Can anyone help with figures?

Zippy01

My husband has recently one a mis sold ppi claim against Citi Financial and after 10 weeks, we today received the cheque:T,....However not all good as it is for a lot less than we were expecting.

Can anyone tell me what they believe we should be refunded?
We took out the loan on 09.05.05 for £10000.00, with an additional £2182.00 borrowed for the ppi. We were repaying £373.09 per month for 8 months. We then settled the full amount of the loan in Feb 06 repaying £10750.

Please can someone help? I've tried the calculators, but doubt myself!
Thanks!!!!

di3004

Zippy01 wrote: »

My husband has recently one a mis sold ppi claim against Citi Financial and after 10 weeks, we today received the cheque:T,....However not all good as it is for a lot less than we were expecting.

Can anyone tell me what they believe we should be refunded?
We took out the loan on 09.05.05 for £10000.00, with an additional £2182.00 borrowed for the ppi. We were repaying £373.09 per month for 8 months. We then settled the full amount of the loan in Feb 06 repaying £10750.

Please can someone help? I've tried the calculators, but doubt myself!
Thanks!!!!

Congratulations and well done :beer::T:beer:

I am hopeless at working out calcs etc - sorry.......:o, but just bumping this up for you anyway, good luck and I'm sure someone will be along soon, agan well done.;)

J_i_m

It might be helpful if you could give a few more details.

Was the £2182.00 PPI, the total amount payable under the agreement, or was it simply the cost of the single payment premium? If £2182.00 was simply added to the £10,000 basic loan as a single payment premium then effectively you had a loan for £12182 and you'd have been paying APR interest on that.

If you could provide those details including the figure of interest you paid (e.g. 12.9%) people would be better able to help you with the calculations.

This is just to find out how much you paid towards the PPI, and then we could add the 8% on top of that, which a court would award

tiggrae

Zippy01 wrote: »

My husband has recently one a mis sold ppi claim against Citi Financial and after 10 weeks, we today received the cheque:T,....However not all good as it is for a lot less than we were expecting.

Can anyone tell me what they believe we should be refunded?
We took out the loan on 09.05.05 for £10000.00, with an additional £2182.00 borrowed for the ppi. We were repaying £373.09 per month for 8 months. We then settled the full amount of the loan in Feb 06 repaying £10750.

Please can someone help? I've tried the calculators, but doubt myself!
Thanks!!!!

when you settled early did they give you a rebate against the ppi?

Zippy01

when you settled early did they give you a rebate against the ppi?

This is the question, apparently so, but we never had any breakdown of the settlement figure and at the time was happy to pay without giving it much thought.

We paid the loan for 9 months at an interest rate of 30.8%.
They have said that we received a ppi rebate of £1581.46 when we settled early...but I do not know how to prove or disprove this statement and would appreciate a clever person just seeing if this adds up for me.

J_i_m

Hmm, without a break down it would be impossible to begin any calculations.

But since they already agreed that you were mis-sold. They should have refunded the PPI in full, plus any interest paid on the repayments towards the PPI plus 8% a court would have awarded.

However, it seems common procedure for PPI to be refunded in part when the loan/premium/policy is ended early.

The cheque you received may actually be correct, but without the breakdown, you can not be sure. Ask for it

tiggrae

Zippy01 wrote: »

when you settled early did they give you a rebate against the ppi?

This is the question, apparently so, but we never had any breakdown of the settlement figure and at the time was happy to pay without giving it much thought.

We paid the loan for 9 months at an interest rate of 30.8%.
They have said that we received a ppi rebate of £1581.46 when we settled early...but I do not know how to prove or disprove this statement and would appreciate a clever person just seeing if this adds up for me.

go back to them and ask for a full breakdown on the loan / ppi rebate when you paid it off