LLoyds win

sue149

hi sent letter about 3 weeks to claim ppi sold on a loan from 1995 this was paid off about 10 months after the ppi was roughly £2500 and we got a rebate of about £1500 we paid £49 a month .We have been told we have won the case and the are going to calculate all payments we paid plus 8% it then says a further 8% simple interest per annum will be calculated on this total from the date of early settlement of the loan to the present date , new one to me this does anyone know what this means

di3004

sue149 wrote: »

hi sent letter about 3 weeks to claim ppi sold on a loan from 1995 this was paid off about 10 months after the ppi was roughly £2500 and we got a rebate of about £1500 we paid £49 a month .We have been told we have won the case and the are going to calculate all payments we paid plus 8% it then says a further 8% simple interest per annum will be calculated on this total from the date of early settlement of the loan to the present date , new one to me this does anyone know what this means

Sue, well done and Congratulations!:beer:

They are obviously upholding your complaint in your favour by refunding all you have paid to the loan to settlement, (when you settled the loan they reduced so much of the ppi rebated), so on top of that you will receive simple interest of 8% and a further 8% per annum.

Robbedofmymoney will know how this is calculated, but the PPI alone without any of the interest is that of £1000 for example
£2,500 - £1,500 = refund of £1000, then you receive all the interest on top of that.

Well done.:beer:

sue149

:Dcheers thanks have sent the form off will they lat us know how much before they pay out

di3004

sue149 wrote: »

:Dcheers thanks have sent the form off will they lat us know how much before they pay out

That is great Sue, so chuffed for you.:T
Normally its 21 working days they pay out, from when they receive your acceptance slip.;)

You can make sure with them by email, like what most of us do with these now.
[EMAIL="customer.care.insurance@lloydstsb.co.uk"]customer.care.insurance@lloydstsb.co.uk[/EMAIL]

And I would also post it by recorded delivery as well, when you track this down on the Royal mail website "track and trace" you will then know when they received it.;)

sue149

if anyone can calculate it for us here goes not very good at the typing thing so sorry.Loan taken out sept 1999 £10,000 ppi on this was £ 2,195 rebate on this was £1,469 .Monthly payments on this was £ 50 the loan was ended on july 2000 when the rebate was given

di3004

I am absolutely hopeless with calcs, but I'm sure your post will definately catch Robbedofmymoney's eye (as its Lloyds) and he will check them for you.

Hope he will be along soon anyway.

di3004

sue149 wrote: »

if anyone can calculate it for us here goes not very good at the typing thing so sorry.Loan taken out sept 1999 £10,000 ppi on this was £ 2,195 rebate on this was £1,469 .Monthly payments on this was £ 50 the loan was ended on july 2000 when the rebate was given

Sue without the interest, this is how I worked what you would be owed just in the PPI, (but remember there is also interest to add as well).

PPI £2,195 - Rebate £1,469 = £726

If you then made say 10 monthly repayments of £50 PPI x 10 = £500

so in this case
£726 + £500 = £1,226 (and interest to be added in as well).;)

sue149

cheers hun thanks

di3004

sue149 wrote: »

cheers hun thanks

Its my pleasure, will leave Robbedofmymoney to check and to add the interest for you.:A;)

robbedofmymoney

sue149 wrote: »

if anyone can calculate it for us here goes not very good at the typing thing so sorry.Loan taken out sept 1999 £10,000 ppi on this was £ 2,195 rebate on this was £1,469 .Monthly payments on this was £ 50 the loan was ended on july 2000 when the rebate was given

all i need to know to do the calculation is the apr (if you have it) and the original term of the loan.

cheers

di3004

See Sue, I told you Robbedofmymoney would be here LOL.:D

Good one.:T