help required working out 8% PPI interest on consolidated loans

mickofbrum

Hi everyone.
I would firstly like to say what a fantastic forum, and well done to everyone who contributes.
I would really appreciate help working out how much I may get back from Lloyds with regard misspelling of PPI on my loans

loan 1. £10,000 loan with "loan protection insurance advance" of £2212.18. loan taken out in february 2002.

loan 2. I consolidated loan 1 (now £11040.32) and loan 2 (£4459.68) and "loan protection insurance loan advance" of £3358.06.

total for loan 2 £18858.06, taken out in Oct 2002.

In feb 2004 I paid a final payment of £13532.64 , and received £1735.92 for "rebate of loan protection insurance". Total £15015.86.

Loan 3 . In april 2004. £10,000 with £2136.32 "loan protection insurance loan advance" this was a 84 month loan which I paid off in may 2011.

if Lloyds accept they missold PPI on these loans, is it possible to work out how much I could hope to receive. I have tried to use one of the on-line calculators, but im not sure how it works regarding my consolidated loan , and the "rebate of loan protection insurance".

thanking you in advance. (sorry for being so thick)

mickofbrum

-taff

Wait and see what they come back with. You consolidated early so no one knows howmuch they gave back and how much they left on there.

mickofbrum

taff
thanks for the quick response. if I understand you correctly, the statement i've got shows a closing balance of £11040.32 (It doesn't say anything about a rebate on loan 1), and the same £11040.32 was added to loan 2. is that what you meant?

still thick mickofbrum

welshgasman

Sounds like you will be getting a tidy sum back.

mickofbrum

welshgasman wrote: »

Sounds like you will be getting a tidy sum back.

lets hope so! i just hope the bank dont try to stiff me. thats why i want to know what im entitled to, and not what they feel like offering me

amersall

mickofbrum wrote: »

Hi everyone.
I would firstly like to say what a fantastic forum, and well done to everyone who contributes.
I would really appreciate help working out how much I may get back from Lloyds with regard misspelling of PPI on my loans

loan 1. £10,000 loan with "loan protection insurance advance" of £2212.18. loan taken out in february 2002.
you only paid 8 months PPI to this loan, you will get back the whole PPI less any rebate (if they gave you any) less the PPI that you did not pay plus the 8%
loan 2. I consolidated loan 1 (now £11040.32) and loan 2 (£4459.68) and "loan protection insurance loan advance" of £3358.06.

total for loan 2 £18858.06, taken out in Oct 2002.

In feb 2004 I paid a final payment of £13532.64 , and received £1735.92 for "rebate of loan protection insurance". Total £15015.86.
Same again, whole PPI back less the rebate plus the remaining PPI after the rebate that was paid back by you in settlement plus the 8%

Loan 3 . In april 2004. £10,000 with £2136.32 "loan protection insurance loan advance" this was a 84 month loan which I paid off in may 2011.
You get the whole PPI back plus the 8%

if Lloyds accept they missold PPI on these loans, is it possible to work out how much I could hope to receive. I have tried to use one of the on-line calculators, but im not sure how it works regarding my consolidated loan , and the "rebate of loan protection insurance".

thanking you in advance. (sorry for being so thick)

mickofbrum

You won't know the exact figure until you get the breakdown and know what the rebates were (as Taff said )and any PPI you paid back in settlements,let us know what they give you.

mickofbrum

amersall,thanks for your time in responding,(and for dumbing it down for me)
I think I know where I am now (hopefully).
I will let you know the outcome as soon as I can . many thanks again

welshgasman

mickofbrum wrote: »

lets hope so! i just hope the bank dont try to stiff me. thats why i want to know what im entitled to, and not what they feel like offering me

Remember you can always decline.

TBH I highly doubt they will stiff you. They might make a mistake, but it would not be intentional.

amersall

Fingers crossed.