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PPI help please newbie
Billyt
Posts: 8 Forumite
first of ll thank you everyone after reading how to claim ppi this has helped me with my ppi claim but.
i got my letter today and i dont understand it.this is what it says.
In order to put you back in the position you would be in if you had not taken out the PPI policy, we have compared the amount you have paid to your loan with the ppi to what you would have paid without ppi-upto its repaymeny in july 2007.This takes into account any rebate of the ppi premium already paid to you for early settlement.
The difference (overpayment) amounts to £517.85. We will refund this sum and pay an additional 8 percent simple interest on this amount from repayment of the loan to date, which equals £245.12.
In addition , we have calculated you paid a total of £740 in repayments (24 payments between august 2005 and july 2007 @ £30.86). Intterest has been calculated on each PPI premium at the statutory rate of 8 percent.simple and has been forward dated for a further 28 days from the date of calculation. This amounts to £408.
I enclose an Acceptance of offer for you to return.
I am lost how much will i recieve from the bank its as clear as mud why didnt they just say we owe you a total of this amount of pounds?
i got my letter today and i dont understand it.this is what it says.
In order to put you back in the position you would be in if you had not taken out the PPI policy, we have compared the amount you have paid to your loan with the ppi to what you would have paid without ppi-upto its repaymeny in july 2007.This takes into account any rebate of the ppi premium already paid to you for early settlement.
The difference (overpayment) amounts to £517.85. We will refund this sum and pay an additional 8 percent simple interest on this amount from repayment of the loan to date, which equals £245.12.
In addition , we have calculated you paid a total of £740 in repayments (24 payments between august 2005 and july 2007 @ £30.86). Intterest has been calculated on each PPI premium at the statutory rate of 8 percent.simple and has been forward dated for a further 28 days from the date of calculation. This amounts to £408.
I enclose an Acceptance of offer for you to return.
I am lost how much will i recieve from the bank its as clear as mud why didnt they just say we owe you a total of this amount of pounds?
0
Comments
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You can ask them to explain more clearly or simply accept the offer if you don't want to wait any longer.0
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Well done on your win :j:D
You get these.
Overpayment £517.85
8% on the overpayment £245.12.
PPI you paid £740
8% interest on the PPI paid £408.
Total to you = £1,910.97
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thank you the bank has said i will be getting £1,910.97
result0
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