Calculating refund Confusing, Please help !!! (update)

di3004

Gordie1975 wrote: »

Thank you both, he may be on holiday, lucky sod, i need to work.:mad:

lol, he will no doubt be here soon.:D;)

robbedofmymoney

hi,

no not been on holiday yet, i go on friday for a week,
just been really busy,

i will get my head around the fos redress guidelines on succesive ppi loans and come up with some figures this afternoon.

Gordie1975

robbedofmymoney wrote: »

hi,

no not been on holiday yet, i go on friday for a week,
just been really busy,

i will get my head around the fos redress guidelines on succesive ppi loans and come up with some figures this afternoon.

Than you very much, only a few days to go:D

marshallka

robbedofmymoney wrote: »

hi,

no not been on holiday yet, i go on friday for a week,
just been really busy,

i will get my head around the fos redress guidelines on succesive ppi loans and come up with some figures this afternoon.

Enjoy your hols robbedofmymoney, I am also away later in the week lol.

robbedofmymoney

marshallka wrote: »

Enjoy your hols robbedofmymoney, I am also away later in the week lol.

going anywhere nice.

robbedofmymoney

Gordie1975 wrote: »

Than you very much, only a few days to go:D

please can oyu let me know what the loan and ppi amounts are without the interest added for the second loan if you have the info,

if not no worries it just means i'll have to do a few more sums to work it back.

cheers

RichPyke

So to confirm my own calcs (and sorry to jack this thread but my ones have been overlooked).

Overpayment per month of £96.26
Number of payments is 61 (so far)

So that would be 61 x £96.26 = £5,871.86

Plus 8% interest on £96.26 each month (does it compound? i.e. can I use a savings calculator and put £96.26 in each month for 61 months to get the result?)

Otherwise,
£96.26 x 0.08 = 7.70
61/12 = 5.0833
£7.70 x 5.0833 = £39.14 for payment #1
60/12 = 5
£7.70 x 5 = £38.50 for payment #2

and so on...

= £1,213.39 in interest

So I should get back roughly £7,085.25?

robbedofmymoney

RichPyke wrote: »

So to confirm my own calcs (and sorry to jack this thread but my ones have been overlooked).

Overpayment per month of £96.26
Number of payments is 61 (so far)

So that would be 61 x £96.26 = £5,871.86

Plus 8% interest on £96.26 each month (does it compound? i.e. can I use a savings calculator and put £96.26 in each month for 61 months to get the result?)

Otherwise,
£96.26 x 0.08 = 7.70
61/12 = 5.0833
£7.70 x 5.0833 = £39.14 for payment #1
60/12 = 5
£7.70 x 5 = £38.50 for payment #2

and so on...

= £1,213.39 in interest

So I should get back roughly £7,085.25?

spot on, the interest is simple interest and not compounded.

marshallka

robbedofmymoney wrote: »

going anywhere nice.

I hope so:eek:.

di3004

Happy Holidays Marshallka and Robbedofmymoney.:beer:

We will miss you both, but have a great time.;)