Barclays PPI Calculation

chriiiiiiiis

FOS have ruled in my favour and have ordered Barclays to put me into the position that I would have been in if the PPI had not been added to the original loan.

Barclays have written to me with the following information:

"Repay original PPI premium used to purchase the policy and the interest charged on the premium back to your loan. Your current account will also be credited with 8% interest on these monthly PPI repayments amounting to £150.76.

We will then refund the monthly PPI repayments and credit them back to your current account.

Your loan will then be rescheduled without PPI. A new form of agreement will be sent to you for approximately £4100 at 17.4%. This would be for a period of 28 months which is as close as possible to the remaining term of the original loan. Your original loan will then be closed.

I have calculated the balance of your loan after the refund as follows:

Present loan balance -£5124.30
PPI premium repaid to loan +£1750.75
PPI interest repaid to loan +£599.93
Monthly PPI repayments refunded £1370.56
Residual balance -£4100.00"

Please can someone let me know if what they are telling me is correct? I have no idea how to calculate it.

The original loan details are:

APR 17.4%

Amount of Cash Loan £7000 PPI £1750
Amount payable £10725 £2569.80
Monthly repyt £171.25 £42.83
Number of repyts 60 60

Charge for Credit £3275 £819.05
Interest rate 16.274%

Thanks for any help.

di3004

chriiiiiiiis wrote: »

FOS have ruled in my favour and have ordered Barclays to put me into the position that I would have been in if the PPI had not been added to the original loan.

Barclays have written to me with the following information:

"Repay original PPI premium used to purchase the policy and the interest charged on the premium back to your loan. Your current account will also be credited with 8% interest on these monthly PPI repayments amounting to £150.76.

We will then refund the monthly PPI repayments and credit them back to your current account.

Your loan will then be rescheduled without PPI. A new form of agreement will be sent to you for approximately £4100 at 17.4%. This would be for a period of 28 months which is as close as possible to the remaining term of the original loan. Your original loan will then be closed.

I have calculated the balance of your loan after the refund as follows:

Present loan balance -£5124.30
PPI premium repaid to loan +£1750.75
PPI interest repaid to loan +£599.93
Monthly PPI repayments refunded £1370.56
Residual balance -£4100.00"

Please can someone let me know if what they are telling me is correct? I have no idea how to calculate it.

The original loan details are:

APR 17.4%

Amount of Cash Loan £7000 PPI £1750
Amount payable £10725 £2569.80
Monthly repyt £171.25 £42.83
Number of repyts 60 60

Charge for Credit £3275 £819.05
Interest rate 16.274%

Thanks for any help.

Hi there

The FOS should make sure this is correct before its paid out.

But also check here for more help on calculations:
http://forums.moneysavingexpert.com/showthread.html?t=1596473
This is how the FOS expect the companies to work these out.

Other than that, hopefully someone who are good at working out figures will post up to check these over for you.
Sorry I am not good with working these out lol.....:o

Anyway, good one and Well done !
:beer:

Turboman

chriiiiiiiis wrote: »

FOS have ruled in my favour and have ordered Barclays to put me into the position that I would have been in if the PPI had not been added to the original loan.

Barclays have written to me with the following information:

"Repay original PPI premium used to purchase the policy and the interest charged on the premium back to your loan. Your current account will also be credited with 8% interest on these monthly PPI repayments amounting to £150.76.

We will then refund the monthly PPI repayments and credit them back to your current account.

Your loan will then be rescheduled without PPI. A new form of agreement will be sent to you for approximately £4100 at 17.4%. This would be for a period of 28 months which is as close as possible to the remaining term of the original loan. Your original loan will then be closed.

I have calculated the balance of your loan after the refund as follows:

Present loan balance -£5124.30
PPI premium repaid to loan +£1750.75
PPI interest repaid to loan +£599.93
Monthly PPI repayments refunded £1370.56
Residual balance -£4100.00"

Please can someone let me know if what they are telling me is correct? I have no idea how to calculate it.

The original loan details are:

APR 17.4%

Amount of Cash Loan £7000 PPI £1750
Amount payable £10725 £2569.80
Monthly repyt £171.25 £42.83
Number of repyts 60 60

Charge for Credit £3275 £819.05
Interest rate 16.274%

Thanks for any help.

Date of First Payment ?? Assumed 1/9/2006
Number of Payments made? Assumed 32
Was interest rate & Payments constant? Assumed Yes

But looks fine -£1,370 refund + 8% of £151-ish + new loan of £4,100 with a pymnt of £171.25-ish over 28 years

KT21_2

chriiiiiiiis wrote: »

FOS have ruled in my favour and have ordered Barclays to put me into the position that I would have been in if the PPI had not been added to the original loan.

Barclays have written to me with the following information:

"Repay original PPI premium used to purchase the policy and the interest charged on the premium back to your loan. Your current account will also be credited with 8% interest on these monthly PPI repayments amounting to £150.76.

We will then refund the monthly PPI repayments and credit them back to your current account.

Your loan will then be rescheduled without PPI. A new form of agreement will be sent to you for approximately £4100 at 17.4%. This would be for a period of 28 months which is as close as possible to the remaining term of the original loan. Your original loan will then be closed.

I have calculated the balance of your loan after the refund as follows:

Present loan balance -£5124.30
PPI premium repaid to loan +£1750.75
PPI interest repaid to loan +£599.93
Monthly PPI repayments refunded £1370.56
Residual balance -£4100.00"

Please can someone let me know if what they are telling me is correct? I have no idea how to calculate it.

The original loan details are:

APR 17.4%

Amount of Cash Loan £7000 PPI £1750
Amount payable £10725 £2569.80
Monthly repyt £171.25 £42.83
Number of repyts 60 60

Charge for Credit £3275 £819.05
Interest rate 16.274%

Thanks for any help.

Hi there
Do you mind if I ask how long it took to hear from Barclays to advise of how they were going to pay?I am in same boat after going to FO .letter from FO says Barclays have to contact me within 28 days.
Also was hoping to get the whole amount credited to me rather than in my loan account,do you know if thats possible?

Cheers
Well done on your win by the way

chriiiiiiiis

KT21 wrote: »

Hi there
Do you mind if I ask how long it took to hear from Barclays to advise of how they were going to pay?I am in same boat after going to FO .letter from FO says Barclays have to contact me within 28 days.
Also was hoping to get the whole amount credited to me rather than in my loan account,do you know if thats possible?

Cheers
Well done on your win by the way

FOS told me that Barclays had 28 days to get in touch with me. The letter was dated on the 28th day.

The letter that Barclays sent to me does mention that it'll be credited to my current account - rather than taking it off the loan.

KT21_2

chriiiiiiiis wrote: »

FOS told me that Barclays had 28 days to get in touch with me. The letter was dated on the 28th day.

The letter that Barclays sent to me does mention that it'll be credited to my current account - rather than taking it off the loan.

OMG-Why doesnt this surprise me that it was on the 28th day-I have actually emailed the FOS today to ask if I had the right to ask for the money to be paid directly to me rather than to my loan account.They told me that yes I can .so I'm keeping the email just incase I need .
.Barclays-what a :mad:nightmare

chriiiiiiiis

Turboman wrote: »

Date of First Payment ?? Assumed 1/9/2006
Number of Payments made? Assumed 32
Was interest rate & Payments constant? Assumed Yes

But looks fine -£1,370 refund + 8% of £151-ish + new loan of £4,100 with a pymnt of £171.25-ish over 28 years

Turboman,

I missed this post - sorry.

All of your assumptions are correct - The first payment however was 09/11/06 - Haven't missed any payments.

I gather the new payment will be £171 for 28 months - not years?!

Thanks very much for your reply.

KT21_2

chriiiiiiiis wrote: »

FOS have ruled in my favour and have ordered Barclays to put me into the position that I would have been in if the PPI had not been added to the original loan.

Barclays have written to me with the following information:

"Repay original PPI premium used to purchase the policy and the interest charged on the premium back to your loan. Your current account will also be credited with 8% interest on these monthly PPI repayments amounting to £150.76.

We will then refund the monthly PPI repayments and credit them back to your current account.

Your loan will then be rescheduled without PPI. A new form of agreement will be sent to you for approximately £4100 at 17.4%. This would be for a period of 28 months which is as close as possible to the remaining term of the original loan. Your original loan will then be closed.

I have calculated the balance of your loan after the refund as follows:

Present loan balance -£5124.30
PPI premium repaid to loan +£1750.75
PPI interest repaid to loan +£599.93
Monthly PPI repayments refunded £1370.56
Residual balance -£4100.00"

Please can someone let me know if what they are telling me is correct? I have no idea how to calculate it.

The original loan details are:

APR 17.4%

Amount of Cash Loan £7000 PPI £1750
Amount payable £10725 £2569.80
Monthly repyt £171.25 £42.83
Number of repyts 60 60

Charge for Credit £3275 £819.05
Interest rate 16.274%

Thanks for any help.

Hi There
Got my letter today similar to yours,actually a week before the 28 days were up.
Just wondered if you have received your money yet and if so how long from receiving the letter it took?
I can almost feel the money-its within touching distance
Thanks