Help with calculating

WilfredBramble

Hi

I had searched the site but I couldn't find what I was looking for so thought I'd add a thread.

I have a secured loan and I'm trying to see if I qualify for reclaiming PPI.

I can't work out if the interest has been charged on the PPI. If it has then I have chance to reclaim. Details below.

Load amount £30,000
PPI £7,485
Total ammount of credit £37,485
Monthly interest rate 0.739%
APR 9.2%
Monthly repayment over 120 months £472.17

Can anyone help please?

Many thanks
WilfredBramble

WilfredBramble

Hi Lodger

Thank you so much for your help. Now I feel confident about submitting my letter.

Cheers
WilfredBramble

ylesia

Hi there, yes you've been charged interest on the PPI. Working out a monthly repayment schedule on £37485 at 0.739% interest would leave you with 8p outstanding after the 120 months.

Splitting it down roughly further:

If No PPI
Monthly Payment towards loan - £377.89
Total Interest Paid on loan over 120 months - £15,346
Total Repaid - £45,346

PPI
Monthly Payment towards PPI - £94.28
Total Interest Paid on PPI over 120 months - £3,829
Total Repaid - £11,314