Advice needed on Welcome pls

woodymeg

Just starting a claim on Welcome, just wondered if anyone could help on working what figure i pay on ppi each month.
details of loan
Cash advance £1200.00
Insurance £ 325.02
total £1525.02

24 monthly payments of £110.38
Apr (variable) 79.32%

Total charge for credit £1124.10
Acceptance fee £ 75.00
Interest charge £1049.10
Rate of interest per annum 69.59%
Just dont know how to work out how much is the ppi monthly.
Any advice how to work it out muchly appreciated

robbedofmymoney

woodymeg wrote: »

Just starting a claim on Welcome, just wondered if anyone could help on working what figure i pay on ppi each month.
details of loan
Cash advance £1200.00
Insurance £ 325.02
total £1525.02

24 monthly payments of £110.38
Apr (variable) 79.32%

Total charge for credit £1124.10
Acceptance fee £ 75.00
Interest charge £1049.10
Rate of interest per annum 69.59%
Just dont know how to work out how much is the ppi monthly.
Any advice how to work it out muchly appreciated

your monthly ppi would roughy be as follows

1200 + 325 + 75 = £1600
then you take 325 as a percentage of 1600
325/1600 x 100 = 20.3%

then 20.3% of your monthly premium is approx what your ppi element is

20.3% of £110.38 = £22.41 approx

cheers

woodymeg

robbedofmymoney wrote: »

your monthly ppi would roughy be as follows

1200 + 325 + 75 = £1600
then you take 325 as a percentage of 1600
325/1600 x 100 = 20.3%

then 20.3% of your monthly premium is approx what your ppi element is

20.3% of £110.38 = £22.41 approx

cheers

thankyou do i then add 8% onto each monthly charge as loan still on going, it has 6 months left to run

robbedofmymoney

woodymeg wrote: »

thankyou do i then add 8% onto each monthly charge as loan still on going, it has 6 months left to run

the 8% is not as simple as just adding 8% to each payment

the way you need ot do it is as follows

0.08 x 22.41 = £1.79

so 18 months ago its 18/12 = 1.5 years,

1.5 years x £1.79 = 1.5 X 1.79 = £2.68 that is what the 8% would be on a months premium that was paid 18 months ago.

you then need to apply this formula to each and every premium

i have doen this for you and based on the 18 payments made so far the 8% would be approx £25.54

if the loan ran its term it would go up to approx £44.82 for 24 month loan

i hope this helps

cheers

woodymeg

robbedofmymoney wrote: »

the 8% is not as simple as just adding 8% to each payment

the way you need ot do it is as follows

0.08 x 22.41 = £1.79

so 18 months ago its 18/12 = 1.5 years,

1.5 years x £1.79 = 1.5 X 1.79 = £2.68 that is what the 8% would be on a months premium that was paid 18 months ago.

you then need to apply this formula to each and every premium

i have doen this for you and based on the 18 payments made so far the 8% would be approx £25.54

if the loan ran its term it would go up to approx £44.82 for 24 month loan

i hope this helps

cheers

Thank you :beer: will get it sorted now x