PPI Confusion Amount ??

DragonHeart_2

Hi PPL,

Hope someone can give me a heads up to how this is calculated as its a bit confusing for me. lol

Barclays loan and have agreed it was missold, but the letters confusing.

Ogrinigal Loan was took out in 2004 for £19,000 for 80 something months, of which i still have 12 months left to pay

The letter then sent me today says refund details as follows.

Present loan balance = £4,650.43
Less PPI Premium = £4653.65
Less PPI Interest Paid = £1372.67
Plus PPI Payments Reversed = £5,111.29
Residual balance = £3,735.31

They also mentioned they will give me a new agreement for the other 12 months for £3,700.00, and said they will put me back in the position as if i never had PPI on the loan .

Plus they have agreed to pay 8% Interest at =£1226.71 which will be credited back ?

Ok so can anyone work out how much i will actually get back ???? lol

I presume but i could be wrong i would get £5,111.29 + £1226.71 back and then pay off the rest of the loan for £3,700.00 so will gain £2638.00 ????????

Is that right, thanks for any info or help......

di3004

DragonHeart wrote: »

Hi PPL,

Hope someone can give me a heads up to how this is calculated as its a bit confusing for me. lol

Barclays loan and have agreed it was missold, but the letters confusing.

Ogrinigal Loan was took out in 2004 for £19,000 for 80 something months, of which i still have 12 months left to pay

The letter then sent me today says refund details as follows.

Present loan balance = £4,650.43
Less PPI Premium = £4653.65
Less PPI Interest Paid = £1372.67
Plus PPI Payments Reversed = £5,111.29
Residual balance = £3,735.31

They also mentioned they will give me a new agreement for the other 12 months for £3,700.00, and said they will put me back in the position as if i never had PPI on the loan .

Plus they have agreed to pay 8% Interest at =£1226.71 which will be credited back ?

Ok so can anyone work out how much i will actually get back ???? lol

I presume but i could be wrong i would get £5,111.29 + £1226.71 back and then pay off the rest of the loan for £3,700.00 so will gain £2638.00 ????????

Is that right, thanks for any info or help......

Hi there

Hopefully someone will take a looksie at these for you at some point today, I expect Robbedofmymoney will have a look as well, good luck.;)

Sorry I am useless when it comes to workings out.:o

robbedofmymoney

hi,

the OP is absolutely correct in his conclusion, he can pay off his loan and have money left over, the calculation is shown like this to put the loan back into the position it would have been if the ppi not been added in the first place.

well doen on getting it back,:beer::beer:

di3004

Oh yes, well done and Congratulations.:T:beer::j

Andy_Boro_2

well done you must be very please with the outcome