Is this worth a claim?

quisait

Hi there

I have some paperwork and bank statements to prove that I had a credit agreement with PPI back in the year 2000.

However, before I put pen to paper I was wondering if it was worth pursuing. These are the facts and figures:

Credit agreement with HFC Bank on 31 December 1999 for a PC through PC World.

Amount of credit = £700.00
Number of monthly payments = 48
APR = 27.7%
Monthly repayment of £25.64

My first payment of £25.64 was made on 4 February 2000.

The last one was on 05 September 2000.

I believe that I paid them a cheque to clear the balance on 27 September 2000 for an amount of £726.86.

Why do I believe this? Because there are no more instances of the direct debit for £25.64 after the 05 September 2000 and the amount of the cheque seems logical.

So, given this information, would you put in a claim? I'm guessing it wouldn't be much but I was wondering if the years of interest would bump it up a little as we're talking 13 years!

Would appreciate any help:)

Thanks

Jools

-taff

They weren't regulated then so they can dismiss your complaint if they want to.
It's up to you whether you put in a complaint, it's your possible money

quisait

Thanks for that.

I suppose what I was after was a possible figure that I could be looking at. If it was £20 or so then I wouldn't bother but if it was over a £100 then I would.

Is there any way of trying to calculate a rough idea?

[Deleted User]

quisait wrote: »

Is there any way of trying to calculate a rough idea?

You'd receive a full refund of any PPI you paid plus 8% simple interest. You were supposed to pay for 48 months, but only paid for 8 (£205.12). If you did indeed pay off the loan early , as you suspect ,you would have had a rebate on the remaining total amount of PPI owed.

It's such a small amount that most lenders will payout automatically (without investigation) to avoid paying the FOS fee, but there are no guarantees- especially pre-regulation.

quisait

OK, but assuming I did get something what would it roughly be?

[Deleted User]

quisait wrote: »

OK, but assuming I did get something what would it roughly be?

See the amount in brackets in post #4 above. Add 8% simple interest.

quisait

Right, thank you for that.

I think it's worth the price of a stamp

DevCoder

So you wre paying £25 per month for 48 months based on 700 Credit?

If so then only a very small element of that would be PPI and as you paid off within 8 months then the return will be very small.

How much PPI per month was in the £25 repayment?

quisait

krisdorey wrote: »

So you wre paying £25 per month for 48 months based on 700 Credit?

If so then only a very small element of that would be PPI and as you paid off within 8 months then the return will be very small.

How much PPI per month was in the £25 repayment?

No idea. It isn't broken down on the paperwork

[Deleted User]

krisdorey wrote: »

How much PPI per month was in the £25 repayment?

Ah, I missed that and assumed the monthly repayment being referred to was the cost of PPI, not the entire repayment.

You're right that the PPI element of this will be minimal.

Sorry to the OP for earlier misunderstanding...

quisait

Moneyineptitude wrote: »

Ah, I missed that and assumed the monthly repayment being referred to was the cost of PPI, not the entire repayment.

You're right that the PPI element of this will be minimal.

Sorry to the OP for earlier misunderstanding...

That's OK. I knew it wouldn't be much but didn't know if it truly was worth it. I was hoping that after 13 years of accumulated interest then it would be around £100 but that's probably wishful thinking.