Help with calculations needed

lew247

I'm trying to work out what I "should have" paid Welcome Finance

I had a loan and I paid so much of it off and then found out about PPI being able to reclaim it especially as I knew when I took the loan out that it was useless because I had claimed on a previous loan with them, but I was told I had to have it.

They refused so I put the account into dispute and never paid anything else afterwards.

I'm going to try again now, but I need a formula for working out how much I "should have" paid.

The loan amount without PPI was £3399.59 plus £75 acceptance fee = £3475.59

The interest rate was 3% a month to be debited once a month (on the 20th)
The interest will accrue on a daily basis on the debit balance


I need a formula to put into Excel to calculate this

The original loan was taken out on the 10th of a month, and the interest was debited to the account on the 20th of each month

I'm trying to work out exactly how much I paid off the loan as the figures they sent me include the ppi amount added to the loan and is no use to me


I'm trying to work out exactly how much I owed them (if anything) on the date I put the account into dispute.

Anyone able to help with a formula?

roonaldo

Not in the info you have provided, there are websites that will work it out for you if you Google it. You will need to know the premium, start date and dates you made payments.