Can someone calculate my potential claim please??

erinjuderory

I took out a loan with Cahoot on 08/02/2008 for £9000. The loan repayments were £209.14 for 47 months and a final installment of £209.36. APR was fixed at an annual rate 5.6%. The total amount of interest charged was £1038.94. I had PPI insurance with a monthly premium of £31.37 payable on the same date for 48 months.
I apologise for my ignorance but when it comes to adding interest etc. I'm completely lost!!! I hope someone can help.. Thanks Peter...

McKneff

What are you wanting to do, reclaim your PPi?
, do you have a provable reason for reclaiming.

You dont just get it back just because you paid it.

[Deleted User]

erinjuderory wrote: »

I took out a loan with Cahoot on 08/02/2008 for £9000. The loan repayments were £209.14 for 47 months and a final installment of £209.36. APR was fixed at an annual rate 5.6%. The total amount of interest charged was £1038.94. I had PPI insurance with a monthly premium of £31.37 payable on the same date for 48 months.

Nothing to indicate mis-selling here. It's not front-loaded and it's relatively recent so PPI was already an issue at the time of the sale.
Forget about calculations for the moment and look instead for valid, verifiable and truthful complaint reasons.
You cannot complain simply because you had a PPI policy.

erinjuderory

Sorry guys, I've already wrote a letter and my reasons for reclaiming my ppi were that I was advised that due to my self employment it was in my interest to have the policy. The date is a typo it was 2006. I've had success from MBNA for the same reasons.. Thanks for the replies, I've heard conflicting reports of how the claim is calculated and would just like some clarification... cheers

-taff

it's calculated by refund of the premiums, plus the interest paid on it, plus a sliding scale of 8%...depending on who's doing the paying out.

erinjuderory

Cheers Taff, what is a sliding scale? Is the interest on the premium the 5.6% stated above?