PPI calculation

di3004

TheRealDeal wrote: »

Sorry but that just confused me even further.

''The 8% per annum simple interest is equivalent to 2/3 of 1% per month.''

What does that mean !?

Sorry but I am embarrassed to say that I am not good with mathematics.

Hi there

Don't be embarrassed, I am absolutely no good at maths myself and always ask for help myself in this actual matter on here lol.:D

I do hope someone will be able to post up with some help on this one for you soon, and I understand that loan ppi can vary to credit card ppi, I'm sure someone will come along to clarify on this.

There is also another thread on how the FOS calculates refunds posted by Maxdp, wonder if this would also be of some help to you.;)
https://forums.moneysavingexpert.com/discussion/1596473

TheRealDeal_2

di3004 wrote: »

Hi there

Don't be embarrassed, I am absolutely no good at maths myself and always ask for help myself in this actual matter on here lol.:D

I do hope someone will be able to post up with some help on this one for you soon, and I understand that loan ppi can vary to credit card ppi, I'm sure someone will come along to clarify on this.

There is also another thread on how the FOS calculates refunds posted by Maxdp, wonder if this would also be of some help to you.;)
https://forums.moneysavingexpert.com/discussion/1596473

Thanks, hopefully someone does see my post and can help me understand how to calculate the PPI I am trying to get back.

di3004

TheRealDeal wrote: »

Thanks, hopefully someone does see my post and can help me understand how to calculate the PPI I am trying to get back.

Someone will, I am aware a few of them that works them out are away at present, fingers crossed you won't be waiting too long, good luck.;)

Consumerist

TheRealDeal wrote: »

Sorry but that just confused me even further.
''The 8% per annum simple interest is equivalent to 2/3 of 1% per month.''
What does that mean !?

It means that you get 8% interest for every complete year it has been since you paid a PPI premium. PPI premiums are, however, usually paid monthly, included with the loan payments, so you get one-twelfth of 8% (i.e. 2/3 of 1%) for each month since you paid a PPI premium.

Hope that's a bit clearer.

TheRealDeal_2

Consumerist wrote: »

It means that you get 8% interest for every complete year it has been since you paid a PPI premium. PPI premiums are, however, usually paid monthly, included with the loan payments, so you get one-twelfth of 8% (i.e. 2/3 of 1%) for each month since you paid a PPI premium.

Hope that's a bit clearer.

So do I do £11.50 x 12 months plus 8% ?

Then times that by 5 years ?

Consumerist

TheRealDeal wrote: »

So do I do £11.50 x 12 months plus 8% ?
Then times that by 5 years ?

It's not clear where these numbers have come from so it's difficult to answer your question.

If you paid a PPI premium of £11.50 exactly 6 years ago then any compensation for lost interest on that premium, and only that single premium, would be calculated as follows :-

£11.50 x 6 x 8 / 100 = £5.52 if the compensation was paid to you tomorrow. Each individual monthly PPI premium would be compensated pro-rata, according to how many months it has been since you paid each one.

It would be better if you posted details of your loan and PPI on a new thread if you want someone to estimate the possible compensation for you.

TheRealDeal_2

Consumerist wrote: »

It's not clear where these numbers have come from so it's difficult to answer your question.

If you paid a PPI premium of £11.50 exactly 6 years ago then any compensation for lost interest on that premium, and only that single premium, would be calculated as follows :-

£11.50 x 6 x 8 / 100 = £5.52 if the compensation was paid to you tomorrow. Each individual monthly PPI premium would be compensated pro-rata, according to how many months it has been since you paid each one.

It would be better if you posted details of your loan and PPI on a new thread if you want someone to estimate the possible compensation for you.

Thanks I will make a threads with more details.