Can someone check these figures please?

MRS_A_3

Hello all.

I was really pleased to get a letter from Welcome to say they were going to refund the PPI I had paid to date but after looking at the figures I am not sure they're right.

The original loan payments including PPI were £264.09 x 48 months = £12676.32.

I paid 22 payments and missed 2 and they said they would pay the arrears which is fair enough.

The new contract they want me to sign without the PPI is for £190.95 x 48 months = £9165.60.

The letter says they would put me back into a position as if I'd never paid any PPI but if that's the case then why are they wanting me to begin the 48 months again - and what about the 22 months I've already paid?

I must be missing something? The letter says this is there final response and that I can take it to the FOS.

I currently owe £7000 ( including some fees) if I sign this new contract I'll end up paying £9165.60.

Can anyone help me please as I feel like I'm being diddled somewhere.

di3004

Hi and well done and Congratulations with your success.:beer:

I am not good at working out calculations, but I am sure someone will take a look at them for you.

They may require further details in order to work this out, as there would be interest as well to take into account.

Normally if there are arrears, they do tend to refund towards them and anything remaining plus the interest should be refunded directly to you.;)

So if the loan is also existing I assume you would be paying back at reduced monthly repayments.

Maybe Robbedofmymoney will be along at some point and will check this out for you.
Again, well done.:beer:

MRS_A_3

Thanks Di.

The problem I've got is that my original 4 year loan is turning into a 6 year loan and I don't think that should be right surely.

di3004

MRS_A wrote: »

Thanks Di.

The problem I've got is that my original 4 year loan is turning into a 6 year loan and I don't think that should be right surely.

Hi

I have asked our lovely amersall to take a look at this for you, and left the link of your thread with her, when she comes back, I'm sure amersall will check this out for you.;)

amersall

Cheers di, found it x
Hi there, this is wrong, phone fos and tell them what they are doing, you should not be disadvantaged by this win, your loan term and apr remains the same and your monthly payment reduces by the ppi amount.Please look into this as they shouldnt be doing this, please let us know how you get on xxx
By the way, are you sure the loan finishes after the original loan term? even so your loan total should have reduced by the amount you have paid.If you only owe 7000 now and that is with ppi when ppi is taken off you should owe less! in my opinion anyway.

di3004

Thank you amerall, :T:T
I have a few cells missing me thinks......:o:D, today I have anyway, so please keep a check on my posts, cheers.:rotfl::rotfl::beer:;)X

amersall

MRS_A wrote: »

Hello all.

I was really pleased to get a letter from Welcome to say they were going to refund the PPI I had paid to date but after looking at the figures I am not sure they're right.

The original loan payments including PPI were £264.09 x 48 months = £12676.32.

I paid 22 payments and missed 2 and they said they would pay the arrears which is fair enough.

The new contract they want me to sign without the PPI is for £190.95 x 48 months = £9165.60.

The letter says they would put me back into a position as if I'd never paid any PPI but if that's the case then why are they wanting me to begin the 48 months again - and what about the 22 months I've already paid?

I must be missing something? The letter says this is there final response and that I can take it to the FOS.

I currently owe £7000 ( including some fees) if I sign this new contract I'll end up paying £9165.60.

Can anyone help me please as I feel like I'm being diddled somewhere.

HI again, could you post the exact figures up of how they paid your ppi refund? and if you can could you put what the new loan agreement says, thanks

amersall

di3004 wrote: »

Thank you amerall, :T:T
I have a few cells missing me thinks......:o:D, today I have anyway, so please keep a check on my posts, cheers.:rotfl::rotfl::beer:;)X

glad to be of service i am the same :eek: memory like a sieve these days;)

di3004

amersall wrote: »

glad to be of service i am the same :eek: memory like a sieve these days;)

Your absolutely fab amersall honey, good one.:T:beer:;)X

MRS_A_3

Thanks for the replies!

OK at the top of the breakdown it specifically says -albeit in small writing- that this will put me in in the financial position that I would have been had I not taken out the PPI. To make this happen we need to create a new loan agreement without PPI premium. Your new payments will be lower.

Loan Agreement
A-Current Loan Details -Cancel
B-Loan Amt- £7703.44-This includes PPI, on the original agreement this figure is £7628.44
C-Monthly Payment-£264.09
D-No of payments that should have been made- 24
E-Total amt that should have been paid-£6338.16
F-Payments received incl PPI-£5809.98
G-Claims paid-0
H-Arrears- £528.18

Loan details if PPI had never been there - Rebook

I-Loan Amt- £5570.00
J-PPI policy amt which will be cancelled- £2133.44
K-Amt from Previous PPI to be written off- 0
L-Monthly Payment- £190.95
M- No of payments that should have been paid- 24
N-Total amt that should have been paid- £4582.86
O-Actual payments received- £5809.98 - (I've just realised that they are say ing I should have paid this figure to be up to date but because I missed 2 payments they are trying to take these off my total which they shouldn't be doing because even at 22 payments I've overpaid by £1227.12 - the cheeky beggars)
P-Claims Paid- 0

R- Overpayments- £1227.12
S- 8% int on the payments towards the PPI- £149.43
T- CLAIMS pAID- £0

U-Total Cash To Customer- £1376.55 (this is the amount of compensation they are offering minus the arrears = £848.37)

Now for the new loan agreement.

Total amt of credit= 5495.00
Amt for credit insurances = 495.00
Amt of credit for new cash = 5000.00
Amt of credit (ins and settle loan) = 495.00
Amt of credit (cash and settle loan) = 5000.00

Duration of agreement = 48 months
Amt of each payment = 190.95
No of monthly payments = 48
APR var = 31.66%

Totalharge for credit = 3670.72
Acc Fee = 75.00 (This is mentioned elsewhere in the letter and they say for legal reasons this has to be on there but I won't be charged for it -but 3595.72+75=3670.72 so this isn't true)
Interest Charge = 3595.72

Then it says how much they charge for writing letters/ visits etc and how much would have to be paid after 1/4 = 4648.88, 1/2 = 3452.76, 3/4 = 1877.97.

So what do you think?

di3004

Thanks for posting these Mrs A, and I'm sure amersall will be back soon to take a look at them for you, good luck.;)