could some kind person work out

tommy44

Hello everybody

I can't work out what amount I should get back from Black Horse.

The PPI was for 2550.00 over 25 years. The five years expired last month, but still have 20 yrs to go on the loan. The monthly payment is 170.00, including the PPI amount of about 26.00, according to the agreement.

How much should I expect to get back? Tried working it out but it doesn't make sense to me, (tired brain). I would be very grateful if somebody could give me a rough estimate.

Also, I wrote to them again last week, but my first letter was sent on the 25th of May, so would their 8 wks be up on the 25th July?

Thanks in advance.

di3004

tommy44 wrote: »

Hello everybody

I can't work out what amount I should get back from Black Horse.

The PPI was for 2550.00 over 25 years. The five years expired last month, but still have 20 yrs to go on the loan. The monthly payment is 170.00, including the PPI amount of about 26.00, according to the agreement.

How much should I expect to get back? Tried working it out but it doesn't make sense to me, (tired brain). I would be very grateful if somebody could give me a rough estimate.

Also, I wrote to them again last week, but my first letter was sent on the 25th of May, so would their 8 wks be up on the 25th July?

Thanks in advance.

Hi Tommy

Just bumping this up for you so that someone can take a look at the figures for you, as I have not got a clue - sorry.
I normally go by the day they received it, and check on tracking on the Royal mail website to check when they have and count 8 weeks as from there.;)

tommy44

Thanks Di for bumping this up for me. I've tried to calculate it but the figure seems too low, but then that might be right. Hopefully somebody might be able to work it out for me. I'm not very mathematically minded.

Hope you are enjoying the sun shine.

di3004

tommy44 wrote: »

Thanks Di for bumping this up for me. I've tried to calculate it but the figure seems too low, but then that might be right. Hopefully somebody might be able to work it out for me. I'm not very mathematically minded.

Hope you are enjoying the sun shine.

Hi Tommy

Your welcome.;)

Its been a nice day again today again, hope you've been enjoying the weather as well.;)

I'm not good at figures at all, but I know you should have interest to add on top as well, as well as a possible extra 8% of what a court would award.

With a bit of luck someone will come along soon. X

di3004

Forgot to add in my above post just posted that even though its handy to have the figures, you do not need them at this time of reclaiming, or for the reclaiming letter.

If successful they must repay you absolutely every penny of the PPI you have paid over the 5 years and the interest, also the 8% as stated in my above post.

If they did not uphold in your favour then the FOS would surely do so for this type of policy and would make sure you received it all back.;)

Hope this sorts of helps Tommy X

tommy44

Hi Di

That's the bit I'm not sure about. I've added 8% to 2550.00, but not sure what the other interest would be.

The weather here has been lovely, with a cool breeze so not too hot. Hope it lasts for the kids summer hols.

Glad to hear you are enjoying the weather!!

Thanks again for your help which is never failing on here.

di3004

tommy44 wrote: »

Hi Di

That's the bit I'm not sure about. I've added 8% to 2550.00, but not sure what the other interest would be.

The weather here has been lovely, with a cool breeze so not too hot. Hope it lasts for the kids summer hols.

Glad to hear you are enjoying the weather!!

Thanks again for your help which is never failing on here.

With this type of policy it also builds with interest, maybe called contractual, then you apply the 8% on top again, hopefully someone will clarify on this for us.

You could actually ask Black Horse to post you a calculations of the PPI, they may send them for you on request, just ask if they would kindly post out the upto date figures with calculations of the PPI, to see how they have worked this out, as this should show all calculations of what you have paid in full of the PPI with the interest.;)

Weather was far hotter yesterday, still warm today with a nice breeze, it did go a little overcast earlier, still its been nice overall.
Glad your enjoying it too.:A
Will be lovely for the kids Summer Holidays, fingers crossed. X

marshallka

tommy44 wrote: »

Hello everybody

I can't work out what amount I should get back from Black Horse.

The PPI was for 2550.00 over 25 years. The five years expired last month, but still have 20 yrs to go on the loan. The monthly payment is 170.00, including the PPI amount of about 26.00, according to the agreement.

How much should I expect to get back? Tried working it out but it doesn't make sense to me, (tired brain). I would be very grateful if somebody could give me a rough estimate.

Also, I wrote to them again last week, but my first letter was sent on the 25th of May, so would their 8 wks be up on the 25th July?

Thanks in advance.

You would get back all the PPI payments you have actually paid to date and the rest is taken from the settlement and then a new loan drawn up at the same rate and term.

Looking quickly at yours is 26.00 x 60 months paid to date = £1560

The total cost of the PPI was £7800 but you have not actually paid all of this yet so when they redo the loan they will take so much of this off the settlement. (if you win for misselling here)

tommy44

Hi Marshallka

Thank you for working that out for me. So if I win then do I get any cash paid back to me direct?, or will they just take it off the loan. I will be very disappointed if:-
a) I don't get the cash back
b) They don't reduce my monthly payments, as currently I am still paying for something of which I get no benefit.

I feel like I have lost all round.

Thank you again for your help.

marshallka

tommy44 wrote: »

Hi Marshallka

Thank you for working that out for me. So if I win then do I get any cash paid back to me direct?, or will they just take it off the loan. I will be very disappointed if:-
a) I don't get the cash back
b) They don't reduce my monthly payments, as currently I am still paying for something of which I get no benefit.

I feel like I have lost all round.

Thank you again for your help.

Hi Tommy, if you win you will get back all the amount of PPI and interest that you have actually paid to date (with 8% statutory interest too) usually by cheque and then the balance of PPI and interest that would still be owing would be used to reduce the balance of the loan. Your monthly payments would then be reduced and this should not affect the APR that you had on the loan at the time or the term of the loan from when you win. If you are 60 months into a 100 month loan then your new loan will then be taken over the remaining 40 months and the APR should stay the same.

Good luck.

tommy44

Hi again

Sorry only just read this post. I feel better now. Thank you so much for working this out for me.

Regards