PPI Refund Amount Help Please

riass

After over two years from starting out I have heard from the FSO that my claim has been upheld and Tesco will have to settle with me.

I was wondering if anyone could tell me how much I may receive?

Details: Loan started in August 2004
Loan = 20,000
PPI = 3738
Total charge for credit = 10,207.60
Total = 33,945.60
APR = 7.6%
Term = 120 months
Payments = 282.88 (238.33 Loan + 44.55 PPI)

I made 41 payments at 282.88 then cancelled my PPI and my new payment is 255.37. I have made 31 payments at this amount.
So 72 payments till completion.

Thank you for any assistance.

di3004

riass wrote: »

After over two years from starting out I have heard from the FSO that my claim has been upheld and Tesco will have to settle with me.

I was wondering if anyone could tell me how much I may receive?

Details: Loan started in August 2004
Loan = 20,000
PPI = 3738
Total charge for credit = 10,207.60
Total = 33,945.60
APR = 7.6%
Term = 120 months
Payments = 282.88 (238.33 Loan + 44.55 PPI)

I made 41 payments at 282.88 then cancelled my PPI and my new payment is 255.37. I have made 31 payments at this amount.
So 72 payments till completion.

Thank you for any assistance.

Hi and welcome.

Well done and Congratulations!:beer:

I'm sure someone will take a look at these calcs for you today, hopefully Robbedofmymoney or Marshallka will be along to have a look at them for you.;)

riass

Thank you...

di3004

riass wrote: »

Thank you...

Your very welcome, someone will be along at some point to check these out for you, will check now and again ok?;)

robbedofmymoney

riass wrote: »

After over two years from starting out I have heard from the FSO that my claim has been upheld and Tesco will have to settle with me.

I was wondering if anyone could tell me how much I may receive?

Details: Loan started in August 2004
Loan = 20,000
PPI = 3738
Total charge for credit = 10,207.60
Total = 33,945.60
APR = 7.6%
Term = 120 months
Payments = 282.88 (238.33 Loan + 44.55 PPI)

I made 41 payments at 282.88 then cancelled my PPI and my new payment is 255.37. I have made 31 payments at this amount.
So 72 payments till completion.

Thank you for any assistance.

hi, just need a bit more information,
when you cancellled the ppi policy did you receive a rebate, or did they just lower your monthly payments.

once i know this i can work out what you are due back.

cheers, and well done on your win:beer:

amersall

riass wrote: »

After over two years from starting out I have heard from the FSO that my claim has been upheld and Tesco will have to settle with me.

I was wondering if anyone could tell me how much I may receive?

Details: Loan started in August 2004
Loan = 20,000
PPI = 3738
Total charge for credit = 10,207.60
Total = 33,945.60
APR = 7.6%
Term = 120 months
Payments = 282.88 (238.33 Loan + 44.55 PPI)

I made 41 payments at 282.88 then cancelled my PPI and my new payment is 255.37. I have made 31 payments at this amount.
So 72 payments till completion.

Thank you for any assistance.

Well done on your win :beer::beer:

riass

Thanks all for the replies, its a strange feeling winning against a massive company!


I didn't get any money back just a slight reduction in my monthly payment.

di3004

riass wrote: »

Thanks all for the replies, its a strange feeling winning against a massive company!


I didn't get any money back just a slight reduction in my monthly payment.

:T:T:T:T:beer:

riass

Sorry to bump my post but still wondering if anyone can assist me. Thanks.

amersall

riass wrote: »

Sorry to bump my post but still wondering if anyone can assist me. Thanks.

Hang on in there, robbedof will work this out for you.When you cancelled ppi did you get a breakdown of how your payment went down? as this reduction would be a rebate of ppi that they will have taken off your loan.

robbedofmymoney

on the assumption that no rebate was refunded you should expect to get back the following.

first of all your monthly loan repayments need to be reduced to what they would have been had the ppi not been added in the first place, so these will need to go down to £238.33 per month. if they do not then Tesco have not put the loan into the position it would have been had you not been miss-sold the ppi.

in terms of a cash refund to you, you should expect ot recieve the following amounts back.

ppi premiums and interest paid.
41 x 44.55= £1,826.55

then the difference between the revised payments and what the monthly loan payments should be
31 x £17.04 = £528.24

you would then expect to get 8% simple on these amounts

1,826.55 @ 8% simple would be an extra £621 (approx)
528.24 @ 8% simple would be an extra £52 (approx)

so you should be looking to get back

1826.55 + 621 + 528.24 + 52 = £3027.79 (approx), and your loan repayments need to go down to £238.33 for the remainder of the loan term.