PPI Calculation Help!

cria28

I am in the process of reclaiming mis sold PPi from Natwest. I have today had a letter with a goodwill offer but am not sure how close it comes to what I am owed. Really confused by it all!!

The loan was taken in Oct 2005 and was for the following:
£5791 for 36 months
Total Payable £6598.80
9% APR

Loan payments comprising £158.26 for loan
PPI payments of £25.04

Purpose of loan was £2211.95 to refinance exisiting loan plus cash loan of £2788.05.
Insurance loan £791
Total charge 807.80

The offer letter says:
"The bank is prepared to refund the insurance premiums and interest that you have paid to 24 July 2007. This includes the amount of £123.17 credited when the policy was cancelled. Our calculations show that you have paid a total of £778.27 for the payment protection element of your loan"

I am confused as this seems to be saying that the loan was paid off early?? Or am I wrong.
If anyone can offer advice, I would be grateful.
Cath

di3004

Hi Cath

Hopefully someone will be along soon to check the calcs out for you, sorry I am not good at that sort of thing and always ask others to check mine for me lol.

With an offer though they can offer anything they feel reasonable, but if your not happy, you do not have to accept the offer if you don't want to, if they have not given the final decision, you may be able to ask them to reconsider to the full amount or maybe a higher offer perhaps.
But if that was the final decision, they should enclose details of the FOS, which gives you the option to take your complaint to them instead, if your not happy.
Please be aware though, the FOS have extremely high volumes of complaints and it may take a good while before your case is moved on to an adjudicator.

Good luck with this and if your happy then well done!:beer:

amersall

Hi there, did you cancel this ppi at anytime during the loan?.As this looks like it was cancelled in 07, if it was then you dont get ppi back for the months after you cancelled as you did not pay this.

amersall

Sorry Well done on your win :j:j

cria28

I can't remember cancelling the PPI, thats what it looked like tto me too. Don't have any other paperwork. WIll look at past bank statements to see if payments dropped in July 07.
If I did cancel it or pay it off in 07, does that figure sound correct??
Thanks for your help.

di3004

cria28 wrote: »

I can't remember cancelling the PPI, thats what it looked like tto me too. Don't have any other paperwork. WIll look at past bank statements to see if payments dropped in July 07.
If I did cancel it or pay it off in 07, does that figure sound correct??
Thanks for your help.

Hi there

If you ring or write them, ask if they can provide you with a written detailed breakdown, if the ppi was cancelled I'm sure it would show up on the breakdown.;)

amersall

cria28 wrote: »

I can't remember cancelling the PPI, thats what it looked like tto me too. Don't have any other paperwork. WIll look at past bank statements to see if payments dropped in July 07.
If I did cancel it or pay it off in 07, does that figure sound correct??
Thanks for your help.

Hi there, when you cancel ppi sometimes your payment may or may not drop slightly,if your payment did decrease then you know the ppi was cancelled. You could telephone the bank and ask for confirmation of the cancellation and who cancelled it, If your payment did not decrease.
I am not a expert with calculations, but the way i see it,
Your refund for the 25 months you paid @25.04 = 626 they have taken off the 123.17 that they gave you as a rebate when you cancelled the ppi, so that would leave 502.83, so i assume the difference between this and the refund they are giving you is interest, so interest was 274.44. If i am wrong, someone who is good with calcs will i am sure post what you should get.

robbedofmymoney

amersall wrote: »

Hi there, when you cancel ppi sometimes your payment may or may not drop slightly,if your payment did decrease then you know the ppi was cancelled. You could telephone the bank and ask for confirmation of the cancellation and who cancelled it, If your payment did not decrease.
I am not a expert with calculations, but the way i see it,
Your refund for the 25 months you paid @25.04 = 626 they have taken off the 123.17 that they gave you as a rebate when you cancelled the ppi, so that would leave 502.83, so i assume the difference between this and the refund they are giving you is interest, so interest was 274.44. If i am wrong, someone who is good with calcs will i am sure post what you should get.

you are correct amersall,
if the loan has been settled in 2007, then the offer figure stacks up

cria28

Will give them a call and if I did cancel it it 2007, will take their goodwill offer. Thanks to everyone for your help.
Cathx

amersall

robbedofmymoney wrote: »

you are correct amersall,
if the loan has been settled in 2007, then the offer figure stacks up

Hi robbedof, nice to hear from you. The ppi was cancelled in 07,not sure if the loan was settled early!! would that make any difference to the refund?, forgot to ask that!!!.:eek: so i may not be correct after all

amersall

cria28 wrote: »

Will give them a call and if I did cancel it it 2007, will take their goodwill offer. Thanks to everyone for your help.
Cathx

Hi, was the loan settled early?.