PPI long overdue claim

mrs-stressed

Hi Di and Amersall again!

On reading these posts I would lilke to know if the current 8% interest is added as a lump 8% on the amount being refunded or is it calculated on each year this claim has been rumbling on. I have had as you know a claim pending for 4 years. Lloyds have since said they would refund. Do they calculate from the time the so-called PPI started (2003) or when the claim first was 'claimed', and therefore the 8% being added from when to when? Also they have been told to 'compensate me' on this claim. From when to when? I do read the posts but sometimes I get a bit confused....!

I would as always appreciate your help on this..

Mrs S.

amersall

Morning :D Thank you for the confidence in Di and I :D
We are not the best placed to explain this :rotfl::rotfl::rotfl:
Someone who does know will be along to explain this
All i know is you get it paid from beginning to end :rotfl:

mrs-stressed

Hi Amersall, Thanks for replying so soon!! I hope my post can be explained - knowing that every claim is different!!

Anyone who knows out there will I am sure tell me moreorless whats what!

Mrs S

pipz_2

hi, im not sure if this helps but i had a 2500 loan with sainsburys in 2005, got back just under 1500 from them in june! im not sure how they calculate the 8% but it certainly was a lot more than i thought i would get so i would imagine they calculate it on the same basis as the loan did which is why the amount was so high... now just got two other claims to try to recoup, good luck with yours

mrs-stressed

Hi guys. I know that 126 people have read this post and surely there must be someone out there who can answer my original question!! If not, is there somebody who knows of somebody who can help?? Or even a past thread that I may have missed...

amersall

mrs-stressed wrote: »

hi di and amersall again!

On reading these posts i would lilke to know if the current 8% interest is added as a lump 8% on the amount being refunded or is it calculated on each year this claim has been rumbling on. I have had as you know a claim pending for 4 years. Lloyds have since said they would refund. Do they calculate from the time the so-called ppi started (2003) or when the claim first was 'claimed', and therefore the 8% being added from when to when? Also they have been told to 'compensate me' on this claim. From when to when? I do read the posts but sometimes i get a bit confused....!

I would as always appreciate your help on this..

Mrs s.

bumping up for you.
Niggly can you help please xxxxxx

Niggly_2

mrs-stressed wrote: »

Hi Di and Amersall again!

On reading these posts I would lilke to know if the current 8% interest is added as a lump 8% on the amount being refunded or is it calculated on each year this claim has been rumbling on. I have had as you know a claim pending for 4 years. Lloyds have since said they would refund. Do they calculate from the time the so-called PPI started (2003) or when the claim first was 'claimed', and therefore the 8% being added from when to when? Also they have been told to 'compensate me' on this claim. From when to when? I do read the posts but sometimes I get a bit confused....!

I would as always appreciate your help on this..

Mrs S.

The 8% simple will begin when your first payment was made until the day they settle the refund.

If you had a monthly ppi payment of £50 which started in September 2005 and the loan is still going then you would get 8% on each payment made until August 2011.

So the first payment of £50 was made in September 2005 the last payment was August 2011 thats 72 payments of 8% on £50.

£50 x 8%/12 x 72 = £24 total interest for that payment
£50 x 8% = £4/12 = 0.333p x 72 months

The next payment was October 2005 therefore 71 payments
£50 x 8%/12 x 72 = £23.67

AND SO ON notice the amount reduces by 0.333p per month

Hope this makes it slightly clearer.

N:beer::beer:

Derwent

The 8% interest is supposed to be 'per annum', though some banks have been a bit naughty and simply been adding 8% of the total thus saving themselves a fair bit of money.

The treatment of the 8% is different for loans and credit cards though.

For loans, you should get 8% interest per annum for each individual payment. For example, if you had a loan with PPI payments of £100 per month and your first payment was in August 2006 then you'd get £8 of interest for 5 years = £40. The next month you'd get £8 of interest for 4 years 11 months = £39.33 and so on. All of the amounts should then be added together to give you the total interest due to you at 8%. In this example the total interest at 8% would be in the region of £1,300.

Credit cards are much more complicated. The lender basically has to completely reconstruct your card from Day 1 that you had it and take out all of the PPI and interest charged on it. Some months that may result in a credit balance on the card, i.e. they should have owed you money. But you only get the 8% on those months that there was a credit balance.

amersall

mrs-stressed wrote: »

Hi guys. I know that 126 people have read this post and surely there must be someone out there who can answer my original question!! If not, is there somebody who knows of somebody who can help?? Or even a past thread that I may have missed...

They are like buses :D:D dont get one for ages :Dthen two come along at once :rotfl::rotfl::rotfl::rotfl:
Sorry guys that was not a dig :(
Thank you both so much for the calcs :A

mrs-stressed

Amersall - it just goes to show that there are brilliant people out there to help when nudged. I am still confused as I dont have the original statements going back to 2003 as I have moved house twice since then! As is has been said about credit card PPI I have had times of credit as well as debit balances - but I cant actually work it out as explained for myself. I have sent another email to CLAIMS FINANCIAL for them to pull their fingers out and do some work for their 30% and to stop sitting on their 'laurels' as they have done for the last 4 years waiting for someone else to do the work....I am not bitter and twisted just totally !!!!ed off being ripped off. Am I allowed Ams to feel this aggrieved do you think!


Oh and another thing Ams - those laughing balls are back again. But I do appreciate your input as you know!