Help with PPI calculations

Niggly_2

Ipswich1984 wrote: »

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

Okay we are getting a bit circular here. Each bank has a specific way of charging you when a loan is settled early. In every case though they will add on the PPI to the settlement figure less a rebate (usually a small refund) This is the capital amount of the ppi loan they added to your main loan to pay for the PPI policy.

Each month you then pay interest on this PPI loan.

If in the settlement figures they have not accounted for the payments you made against the PPI off the ppi loan then you will get the PPI loan back less rebate PLUS the monthly contributions.

The example figures they have given are scenarios I expect and I would like to see what they say as to work out how they refund people when a loan is repaid early.

Thanks N:beer:

Niggly_2

Di

I remember reading letter that you got from lloyds didnt they breakdown how they paid the redress. If any of yours were settled early then it would be useful to see how they set out the redress letter. Just a thought

Thanks Niggly

Ipswich1984

Niggly wrote: »

Okay we are getting a bit circular here. Each bank has a specific way of charging you when a loan is settled early. In every case though they will add on the PPI to the settlement figure less a rebate (usually a small refund) This is the capital amount of the ppi loan they added to your main loan to pay for the PPI policy.

Each month you then pay interest on this PPI loan.

If in the settlement figures they have not accounted for the payments you made against the PPI off the ppi loan then you will get the PPI loan back less rebate PLUS the monthly contributions.

The example figures they have given are scenarios I expect and I would like to see what they say as to work out how they refund people when a loan is repaid early.

Thanks N:beer:

They are just scenarios in the letter, I will try at some point to post the scenarios they give on here, so you can have a look at them.

Sorry if I confused you with my post yesterday

Niggly_2

Ipswich1984 wrote: »

They are just scenarios in the letter, I will try at some point to post the scenarios they give on here, so you can have a look at them.

Sorry if I confused you with my post yesterday

Yes I have had a claim upheld today the scenarios arent helpful unless they match your own circumstances.

All I can say is that I hope they pay the premiums plus refund the ppi policy less rebate. I will see if I can find any evidence of lloyds customers who have gone through the situation you have and see what they got.

N

Niggly_2

Niggly wrote: »

Di

I remember reading letter that you got from lloyds didnt they breakdown how they paid the redress. If any of yours were settled early then it would be useful to see how they set out the redress letter. Just a thought

Thanks Niggly

Bump for :ADI:A please

Ipswich1984

Niggly wrote: »

Yes I have had a claim upheld today the scenarios arent helpful unless they match your own circumstances.

All I can say is that I hope they pay the premiums plus refund the ppi policy less rebate. I will see if I can find any evidence of lloyds customers who have gone through the situation you have and see what they got.

N

Looking at the 3 scenario's included with my offer letter the nearest to my own circumstances would be Example 2 (though mine would be without any claim on the PPI).

Still dont understand it all though. I will just wait for my letter and see how it is broken down, They received my offer letter this morning so heres hoping it comes soon.

I am going to ring Lloyds though to check what interest rate I had though as think this is the only piece of info missing that I might need.

Niggly_2

Ipswich1984 wrote: »

Looking at the 3 scenario's included with my offer letter the nearest to my own circumstances would be Example 2 (though mine would be without any claim on the PPI).

Still dont understand it all though. I will just wait for my letter and see how it is broken down, They received my offer letter this morning so heres hoping it comes soon.

I am going to ring Lloyds though to check what interest rate I had though as think this is the only piece of info missing that I might need.

Okay neck on the block time. I am pretty sure that on early payment that LLoyds will have charged you for the PPI policy less rebate. You have also had to pay interest on this throughout the loan. So I am pretty certain that they owe you the full calculation I made previousley. There is only a 5% nagging doubt has I dont have the settlement figs in front of me when you paid the loan off.

Ipswich1984

Niggly wrote: »

Okay neck on the block time. I am pretty sure that on early payment that LLoyds will have charged you for the PPI policy less rebate. You have also had to pay interest on this throughout the loan. So I am pretty certain that they owe you the full calculation I made previousley. There is only a 5% nagging doubt has I dont have the settlement figs in front of me when you paid the loan off.

It's ok , I won't hold you to the figures, I know it's a degree of guesswork.

As long as they get it right I will be happy, I will post the figures up as soon as I get them.

Placida

HI, I hope I am not hijacking this thread but I have a query about how Barclays will calculate any monies if my claims on 2 loans are upheld.
I read that Niggly said "
Each bank has a specific way of charging you when a loan is settled early. In every case though they will add on the PPI to the settlement figure less a rebate (usually a small refund) This is the capital amount of the ppi loan they added to your main loan to pay for the PPI policy."

I have been told I will receive a reply by November 4th though in the light of what I have read on this forum I am not expecting it to be easy!
So I am hoping that someone will look kindly on me and calculate the £s I could expect which would perhaps keep me sane while I wait.
I am claiming for refunds of PPI premiums & interest paid upfront for 2 barclayloans dated 2004 and 2005 both settled early with new loans These are the details I have from the agreements but i do not have anything that tells me what rebate i might have got when i refinanced the loans. I have paperwork for when both loans and payment protection policies were terminated but no information for early settlement figures when I refinanced other than the repayments for new loans.
First loan Feb 2004 refinanced 2005 with new loan (no PPI on new loan 2005 paperwork)

cash loan + premium loan
Amount of loan: £12,100 + £2.313.51
Total charge for credit: £2,862.80 + £547.29
Total amount payable: £14,962 + £2,260.80
Monthly payment: £249.38 + £47.64
Interest 8.9% p.a.
Number of repayments: 60
Actual payments made before loan was settled early. 10 x £47.64 = £476.40

Second loan November 2005 No PPi on new 2007 loan agreement but I have found a statement of Demands and Needs that says a PPI was recommended and I accepted it!!!!)
Cash loan + premium loan
Amount of loan: £17,700 + £5,334.19
Total charge for credit: £8,095.56 + £2,439.17
Total amount payable: £25,795.56 + £7773.36
Monthly payment: £307.09 + £92.54
Interest 11.435% p.a.
Number of repayments: 84
Actual payments made before loans was settled early. 23 x £92.4 =£2,125.20

I hope this is easy to understand
Congratulations to all those who have had their claims upheld-I hope I will join you