Help with PPI calculations

Ipswich1984

Can someone help me with calculating figures regarding al loydstsb loan.
I took this loan out in 2005 it was for a total of £23919.78 (loan £19000 and £4319.78 for the PPI).

The start date of the loan: 17/10/2005
The amount paid to the monthly ppi: £67.22
The number of months the ppi was paid for: 55 months
The date the last payment: 03/05/10
The rebate they gave you (refund) on cancellation of the ppi policy: £404.68.

Basically have complained about the PPI for a number of reasons, I had full pay for 6 months then half pay for another 6 months, they didn't explain the exclusion of pre existing conditions (I found this out when I tried to make a claim as well as being told I wasn't eligible because I was paid by my employer) as well as being told when I applied for the loan I was told the underwriters would expect me to take PPI due to the amount being taken so basically I was under the impression that I had more chance of getting the loan with PPI.

To top it off Lloydstsb also lost my complaint as well after I sent it in to them in March, despite giving them dates and times as well as names of who I spoke to regarding progress, they refuse to acknowledge that it was lost so my claim now shows as being registered in May rather than March.

Niggly_2

Ipswich1984 wrote: »

Can someone help me with calculating figures regarding al loydstsb loan.
I took this loan out in 2005 it was for a total of £23919.78 (loan £19000 and £4319.78 for the PPI).

The start date of the loan: 17/10/2005
The amount paid to the monthly ppi: £67.22
The number of months the ppi was paid for: 55 months
The date the last payment: 03/05/10
The rebate they gave you (refund) on cancellation of the ppi policy: £404.68.

Basically have complained about the PPI for a number of reasons, I had full pay for 6 months then half pay for another 6 months, they didn't explain the exclusion of pre existing conditions (I found this out when I tried to make a claim as well as being told I wasn't eligible because I was paid by my employer) as well as being told when I applied for the loan I was told the underwriters would expect me to take PPI due to the amount being taken so basically I was under the impression that I had more chance of getting the loan with PPI.

To top it off Lloydstsb also lost my complaint as well after I sent it in to them in March, despite giving them dates and times as well as names of who I spoke to regarding progress, they refuse to acknowledge that it was lost so my claim now shows as being registered in May rather than March.

Return of premiums is £3697.10
Interest 8% for 70 months £1036.98
If you paid the ppi loan off as early settlement £4319.78- £404.68 = £3945.10

Interest 8% simple 03/05/10 to 03/09/11 17 months = £443.71

Total refund £9122.89

N:beer:

Ipswich1984

Thank you for that, I shall wait my response from Lloydstsb.

At least I have a base figure to work with to ensure that if my claim is successful I am not being done out of any money.

Ipswich1984

Niggly wrote: »

Return of premiums is £3697.10
Interest 8% for 70 months £1036.98
If you paid the ppi loan off as early settlement £4319.78- £404.68 = £3945.10

Interest 8% simple 03/05/10 to 03/09/11 17 months = £443.71

Total refund £9122.89

N:beer:

I may be a bit stupid, how do you get the figure of £3697.10? I just want to make sure that once I get the calculations from Lloydstsb that I understand them.

Thanks

Derwent

Ipswich1984 wrote: »

I may be a bit stupid, how do you get the figure of £3697.10? I just want to make sure that once I get the calculations from Lloydstsb that I understand them.

Thanks

55 payments x £67.22 = £3,697.10

Ipswich1984

Derwent wrote: »

55 payments x £67.22 = £3,697.10

So I would get that as well as the £3945.10?

Sorry if the questions are a bit stupid but never done this before so it's all a bit new to me.

Ipswich1984

Ipswich1984 wrote: »

So I would get that as well as the £3945.10?

Sorry if the questions are a bit stupid but never done this before so it's all a bit new to me.

Can anyone help me with this?

di3004

Hi there
Bumping this again for you, not sure if Niggly is here at the moment, maybe tifosi could help, and you could post this on the above ppi reclaiming thread if you want to, so that its not missed, good luck.;)

https://forums.moneysavingexpert.com/discussion/1460775

Ipswich1984

Please can anyone help explain the calculations in the figures?

Got my letter today and the example calculations Lloyds have provided make no sense to me.

Niggly_2

Ipswich1984 wrote: »

Please can anyone help explain the calculations in the figures?

Got my letter today and the example calculations Lloyds have provided make no sense to me.

Post them up. It would help if the whole shabang is included. The level of refund will depend on what they have done at early settlement as to the final amount.

N

Ipswich1984

The examples they have given aren't anything to do with my figures, just general ones. Sorry should have made that clearer.

I was hoping you could explain the figures you worked out for me the other week at the start of this thread so I have a better understanding of the total?

Thanks