PPI's on 4 loans with Lloyds

aleayah

thanks sweet, i'm gona dig all my paperwork out check the single premium...il post back after 7pm x thankyou both

aleayah

hi niggly

i have some useful information on my LOAN 2

Original Loan Amount - £1800.00
Single premium insurance - YES
Loan Term - 24 months
interest rate - 16.61%
monthly repayment - £96.16
loan start date - 04.02.2003

LOAN 3

Loan Amount - £1000.00
LPI - 174.86
Monthly repayment - £12.49 PPI + £81.88= £94.37
over 14 months not 24 months
APR - 24.90%
In total i paid back £1321.18

Then at the bottom of the box it sayS other financial information.

TOTAL CHARGE OF CREDIT

Cash Loan - £146.32
LPI (CASH PRICE 152.59) £22.27
TOTAL LOAN £168.59

LOAN 4

Loan Amount £2992.45
total of ppi is £655.11
monthly rep - 126.50 + 22.59 (ppi)= £149.09
over 29 months
so in total i paid back £4323.61
APR - 18.30%

OTHER FINANCIAL INFORMATION

Total charge of credit

cash loan £676.07
LPI - £120.80
£796.85

I hope this is clear now.;););););););););););):):A:A:A:A:A:A:A:A:A:A

aleayah

niggly can you explain to me bout single premium- i'm slightly confused.

aleayah

still havent heard anything from lloyd's:(:(:(:(:(:(:(:(:(:( has anyone heard from Lloyds yet????????

Niggly/Amersall/Di where has niggly got the the 40 and 103 payments from????? how is that worked out

di3004

Hi

Bumping this up and I'm sure Niggly will be back shortly, he will then explain.:D;) x

aleayah

Hi Di

is there anyone else who can add my ppi up for me - i've been waiting for niggly but i think his busy....thanks in advance xxx:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:;););););)

di3004

aleayah wrote: »

Hi Di

is there anyone else who can add my ppi up for me - i've been waiting for niggly but i think his busy....thanks in advance xxx:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:;););););)

Hi

Niggly was on his hols, I did not realise until the other day, so it seems he is back now and I will bump this up the same time for you, hopefully he will come across this, or make a new thread so its not missed and title it "PPI calculation help please";)
Hope this helps, good luck. x:A

aleayah

thanks Di :j:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:

aleayah

Hi Niggly:):):):):)

i have updated my ppi details from last time please can you see if they make sense now

thanks aleayah

Niggly_2

aleayah wrote: »

Hi Niggly:):):):):)

i have updated my ppi details from last time please can you see if they make sense now

thanks aleayah

How can I put this no they dont make any more sense.

This is how it works. You take out a loan for 1000 and you pay back a monthly amount based on the interet rate for the loan term. Simples.

They then flog you PPI on top of this. To buy the ppi policy they charge a one off(single premium) charge. This gets added to the loan at the start. So lets say to cover the loan repayments it costs £200 to buy the policy. This means the total loan with the single premium ppi is £1200 in total. You pay interest on the £1200 until the loan ends.

Some of the monthly repayments covers the loan and some covers the ppi.

In most cases it would seem that people dont run the loan for the full term. They either pay off the loan to the bank or take out another loan which is bigger to pay off the first loan and borrow more money.

This is where it gets a littlle bit complicated.

When you pay off a loan early the bank will work out a settlement figure. Part of this will be on the single premium ppi you borrowed at the start of the loan to pay for the policy.

In effect you are cancelling the policy early. This happens a lot and the refund ( call this rebate) will often be a lot less then you would think. Its less because all the costs of the policy are up front to the insurers who set the policy up. (70% of the cost can be the commission).

So at the end of 1 year you might only get back a refund of £50 on the £200 policy. In other words you have handed them £150 by paying off the loan early. You are then owed this £150 plus interest from the date of cancellation to the date they settle the compensation.

Whats worse is that if you then take out another loan they add this £150 to that loan and then sell you another ppi policy. You then pay that off early and the cycle continues each time.

So you can see why I said the figures arent really any more help.

To work out a precise figure you need this information.

The start date of the loan.
The amount paid to the monthly ppi
The number of months the ppi was paid for
The date the last payment.
The amount you paid to settle the ppi single premium OR the rebate they gave you (refund) on cancellation of the ppi policy.

What I dont know is this.

Did each loan pay off the previous loans
What was the refund (rebate given) by the bank for the ppi when you settled early on each loan.

This why I only calculated the refund on the loans with interest and not the single premium ppi.

When I state the number of months on the 8% interest calculations. That is the number of months interest they owe you on the ppi premium from the first payment to the current date.

Sorry its long but I think you might get it now.

In answer to your next question. Yes if you had single premiums you will get these back plus interest. The amount will depend on the rebates they gave you.

The answer to your next question is not massive because loan 2 is over 14 months not 24 and you lose £125 there.

The final answer is about £500 more with interest lokk at £2500 as final settlement.

N