Help with calculation please?

donotpassgo_2

I know there are some wonderful calculation specialists on here and I hope that someone can help me with what I should be expecting as redress from Egg.

A summary is. We took out an egg loan on the 24 oct 2004 for 84months @ 6.9%APR (annual interest rate 6.73% fixed) for £24,500. Egg added on to this ppi of £5681 we have had the ppi £5681 back less premium refund £402 plus interest charged on premium £1964. refund total £7243. Brilliant..

However our loan wasnt recalculated. The FOS have upheld our complaint (the process has taken a year) and Egg have agreed to make an offer to settle the complaint and they have been told by Egg that it will be based on the general approach that FOS takes. The loan will be recalculated we will receive 8% simple interest and £200 compensation.

Our loan is still in force with a balance of £2271 we pay £451 per month and we have paid 74 instalments.

I am a complete numpty when it comes to this..hence the problem with the ppi in the first place:mad: I would like to be forearmed with some idea of a figure before they come to me with their proposal they are due to inform me before 7th feb.

Thanking you in advance and sorry for the length of this post.:eek:

amersall

Hi there, i am sure someone will help you with this. Did you get the mis sell ppi amount last year, or are you waiting for this?. If you have had this payout, but the loan was not rescheduled, i wonder why they gave you the full ppi amount back when you have not paid 10 months of this yet?.They only repay the ppi you have paid to date (this is what i know btw) so you would get back 74 monthly payments of ppi that you have made so far back with interest, the total ppi amount would be taken off the loan balance, so your loan will reduce by the £5681 and your monthly payment would reduce by the ppi monthly amount for the 10 remaining payments. If i have read this wrong from your post, then i am sorry.

donotpassgo_2

Hi Amersall, thanks for your post I hope you and yours are all well and happy.

Yes I received this last year they refunded £5681 less £402 (dont know how this is calculated?) they paid out last jan so I would have made less payments.
Once again thanks for your help. x

Probably going to show myself up big stylee could this have something to do with how the ppi was applied to the account one off payment or front loaded or some other such gobblydegook that I have no idea what I am blithering about??

amersall

donotpassgo wrote: »

Hi Amersall, thanks for your post I hope you and yours are all well and happy.

Yes I received this last year they refunded £5681 less £402 (dont know how this is calculated?) they paid out last jan so I would have made less payments.
Once again thanks for your help. x

Probably going to show myself up big stylee could this have something to do with how the ppi was applied to the account one off payment or front loaded or some other such gobblydegook that I have no idea what I am blithering about??

We are all fine here, thanks for asking. Hope you and yours are too x
You know as much as me with calculations!!
all i know is what i said in my previous post. I dont think that they should have given you all the ppi back as the loan is still running, that may be why they did not reschedule this? any ppi is only paid back to the date you paid it and not to end of loan date, as you have not yet paid this,then the total ppi taken off your loan (that obviously did not happen). Have you got the calculations of the actual refund? as this may help a lot with the calcs. As i said, i am rubbish with calcs, but robbedof or marshalka will hopefully come along and explain this for you, with the right calcs. x

robbedofmymoney

hi,

do you have a full breakdown of the original refund,
did the interest refund include the 8% on your original premiums you paid, or was it just the interes they applied.
can you confirm your monthly re-payments did not go down, and do you know what preportion of this was for the ppi (not essential)

i think i know what the £402 is, and will clarify when i go through the workings.

i will need to do a few things to get to the answer. (or what i would expect back)

if you can post the info later i will endeavour to get you the answer by tomorrow morning.

well done on your success :beer::beer::beer:

amersall

robbedofmymoney wrote: »

hi,

do you have a full breakdown of the original refund,
did the interest refund include the 8% on your original premiums you paid, or was it just the interes they applied.
can you confirm your monthly re-payments did not go down, and do you know what preportion of this was for the ppi (not essential)

i think i know what the £402 is, and will clarify when i go through the workings.

i will need to do a few things to get to the answer. (or what i would expect back)

if you can post the info later i will endeavour to get you the answer by tomorrow morning.

well done on your success :beer::beer::beer:

Cheers for this, and thanks xxx..

donotpassgo_2

Thanks guys we have always paid £451 this hasnt been changed throughtout the loan.

The only breakdown I have is from egg the refund was £5681 less premium refund £402 plus interest charged on premium £1964. refund total £7243.This does not include 8% interest which is what the FOS has asked for along with the loan to be restructered. Sorry I know what the proportion is.

Thanks for any light that you can shed on this. x

robbedofmymoney

ok, no worries, i'll have a think about how best to work this out,
i will probably calculate what your refund should have been when they settled (including the 8%) deduct what they actually paid you, this will leave a balance from then that they would still owe you,
then i will work out how much overpayment you have made since the complaint was "settled" until now, (as your loan should have been re-structured) and then add a further 8% to the overpayment,

so if they use the same logic the answers should be similar.

will play with the numbers first thing tomorrow as watching the footy:beer:

donotpassgo_2

robbedofmymoney wrote: »

ok, no worries, i'll have a think about how best to work this out,
i will probably calculate what your refund should have been when they settled (including the 8%) deduct what they actually paid you, this will leave a balance from then that they would still owe you,
then i will work out how much overpayment you have made since the complaint was "settled" until now, (as your loan should have been re-structured) and then add a further 8% to the overpayment,

so if they use the same logic the answers should be similar.

will play with the numbers first thing tomorrow as watching the footy:beer:

thanks Robbed much appreciated x hopeyour team wins

robbedofmymoney

sorry, one more question,
what month last year did they make the first settlement.

donotpassgo_2

robbedofmymoney wrote: »

sorry, one more question,
what month last year did they make the first settlement.

It would have been the very end of dec 2009 or start of jan 2010, hope this helps.

Im beginning to feel like someone on the antiques roadshow who thinks they have something of value and end up with a duffer! I hope I dont end up owing them something if they've paid back too much ppi..didn't even dawn on me that they had.. how bad is that!!!