Cannot work out my loan figures

livingston_one

I stupidly got a loan a while ago -but only just got a copy of the agreement; but cannot work out the figures - i cannot believe i took this loan - they never explained anything to me or if i had the choice to canel the insurance premium

loan £11000.00
ins premium £ 8266.71

5.17%per annum £10376.89

can someone tell me if this figure is correct - i do not get the same figure

[Deleted User]

How long is the loan? What is the total payable figure? What are the monthly payment?

livingston_one

Hi

my loan is 10 years @ 120 monthly payments £247.03
for total £29703.60.

sorry forgot to say they added £60 admin fee on - so figures would be

loan £11000.00
Insurance £8266,71
5.17% per annum £10376.89
admin fee £60.00
Total £29703.60

[Deleted User]

If they're also appling interest on the PPI, then it looks about right.

Are you sure you need the PPI? That's costing you a fortune.

livingston_one

I am on a DMP and cancelled the PPI 5 years ago when i entered the DMP -(by telephone only as i had never received any policy etc for the insurance)

but it looks like i am still paying for the PPI - i have wrtten to the bank and asked them to confirm the cancellation - and if they would repay the payments made since the cancellation- but have not received a reply

So have been trying to work out the figures out, as to what the correct figure should be since cancelling the PPI

Not sure how the bank is going to handle this

CLAPTON

in my view a loan of 19266 (i.e. 11,000 + 8266) over 120 month at 5.17% apr should cost only £204 per month

one that cost 247 would correspond to an APR of about 9.5%


in any event you need to explain a little more about the DMP and the PPI reclaim and how much you have actually been paying

livingston_one

Hi Thank you for your comments:)

I have just checked the loan agreement and it says 9.3%
my payments were £247.03 per month

Loan taken out in May 2002(taken out in branch and there is no tick box to say i wanted PPI)

When i took the loan out - the loan agreement & the Insurance documents would be sent out to me - but never received. I got a copy of the loan agreement from them only recently - i dont even know who the PPI was with

at the moment i am paying them £97.00 per month (it has been this amount approx all the time)through my DMP (£103.00 from August) - the PPI was cancelled in 2005 when i entered the DMP - but figures look like i am still paying for the PPI