statutory interest on the balance you paid on the remaining PPI when you settled to today date.

Also you have to take into account the amount of settlement interest on the PPI that you had included in the rebate of interest and this needs taking off your total amount of PPI and interest owing figure above before calculating. A little difficult to work out at the moment but this is just a rough guide.

k77mss

marshallka wrote: »

PPI element is 11.40% so 11.40% of the repayment went to repay the PPI being £24.52.

Total PPI for the whole period 24.52 x 48 = 1176.73

24.52 x 14 months (loan was running before settlement) = 343.28
PPI 1176.73 - 343.28 = 833.45 (amount of ppi AND interest owing at settlement)
833.45 - 528.33 (rebate of PPI when you settled) = 305.12 + 343.28 (repayments made against PPI) = £648.40. This is the amount of the refund PLUS you would be entitled to 8% statutory interest on each repayment when you made it to todays date and also 8% statutory interest on the balance you paid on the remaining PPI when you settled to today date.

Also you have to take into account the amount of settlement interest on the PPI that you had included in the rebate of interest and this needs taking off your total amount of PPI and interest owing figure above before calculating. A little difficult to work out at the moment but this is just a rough guide.

thanks very much i now have a rough idea what to expect
:T:T:T

amersall

marshallka wrote: »

PPI element is 11.40% so 11.40% of the repayment went to repay the PPI being £24.52.

Total PPI for the whole period 24.52 x 48 = 1176.73

24.52 x 14 months (loan was running before settlement) = 343.28
PPI 1176.73 - 343.28 = 833.45 (amount of ppi AND interest owing at settlement)
833.45 - 528.33 (rebate of PPI when you settled) = 305.12 + 343.28 (repayments made against PPI) = £648.40. This is the amount of the refund PLUS you would be entitled to 8% statutory interest on each repayment when you made it to todays date and also 8% statutory interest on the balance you paid on the remaining PPI when you settled to today date.

Also you have to take into account the amount of settlement interest on the PPI that you had included in the rebate of interest and this needs taking off your total amount of PPI and interest owing figure above before calculating. A little difficult to work out at the moment but this is just a rough guide.

Seek and you shall find

Cheers Marshalka x