anyone good with ppi redress calculations?

robbedofmymoney

hi, been away for a bit, did this ever get resolved, happy to assist if needed

Kuffs1978

robbedofmymoney wrote: »

hi, been away for a bit, did this ever get resolved, happy to assist if needed

Hi there,

No, it hasn't been resolved yet. What derwent has said makes perfect sense; if the overall sum already repaid is £12,534.20, and around £1400 of that represents the PPI and interest, when the £1400 is deducted from the £12,534 it leaves £11,134, which is close to £2,000 less than the £13.009.70 she would have-and the FOS have agreed-is all she should pay. I'm not entirely sure how the interest on the loan repayments affects what should be refunded. Even after the £340 interest added to the PPI premiums, the interest paid on the loan so far has already been in excess of £3,330, so I don't know what's going to happen now. Do you have any idea? All I do know is this has been a huge headache for the last few months, and could have easily been sorted out had Norton Finance decided they were going to do as the FOS had instructed back in October.

robbedofmymoney

I can do a calculation for you based on the standRd FOS guidelines

There are a lot on numbers kicking around so to help me get I correct please can you provide me with only the information o need below

Date loan started
Date loan ended, if ended
Any missed payments and charges (if any)
Original loan amount (exc interest)
PPI premium (exc interest)
Any other charges when the loan started (arrangement fees etc)
Interest rate (if this is variable details and dates of any rate changes)
Regular monthly payments
Month/year of any over payments
Iff PPI cancelled (month year)
Amount of PPI rebate

Once I have this information I will work out what I would expect back if it were me

Kuffs1978

robbedofmymoney wrote: »

I can do a calculation for you based on the standRd FOS guidelines

There are a lot on numbers kicking around so to help me get I correct please can you provide me with only the information o need below

Date loan started
Date loan ended, if ended
Any missed payments and charges (if any)
Original loan amount (exc interest)
PPI premium (exc interest)
Any other charges when the loan started (arrangement fees etc)
Interest rate (if this is variable details and dates of any rate changes)
Regular monthly payments
Month/year of any over payments
Iff PPI cancelled (month year)
Amount of PPI rebate

Once I have this information I will work out what I would expect back if it were me

Hiya,

I'll try to be brief and as accurate as I can.


Date loan started Aug 2007
Date loan ended, if ended: Ends October 2012
Any missed payments and charges (if any) Payments fully upto date as of 5th October 2011. Have missed only Nov and Dec 2011 (after decision was passed but Norton haven't told GE yet so payments still at £261.15) She was charged £30 for maybe half a dozen payments when she could only afford £250 in a month. I was angry that she was also charged £30 when (in 2009) she'd made a payment of £350 on the 3rd of Jan, a further £311 on the 30th of Jan, yet charged £30 in March because no payment was recorded in February. This has happened a few times, where she's paid with her debit card but the numpties take a week to process the payment so they make a bundle in charges.
Original loan amount (exc interest) 10,000
PPI premium (exc interest) 1537.50
Any other charges when the loan started (arrangement fees etc) £250.00 Arrangement Fee
Interest rate (if this is variable details and dates of any rate changes) 2007-2009 10.4%, 2009 11.4%, 2010-now 10.89%. Payments began at 246.62, rose to 252.84 in December 2007, and have been £261.15 since beginning of 2009.
Regular monthly payments £261.15
Month/year of any over payments: PPI cancelled in April 2011 but payments of £261.15 maintained.
Iff PPI cancelled (month year) April 2011
Amount of PPI rebate £384.38 when policy was cancelled in April 2011, rebate in November: £1,153 + £340 interest, £133.12 (8% instructed by FOS) and £200 compensation.

Is it me or do the PPI rebates not make sense?

Ultimately, all we want is to be able to clear the bloody loan as soon as possible. GE told us back in January 2011 that once the PPI was removed it would take less time to clear the loan. They also said in October 2011 that the repayments were fully upto date, so whatever the payments should have been without the PPI, there were only 12 of them left to pay. Yet £3354.20 divided by 12 is £279.51 which is more than what we were paying when the PPI was included!! I'm tearing my hair out here which is quite an achievement considering I'm bald!

amersall

robbedofmymoney wrote: »

I can do a calculation for you based on the standRd FOS guidelines

There are a lot on numbers kicking around so to help me get I correct please can you provide me with only the information o need below

Date loan started
Date loan ended, if ended
Any missed payments and charges (if any)
Original loan amount (exc interest)
PPI premium (exc interest)
Any other charges when the loan started (arrangement fees etc)
Interest rate (if this is variable details and dates of any rate changes)
Regular monthly payments
Month/year of any over payments
Iff PPI cancelled (month year)
Amount of PPI rebate

Once I have this information I will work out what I would expect back if it were me

:A:A:A:A:A YOU ARE A STAR :D XXX
Thanks for taking the time to help Kuffs xxx XX.

Long time no speak hows tricks? :D
Thought we had lost all the maths wizards nice to have you back.

amersall

Your knight in shining armour kuffs :D:D:D:D
Robbedof will tell you whats what :cool::cool::cool:

robbedofmymoney

Thanks for the reply, will sort the figures and post later, ithinl I can see what's happened


A quick question

Who paid you the rebate on the PPI when you cancelled it, norton or ge money?
or was it just deducted from the outstanding loan amount

Kuffs1978

robbedofmymoney wrote: »

Thanks for the reply, will sort the figures and post later, ithinl I can see what's happened


A quick question

Who paid you the rebate on the PPI when you cancelled it, norton or ge money?
or was it just deducted from the outstanding loan amount

Thanks. I have no idea who paid the rebate; we were just told that it would be taken off the outstanding balance.

Kuffs1978

robbedofmymoney wrote: »

Thanks for the reply, will sort the figures and post later, ithinl I can see what's happened


A quick question

Who paid you the rebate on the PPI when you cancelled it, norton or ge money?
or was it just deducted from the outstanding loan amount

We have absolutely no idea who paid the rebate. All we were told is that the £384 was deducted from the outstanding balance.
We've just received an email from Norton's Director Paul Stringer. He's not prepared to compensate my sister was the three months he's had her PPI rebate (i.e. the interest it would have earnt in a savings account) and is only prepared to pay the rebate I mentioned earlier. They're still not accepting the FOS instructions to recalculate the loan payments made so far, which is disgusting. How do these people get away with such despicable behaviour?

Kuffs1978

Been awake all night researching stuff on this b*stard government's plans to scrap Disability Living Allowance and medically re-assess every existing claimant from 2013 onwards. It seems crazy that a father of an autistc child, as David Cameron was, doesn't have the good sense to realise that so many disabilities, such as my sister's cerebral palsy is for life, and will only get worse as she gets older. On with the fight I say.

Anyhoo, on a brighter note, the FOS have advised us to accept the rebate of £1826.44 and my sis has chosen to put £826.44 towards the balance with GE. I spoke to GE yesterday and get this-the outstanding balance is nowhere near the £3354.20 the silly bat at Norton claimed. It's just over £2,000 which when the £826.44 is deducted, and the previous payments are recalculated-including the interest-I'm eager to find out what the outstanding balance will then be. Surely they've got to take into account the ridiculous amount of interest added to the loan because of the PPI even before the repayment period began. So if anything is to be learnt from this, folks, is to stick to your guns and don't back down. I was 95% sure that we were right about this, and it just shows how beneficial a little self confidence and a touch of stubbornness can be-as neiher my sister nor I are typically stubborn or that confident! So a big thanks to all of you who gave us that extra little bit of willpower. We really appreciate it.
I'd still be very interested to hear what calculations our knight in shining armour has come up with though. Although it was nice to hear GE inform us the outstanding balance was comparatively low, I still believe the interest charges on the account have been fairly extortionate so any excess interest paid should go some way to clearing the balance surely?