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Ltsb 2
vrethammar
Posts: 20 Forumite
After 97 days received an uphold from LLoyds Banking Group, without specifying any amount. I took the loan out in 2005 for 7 years for £15000 with PPI totalling £3706.97 at an APR of 8.2%. Their offer is a refundof all the PPI premiums PAID(inclusive of interest), plus simple interest at 8%. The loan is still running, payments are up to date and no claims have been made.
Anyone know the formula I need to use to work out the amount I stand to receive?
Anyone managed to work out how "fair" this offer is?
Their letter includes some worked examples...eg..4 year loan...£2500, plus PPI £519.43, taken out July 2003...Interest rate 13.1%APR...Loan fully repaid at end of its term.
Example states PPI refund £665.66(incl APR) plus 8% simple interest £326.07...total offer £991.73.
I am unable to come up with a formula from this to help me out.
By the way, thanks to Martin for setting up and running this site, and to Di for her encouraging response to my maiden post. With this we are truly not alone.
Anyone know the formula I need to use to work out the amount I stand to receive?
Anyone managed to work out how "fair" this offer is?
Their letter includes some worked examples...eg..4 year loan...£2500, plus PPI £519.43, taken out July 2003...Interest rate 13.1%APR...Loan fully repaid at end of its term.
Example states PPI refund £665.66(incl APR) plus 8% simple interest £326.07...total offer £991.73.
I am unable to come up with a formula from this to help me out.
By the way, thanks to Martin for setting up and running this site, and to Di for her encouraging response to my maiden post. With this we are truly not alone.
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Comments
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Well done and Congratulations on your success, that is wonderful news!:beer:
Your very welcome, glad to have been some help.;)
I'm sure someone will be along to check the calcs out for you shortly.;)The one and only "Dizzy Di"
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