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

robbedofmymoney

Gordie1975 wrote: »

Hi there, sorry about this, i know i'm a pain but i've just realised that the information i was using and provided you all was probably inaccurate.

I never thought about the fact that because the original loan had PPI and was consolodated into the second that that would affect the ammount the second loan should have been.:o

Heres the situation in simplest terms i can explain it.

In 2005 i got a loan over 60 months with PPI
The loan agreement says
Cash loan:£732
Loan for existing debts £1700 (this was for a credit card)
PPI Premium (cash price) £619
Total PPI inc Interest £916
£15.28 was paid to monthly PPI

16 (ish) months later i got a consolidation loan and they paid off the loan above and added the remaining balance to the next loan(also with PPI)

According to the letter i received Lloyds gave me a PPI rebate of £290 which was used to reduce my final settlement figure.

for loan 1 you should expect ot get back the following
16 payments of £15.28 = £244.48
then the ppi not refunded upon early settlement (619/60)=£10.32 x 16 = 165.12, 619 - 165.12 - 290 = £163.88

then you would be entitled to 8% simple on these amounts,
8% on £244.48 = £95 (approx)
8% on £163.88 = £55 (approx)

so for this loan you should be looking to get back 244 + 95 + 163 + 55 = £557, there will also be a small amount of interest that will be refunded (approx £60)

for the second loan, it will be as the previous calculation,

you are correct, you will get back the payments you have made which is 49 x £39.57 = £1938.93, then you get 8% simple, this amounts to approx £323. so in total you should get back £2,261.93
then your monthly loan repayments will go down to £140 per month for the remaining term of your loan.

however you will also get a slightly reduced loan balance to take into account the ppi that was transfered accross £163.88 and the interest that you have been charged on this.


Now, this next loan is basically the same as i mentioned earlier in the thread.

Loan date :1/5/06
total loan inc interest £10,813.20
cash loan inc interest £8,349.00
LPI inc interest £2374.20
payments 60
APR 19.9%
total mthly paymt £180.22 (39.57 insurance and 140.65 loan)

I called them earlier and i have paid 49 payments of 180.22 to the loan above.

With this new information, i cant work out how and how much of a rebate i am due.

can someone please give me a rough i idea of how much a refund i will get or how much the current loan will be reduced by.

I know it was done for me earlier, but i think this new information may change the whole thing.

Thank you all so much for the help.

Oh and i presume since they never mentioned it in their letter that Lloyds wont be paying me any compensation.?

Thank you all once again.:T

i hope this helps

cheers

robbedofmymoney

di3004 wrote: »

Happy Holidays Marshallka and Robbedofmymoney.:beer:

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

thanks Di,

just off to tenerife for a quiet break and recharge the batteries after a long year working my nutts off.

di3004

robbedofmymoney wrote: »

thanks Di,

just off to tenerife for a quiet break and recharge the batteries after a long year working my nutts off.

Good for you :T, you deserve it very much.
And the same to Marshallka as well.:T

Any room for me?:D:rotfl:;).

Enjoy XX

robbedofmymoney

di3004 wrote: »

Good for you :T, you deserve it very much.
And the same to Marshallka as well.:T

Any room for me?:D:rotfl:;).

Enjoy XX

sorry, no room in the suitcase,

di3004

robbedofmymoney wrote: »

sorry, no room in the suitcase,

:think::D lol

Gordie1975

robbedofmymoney wrote: »

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

I know you answered already, but i will give you this anyway just incase it changes anything.
the second loan.....
cash loan 5,500
loan for ppi 1547
total loan 7047
19.9% APR

Gordie1975

robbedofmymoney wrote: »

i hope this helps

cheers

Thank you very much, i needed to know roughly what to expect so they cant fleece me with the settlement lol.

Of course now it is a pain, as i am still paying this loan off on th 1st of every month, so i will be paying another £180 tomorrow and £40 of that is PPI, so the figures will change every month.

I am going to settle this loan with the cash refunded, and pay off my credit card.

that just leaves me with 1700 left on another loan i have, then im debt free (well not counting the £3000 overdraft:rotfl:)

Thank you all so much!!!!!!