Working out what's due back!

smitchy73

If I'm very lucky and my claim is upheld am I right in assuming that I am due back the following.

The PPI premium
+8% simple interest from the date of the premium and the monthly payments being made
+Contractual interest (the rate of the loan) and again from the date the monthly payments were made

I found a calculator on the CAG forum and just wondered if this is right?

Cheers guys and gals.

marshallka

smitchy73 wrote: »

If I'm very lucky and my claim is upheld am I right in assuming that I am due back the following.

The PPI premium
+8% simple interest from the date of the premium and the monthly payments being made
+Contractual interest (the rate of the loan) and again from the date the monthly payments were made

I found a calculator on the CAG forum and just wondered if this is right?

Cheers guys and gals.

If your claims are sucessful you would get back the PPI you paid plus the interest charged on the PPI and 8% statutory interest per annum from the date each repayment was made to todays date.

ALso you have to account if a loan was settled early (or because you took out another loan - consolidated you last one) and the amount of PPI refunded. Its quite difficult in cases like this because you would have to work out what you would have paid on the loan at settlement without PPI and what you did pay. If loans run into the next loan you would have had an opening balance which would most likely include some of the PPI from your previous loan also.

Actual settlement figures are key in workings and breakdowns of the settlements.

smitchy73

Thank marshalka, very helpful, just need to wait for the SAR information to come in to see for myself, at one point I was with CCCS and had a payment plan with them, but because the DCA had sold/passed the debt on to the other one, no-one told the CCCS so they closed my account as there was no-one left to pay except them, so I just deal with the new DCA now which is fine. Anyway I phoned CCCS to find out when my agreement with them started and how much had been paid to this one debt, and it was really good to get some more information to add to the pile I have already, so that when the SAR stuff comes in I'll be able to have most of it to hand.

thanks again Marshalka.

smitchy73

I did read somewhere I'm sure back then they were not really giving out rebates if loans were refinanced or settled, so again will find out for sure when the paperwork comes in(if).

sixfiveseven1

Santander, on behalf of Alliance and Leicester, have phoned me to say that my PPI complaint has been upheld. This was for a loan taken out with A&L and paid up in 2006. They also said they would repay the PPI and 8% interest and, because a pevious loan was paid off with this one, they were investigating the possibility that the PPI from that loan would be repaid as well. it will take time to calculate and they will be in touch.

I was always under the impression that you could only claim on loans taken out in the last 6 years. I read on MoneySaving Expert that you can claim on loans taken out or being paid within the last 6 years, so I made my claim. :j We will see the amount shortly.:beer:

amersall

sixfiveseven1 wrote: »

Santander, on behalf of Alliance and Leicester, have phoned me to say that my PPI complaint has been upheld. This was for a loan taken out with A&L and paid up in 2006. They also said they would repay the PPI and 8% interest and, because a pevious loan was paid off with this one, they were investigating the possibility that the PPI from that loan would be repaid as well. it will take time to calculate and they will be in touch.

I was always under the impression that you could only claim on loans taken out in the last 6 years. I read on MoneySaving Expert that you can claim on loans taken out or being paid within the last 6 years, so I made my claim. :j We will see the amount shortly.:beer:

:T:T:T Ab Fab :beer::beer:

amersall

sixfiveseven1 wrote: »

Santander, on behalf of Alliance and Leicester, have phoned me to say that my PPI complaint has been upheld. This was for a loan taken out with A&L and paid up in 2006. They also said they would repay the PPI and 8% interest and, because a pevious loan was paid off with this one, they were investigating the possibility that the PPI from that loan would be repaid as well. it will take time to calculate and they will be in touch.

I was always under the impression that you could only claim on loans taken out in the last 6 years. I read on MoneySaving Expert that you can claim on loans taken out or being paid within the last 6 years, so I made my claim. :j We will see the amount shortly.:beer:

:T:T:T Ab Fab :beer::beer:

Please post your win here.
https://forums.moneysavingexpert.com/discussion/524031

sixfiveseven1

The best simple interest calculator that I found is the Blake Lapthorn Solicitors.

As I can't publish the link, Google 'Simple Interest Calculator' and it is the first site. :beer:

Good Luck sixfiveseven:T