Mathematician in da house?

vrethammar

LLoyds have made me an offer but I am trying to ascertain how "fair" it is. I have a 7 year loan (6 years elapsed)..£15000..APR 8.2%...PPI £3706.97...no missed payments...Lloyds give some examples of refunds, but it's difficult to extrapolate a consistent formula. To quote one example...4 year loan...£2500...doc July 2003...PPI £519.43...APR 13.1%...repaid on schedule.

PPI refunded £665.66...plus interest 8% simple...£326.07....total refunded £991.73.

Can anyone help me with the Maths please...or point me in a helpful direction?

Cheers

Niggly_2

vrethammar wrote: »

LLoyds have made me an offer but I am trying to ascertain how "fair" it is. I have a 7 year loan (6 years elapsed)..£15000..APR 8.2%...PPI £3706.97...no missed payments...Lloyds give some examples of refunds, but it's difficult to extrapolate a consistent formula. To quote one example...4 year loan...£2500...doc July 2003...PPI £519.43...APR 13.1%...repaid on schedule.

PPI refunded £665.66...plus interest 8% simple...£326.07....total refunded £991.73.

Can anyone help me with the Maths please...or point me in a helpful direction?

Cheers

You have one year remaining.

You will recieve a refund of all the PPI premiums to date plus 8% SIMPLE INTEREST on each of these payments. The calculation of the PPI payment is easy. The 8% calculation isnt as easy if you want PM me and I will send a simple spreadsheet that I have programmed to calculate the 8% on each payment made.

If you are struggling with the monthly ppi figure take the ppi add on the interest charged for the ppi loan and then divide by 84. I make it £58.15

x 72 = £4186.80
8% is £1018.79
N:beer:

vrethammar

Sorry for delay in thanking you, my home systems have crashed...now using Library, fuller reply when I can.

vrethammar

Not sure what you mean by PM me...the spreadsheet would be a big help. Their offer figure was very close to yours...also the loan started 150905 not 010905 as I originally stated.