Successful PPI claim-Help required please :-)

loz1959

Morning all,

I have received good news today, :j in that the FOS are upholding my PPI claim, against Yorshire Bank, but am very unsure how to estimate what I wlll receive. I want to have a rough idea so I know whether their offer to me is correct (when it arrives of course !)

Basically, my loan has been running for 7 years 8 months, and my monthly premium is 103.76 per month.

I estimate I have paid approx 9545 in monthly premiums so far.
The insurance was an "frontloaded" policy, and the cost applied to loan was approx 11,000.......

From what I gather from these forums, I should.........?

1) receive back all the premiums I have made to date
2) receive 2 lots of interest of 8% each (it is mainly this I do not know how to calculate)
3) the insurance policy will be removed from my loan therefore my monthly payments should decrease by 103.76

Would someone be able to confirm if I am correct, and be able to estimate the total interest for me ? Apologies in advance if I have misjudged anything here, some help and guidance would be much appreciated

Many thanks :-)

amersall

1) Yes, and the interest associated with those.

2) You only receive the 8% once, from the date the loan was taken out to the date of redress, this is a decreasing figure from the start to end date, as you get nearer the redress date, the less this is.

Look on the bank charge calculator
http://www.moneysavingexpert.com/reclaim/bank-charges#step2
Put in the date month and year for each PPI payment only, when you have finished the totals for 8% and PPI are what you can expect back

3) yes.

loz1959

Hi Amersall

Thanks for your prompt reply..........sorry to be a pest, but can I just ask, re the refund of APR.......to calculate that would be 9545 x 12.9 % total 1145 ?

Many thanks
Loz

amersall

The insurance was an "frontloaded" policy, and the cost applied to loan was approx 11,000.

This is the original PPI amount with the interest added, times it by the loan term and that should give you the monthly PPI figure inclusive of the interest.

When you get the figures post up.