Wrong amount..........

marshyc

I have just been going through all my paperwork relating to credit I have taken out over the last 5-6 years or so looking for anything with PPI to make a claim.

I have a £16,000 unsecured loan with Northern Rock but this unfortunately does not have PPI on it. I did notice on the credit agreement though that the interest amount/amount payable is incorrect.

The loan was at 9.9% for 120 months @ £207.18 and on-line calculators show that the total amount payable should be £24,820.47 (interest £8,820.47) @ £206.84 but the credit agreement shows £24,861.60 (interest £8,861.60). A difference of £41.13.

I know this is only a small difference and will not get the debt written of etc but it goes to show you if they have done this with a lot of customers then they have made a lot of extra money. Unless of course I have missed something but there are no fees etc on the agreement.

I will be writing to them to see what is the correct figure and get them to amend if needed.

eschaton

marshyc wrote: »

I have just been going through all my paperwork relating to credit I have taken out over the last 5-6 years or so looking for anything with PPI to make a claim.

I have a £16,000 unsecured loan with Northern Rock but this unfortunately does not have PPI on it. I did notice on the credit agreement though that the interest amount/amount payable is incorrect.

The loan was at 9.9% for 120 months @ £207.18 and on-line calculators show that the total amount payable should be £24,820.47 (interest £8,820.47) @ £206.84 but the credit agreement shows £24,861.60 (interest £8,861.60). A difference of £41.13.

I know this is only a small difference and will not get the debt written of etc but it goes to show you if they have done this with a lot of customers then they have made a lot of extra money. Unless of course I have missed something but there are no fees etc on the agreement.

I will be writing to them to see what is the correct figure and get them to amend if needed.

Good 1st post - make them pay.....

jonesMUFCforever

There is no hard and fast rule of calculating APR.
Good luck but IMO you will be wasting a stamp.

marshyc

jonesMUFCforever wrote: »

There is no hard and fast rule of calculating APR.
Good luck but IMO you will be wasting a stamp.

I thought the calculations would be the same. It is a fixed loan amount over a fixed period for a fixed interest rate.

All the on-line based APR calculators come up with the same figure!

Still for £41.13 is it really worth it?

~Brock~

marshyc wrote: »

I have just been going through all my paperwork relating to credit I have taken out over the last 5-6 years or so looking for anything with PPI to make a claim.

I have a £16,000 unsecured loan with Northern Rock but this unfortunately does not have PPI on it.

Why unfortunately? Surely you should be pleased to know that you haven't been the unwitting victim of having a product added to your loan that you didn't know about?

It's a bizzare twist when people are now disappointed that they haven't been paying for PPI.

Why didn't you put the extra that you would have been paying for a PPI in the bank each month and then you could have claimed it back from yourself! Unless, of course, you turned your complaint against yourself down, in which case you maybe could have taken it to the FOS, but only after you had issued a final response to yourself of course.......:rotfl: