Firstplus PPI Question

halifax71

Not got time to work the loan balance out but 19.67% of your monthly pymts (6122.50 / (25000+6122.50)) has been for your PPI.

So go back to your bank statements and divide your monthly payments by 19.67% and that should equate to the money they are actually giving you back (as a cheque).

The remainder (80.33%) of your monthly payment has been repaying the £25k loan (part int, part capital.

In month 1 if your APR was 10% (0.8% per month) then interest on that £25k would have been £25k x 0.8% = £200. So whatever 80.33% of your monthly payment was, less £200 was off the Loan Capital.

Month 2 = £25k less capital from month 1 x 0.8%. and so on.

As you'll see from above in the early years of a long loan the majority (80%) will be interest.

You need to work out the monthly interest using above formula and change it in line with APR movements.

If you've used Excel before it's quite simple (honest)

owe2much

Thanks alot will give it a bash later at home! :beer:

Owe2much

wakeybob

owe2much wrote: »

marshallka

Loan was taken out in may 2005 so were due to get the cash back in may 2010? haven't claimed or been in arrears...

regards

Owe2much

How do you claim?

di3004

wakeybob wrote: »

How do you claim?

I would write to them in advance.
Tell them you understand that you are almost due a refund in regards of the PPI, and you have not made a claim, and want to know how you go about this, it may be that they send you a form to complete as soon as it hits the 5 year mark exaclty.
But think its worth contacting by ringing or better still writing to them, enclose your loan account number as well.;)

Good luck.