Advice Needed Please (PPI)

Capricorn01

Sorry for the questions, this is new to me, I have just been advised, when you claim back PPI - "don't forget to claim the interest on the amount settled".
How do I go about doing that? I have a PPI calculator and the amount to settle on my claim was £7,841.91.
Also, would I be entitled to add the 8% interest up to 'todays date', or until the money is refunded back to me?

Or maybe somebody would be good enough to work this out for me?
Here are all the details:

Amount of Loan: £8,000.00
Add: £4,463.80 interest (APR 20 8%)
Total Sum Payable: £12,463.80

Total sum payable to be paid by 60 monthly instalments of £207.73
on the 04 day of each month commencing on the 04 day of April 2003

Optional Credit
Protection Insurance Cash Price (including VAT)
Life (J) £836.54 Decreasing term Life Assurance - Joint
ASU (Y) £1,294.27 Accident, Sickness and Unemployment
Total Cash Price £2,130.81 Amount of insurance loan
Add £1,188.99 Interest (APR 20 8%)
Total Sum Payable £3,319.80

Total Sum Payable to be paid by 60 monthly instalments of £55.33
on the 04 day of each month commencing on the 04 day of April 2003

This loan was paid in full on 9th September 2004, full amount paid back = £7,841.91.

Thankyou

di3004

Hi and welcome

I'm sure someone will check this out for you sometime today or later when available.

Sorry I am not good at the calculations side of it.:o

But when you make a reclaim, if the account is settled, then your entitled to all you have paid in ppi, plus interest and sometimes they offer the 8% interest of what a court would award for being deprived of your money.
Is still running, then normally its a case of them refunding what you have paid to date in ppi, interest, and putting you back in the position as if ppi was not taken, and the monthly payments are then normally reduced.

For more on reclaiming, follow this link below and ask for any help if required, but hopefully someone will be along soon to check this out for you.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Capricorn01

Thank you di3004.

amersall

Capricorn01 wrote: »

Sorry for the questions, this is new to me, I have just been advised, when you claim back PPI - "don't forget to claim the interest on the amount settled".
How do I go about doing that? I have a PPI calculator and the amount to settle on my claim was £7,841.91.
Also, would I be entitled to add the 8% interest up to 'todays date', or until the money is refunded back to me?

Or maybe somebody would be good enough to work this out for me?
Here are all the details:

Amount of Loan: £8,000.00
Add: £4,463.80 interest (APR 20 8%)
Total Sum Payable: £12,463.80

Total sum payable to be paid by 60 monthly instalments of £207.73
on the 04 day of each month commencing on the 04 day of April 2003

Optional Credit
Protection Insurance Cash Price (including VAT)
Life (J) £836.54 Decreasing term Life Assurance - Joint
ASU (Y) £1,294.27 Accident, Sickness and Unemployment
Total Cash Price £2,130.81 Amount of insurance loan
Add £1,188.99 Interest (APR 20 8%)
Total Sum Payable £3,319.80

Total Sum Payable to be paid by 60 monthly instalments of £55.33
on the 04 day of each month commencing on the 04 day of April 2003

This loan was paid in full on 9th September 2004, full amount paid back = £7,841.91.

Thankyou

Hi there, someone who can work out the interest part will be along to help you i am sure. From april 03 to sept o4 you would have paid 18 months of ppi at £55.33, so 18 x £55.33 = £995.94 you will get this plus the interest on these and if they give you the 8% you will get this as well, less any refund of ppi they gave you when you settled. Hope this helps x

marshallka

Hi what rebate did your settlement give you against the PPI? Do you have a breakdown of the settlement? I make it that you got about £550 odd???? If this is the case then you would get back the amounts paid as amersall says above and also the extra you paid at settling the loan early. If you can find the rebate out we can help you more.

Capricorn01

Thank you both, thats great!

I have nothing that states I had a rebate, where would I expect to find this information? I certainly don't recall any rebate being paid to me.
Would it be on the credit agreement perhaps?
Shall have a look and see if its on there somewhere, it may show a guide.

Thank you both.

marshallka

Capricorn01 wrote: »

Thank you both, thats great!

I have nothing that states I had a rebate, where would I expect to find this information? I certainly don't recall any rebate being paid to me.
Would it be on the credit agreement perhaps?
Shall have a look and see if its on there somewhere, it may show a guide.

Thank you both.

Hi, the rebate would not be actually paid over to you but would rather show on your statement of closing the loan (settlement statement/breakdown). If you do not have your breakdown then may be best to ask for one as you are entitled to see this.

Capricorn01

Hi
I have a letter thanking me for finishing early, but no mention of any rebate, just indicates that I could have another loan if I wish at a later date, so, perhaps I never had one. I also have all the papers which include late payments fees at £15 a time, but shows nothing about rebate?

Thanks

Capricorn01

Would you have any idea how much the total would come to, based on the figures.

Thanks

Capricorn01

Does anyone have a spreadsheet I could use for PPI and could somebody explain how to use one please.

wurzelwidge

Hi everyone,

The other day I was in a position to clear a loan that was taken out over the phone from Natwest. When I paid the remaining amount I was informed that I had been paying PPI. I was totally unaware of this until I cleared the loan. So I asked for information relating to the loan.

Today I received a letter that reads as follows;

We write further to your letter regarding the request for information on your existing loan account.

Our policy on disclosures to customers of information contained in our records is that we will comply fully with our legal obligations. These legal obligations arise under the CCA and the data protection act.

I regret as the loan has ended we have no obligation to provide any further details for your request.

Now I'm guessing that this is a shut up and go away standard letter and they are trying to stonewall me. I did not write to them, it was asked for over the phone. and from what I was told by a helpful lady when I cleared the balance that the amount is just shy of £1000.

My questions are where do I go from here, and how can they with hold information relating to me requested by me?

Thank you in anticipation to your replies.

Wurzel