Help with calculation please?

robbedofmymoney

here's my best shot

i have calculated what should have happened when they originally settled and then worked out the difference.

upon settlement in Dec09 the following should have happened

62 X £91 (monthly ppi) = £5642
then 8% simple on top of this =£1,184.82

total refund should have been £6826.82

then your monthly repayments should have gone down to £360 per month for the remaining term of the loan.

as your repayments remained at £451 effectively you have been paying more off your loan each month, reducing the term of the loan.

so effectively since the previous settlement you have over paid by
12 x 91 = £1092, you are also entitled to 8% simple on this = £47

so with all these numbers i would assume an additional refund of

£6826.82 + £1092 + £47 - £7243 (previous refund) = £722.82 (approx)

i think your overall loan balance will also increase by appox £1k, when its restructured, so overall you may not be any better off,

once you have thier figures it may be a better option for you to not accept it as it may put you in a slightly worse position overall with everything taken into account.
:beer::beer::beer::beer:

donotpassgo_2

Thanks Robbed, I appreciate your workings should have left alone methinks!!!:o
I will let you know what they come up with. x

donotpassgo_2

Hi Everyone hows it going?
Just a quick update. Today we received our egg statement showing payments up to 21/10/2010 in my OP i said they had deducted £402 from our repayment this is listed on the statment as Payment protection cancellation? However they have put in a slip of paper apologising that the statement is so late we should have received this at beginning of November they say we will receive a refund of any interest applied in respect of the period of non compliance..whatever that means?

Hope all my ppi friends are getting through January, spring cant come soon enough for me...but must try to live more in the moment rather than wishing my life away...x

oh still nothing from them about rescheduling loan etc, although as rob pointed out I amy be worse off if they do?!