Can someone help with the calculations please?

cazza999

Hello
I have had my PPI claim upheld by Barclays on the first attempt (!!) and received a letter from them yesterday confirming the amount.

I would just really appreciate it if someone could confirm for me if they have done their sums right before I send back the acceptance.

Original Loan £13000
PPi loaded up front £3715.47
Loan period 108 months (9 years)
started May 2005
Monthly payments £161.47 (Loan) £46.15 (PPI) total £207.62.

The summary they have sent me details the following:

Amount outstanding on the Loan as at Sep 11 £5889.02
Reduced by:
Original PPI £3715.47
plus Interest incurred due to PPI £1150.14
less Refund of payments of PPI £3553.55
Total reduction in loan £1312.06

New loan balance £4576.96 to be paid over remaining term at original rate of 6.9% monthly payments £161.47.

Refund workings as follows:
Payments made of PPI £3553.55 (I've checked and this is exactly 77 pymts of £46.15)
8% simple interest £914.55
Total refund due £4468.10 (To be paid directly to me)

Most of it i understand apart from the interest calculation. I worked my own spreadsheet example and i calculated it to be £1023.43 interest.
I know it's not much difference and I am very very happy to be getting a refund, i just wanted someone to tell me if
a) they've worked out the interest correctly and
b) if this is about as good as it gets and I should bite their arm off and use the cash to pay down my higher rate debt as fast as i can !!!

Many thanks in advance, you are all brilliant.
Carolyn

amersall

:jWell done on your win :beer:
There doesnt seem to be any maths wzards about lately,think they have all got ppi amnesia after all the calcs that they have done lately
Hang fire,because someone may just help you with this.

cazza999

Any maths wizards out there.......................???

Anyone????

Pretty pleeeeeeeeeeeease????

cazza999

bump..............