How can i tell what a good settlement offer is?

Easypd

After more than a year, i have had a reply from the ombudsman to say nationwide will write to me to:

'make an offer based on the general approach that the financial ombudsman service takes when we decide that a consumer has been missold a ppi policy'

My loan was as follows:
amount 8500, missold ppi £1529.69 total payable over 60mths £13418.40 12.8% apr

I paid the loan in full in 2004 (about a year early) following a period of unable to fully pay repayments or claim on the ppi and NW securing a ccj on me. I had to sell my house at the time to do so.

How do i know what is a fair settlement offer? The ombudsman gave me details on how they work it out, but it makes little sense to me!

By the way, the loan was taken out in 1999, so it is still possible to get judgements on older ones.....
:T

Jamie

dilus

jamiepullen wrote: »

After more than a year, i have had a reply from the ombudsman to say nationwide will write to me to:

'make an offer based on the general approach that the financial ombudsman service takes when we decide that a consumer has been missold a ppi policy'

My loan was as follows:
amount 8500, missold ppi £1529.69 total payable over 60mths £13418.40 12.8% apr

I paid the loan in full in 2004 (about a year early) following a period of unable to fully pay repayments or claim on the ppi and NW securing a ccj on me. I had to sell my house at the time to do so.

How do i know what is a fair settlement offer? The ombudsman gave me details on how they work it out, but it makes little sense to me!

By the way, the loan was taken out in 1999, so it is still possible to get judgements on older ones.....
:T

Jamie

Hi Jamie,
Basically if you get a "full & final" uphold you get back ALL PPI paid + 8% standard interest - any rebate for finishing the loan early. The 8% figure is taxable if you are a tax payer or if paid gross by the bank in question.
Looking at your figures
PPI paid £1529.69
8% interest £ 500.00 (very rough idea based on other calculations I have done)
- any rebate for early settlement

So if you get an offer of £2,000 or more I would be happy

Easypd

dilus wrote: »

Hi Jamie,
Basically if you get a "full & final" uphold you get back ALL PPI paid + 8% standard interest - any rebate for finishing the loan early. The 8% figure is taxable if you are a tax payer or if paid gross by the bank in question.
Looking at your figures
PPI paid £1529.69
8% interest £ 500.00 (very rough idea based on other calculations I have done)
- any rebate for early settlement

So if you get an offer of £2,000 or more I would be happy

That would clear nearly all of my card and make me practically debt free, so yes, i would be happy- thanks for that

Jamie

dilus

jamiepullen wrote: »

That would clear nearly all of my card and make me practically debt free, so yes, i would be happy- thanks for that

Jamie

Fingers crossed and you are welcome