Need help with a confusing letter from LloydsTSB Insurance

tbourner

Heheh! I think I'll post off the acceptance form and see what they say, I'll post up when they get back to me. Thanks for all the help so far anyway.

di3004

tbourner wrote: »

Heheh! I think I'll post off the acceptance form and see what they say, I'll post up when they get back to me. Thanks for all the help so far anyway.

LOL, good luck then.:D

tbourner

They haven't got back to me yet. Surely the quicker they deal with it the lower the payment they will have to give me?

I'll have to find the letter they sent with the acceptance slip and write to them or something.

di3004

The interest should be adding up then.:D;)

tbourner

di3004 wrote: »

The interest should be adding up then.:D;)

Unfortunately not by as much as the interest on the debts I'd be paying off with the money.

tbourner

Right.

My second loan, the one I'm paying now, would obviously have been for less had I never had the PPI. So they've calculated that the excess balance interest I've paid so far on the new loan is £99.67.
Add to that the 8% simple interest over the term of the new loan (I guess) which is £4.47, that gives £104.14.

The first loan for the PPI, they've calculated that I've paid £328.58 during the term I had the policy, plus the old 8% simple again at £36.11, gives a total of £364.69.

So I'm getting £468.83 into my current account! WOOHOO!


They're also paying an additional £314.35 into the new second loan account, to cover the interest I would have paid over the life of the loan, so that should reduce that bill (will it reduce the payments or the term?)


So that's effectively a total of £783.18. Not bad! And not a bad guess from RomM either, especially the first bit.

halphy

Fab well done!

Good work Robbedof!"

di3004

tbourner wrote: »

Right.

My second loan, the one I'm paying now, would obviously have been for less had I never had the PPI. So they've calculated that the excess balance interest I've paid so far on the new loan is £99.67.
Add to that the 8% simple interest over the term of the new loan (I guess) which is £4.47, that gives £104.14.

The first loan for the PPI, they've calculated that I've paid £328.58 during the term I had the policy, plus the old 8% simple again at £36.11, gives a total of £364.69.

So I'm getting £468.83 into my current account! WOOHOO!


They're also paying an additional £314.35 into the new second loan account, to cover the interest I would have paid over the life of the loan, so that should reduce that bill (will it reduce the payments or the term?)


So that's effectively a total of £783.18. Not bad! And not a bad guess from RomM either, especially the first bit.

Fantastic, well done and Congratulations!:T:beer::j