Please help ! Maths expert urgently needed

echobeach

After receiving the ombudsman's final decision on 2nd July in my favour, and then returning the acceptance form the FOS said that I had to give Egg 4 weeks to make the settlement , the 4 weeks pass and no contact from Egg , when you phone they say it will be dealt with shortly. On and on it goes .

So back to the FOS I went, who were brilliant and said they would sort it immediately as this was unacceptable from Egg.

Egg have now said that monies will be in my account within 7 to 28 days but will not give me an amount.

I hope someone on here will help me work out what I am due as I'm having a real nightmare working it all out, simple interest etc.

The facts and figures are this:-

Initial loan £12,000

PPI added on top £3163.32

Total Amount £15163.32

payable over 72 months at APR 7.9%

I have taken a 3 month payment holiday twice during the loan,
and have to date made 63 monthly payments initial monthly payments were £263.39 but after the 2 payment holidays rose to £275.25. I have no arrears.

The loan and ppi is still active with a balance left to pay of £2398 .
All help working this out much appreciated.
Cheers :beer:

Echobeach

di3004

Congratulations Echobeach :beer: fab news.

However, I am no maths expert, maybe Robbedofmymoney, Marshallka or amersall will be here to take a look at these soon for you.;)

Well done to you. X:T

robbedofmymoney

echobeach wrote: »

After receiving the ombudsman's final decision on 2nd July in my favour, and then returning the acceptance form the FOS said that I had to give Egg 4 weeks to make the settlement , the 4 weeks pass and no contact from Egg , when you phone they say it will be dealt with shortly. On and on it goes .

So back to the FOS I went, who were brilliant and said they would sort it immediately as this was unacceptable from Egg.

Egg have now said that monies will be in my account within 7 to 28 days but will not give me an amount.

I hope someone on here will help me work out what I am due as I'm having a real nightmare working it all out, simple interest etc.

The facts and figures are this:-

Initial loan £12,000

PPI added on top £3163.32

Total Amount £15163.32

payable over 72 months at APR 7.9%

I have taken a 3 month payment holiday twice during the loan,
and have to date made 63 monthly payments initial monthly payments were £263.39 but after the 2 payment holidays rose to £275.25. I have no arrears.

The loan and ppi is still active with a balance left to pay of £2398 .
All help working this out much appreciated.
Cheers :beer:

Echobeach

hi, in line with the fos guidelines you should expect to get back the following.

63 x monthly ppi payments and interest of £54.78 (this premium is estimated based on the proportion of the total loan)

63 x 54.78 = £3,451.14

you will then get a reduction in your outstanding loan amount of the remaining ppi that you have not paid (excluding interest)

9 x 43.94 = £395.46

you will get 8% simple interest on the £3,451.14, this adds up to approx £759.00

so you should expect a full refund of 3,451 + 759 = approx £4,210

your loan repayments shoul dthen go down by approx £54.78 per month

well done on your win

:beer:

echobeach

Thank you so so much for working that out for me ,every time I do it I get a different amount !

Egg have agreed to keep my monthly repayment amount the same, thus paying the balance off quicker ,as I want to use the refund to pay off another debt that has a higher APR.

So based on your figures above am I right in thinking that if I keep my repayments at £275.25 I should get a refund of:-


£4210 + ( £43.94 x 9 ) + ( £54.78 x 9 ) + ( £200 stress inconvenience FOS award )

a grand total of £5298.48 ????

di3004

Wow a lotta money there echobeach.......:T:T, well done!:beer:

echobeach

Well i'm still not quite there but I can almost touch it!!

It will be one hell of a relief when the cash is in the bank.

Thanks for all your words of wisdom not just to me but for everyone on here you're a star !!!
Hopefully will be posting on the success thread very very soon

Cheers all

di3004

echobeach wrote: »

Well i'm still not quite there but I can almost touch it!!

It will be one hell of a relief when the cash is in the bank.

Thanks for all your words of wisdom not just to me but for everyone on here you're a star !!!
Hopefully will be posting on the success thread very very soon

Cheers all

Bless you.:A

Well I shall be keeping a close eye on the success thread for your post.;)

You deserve this payout so much.:beer: