Please help me work out if this is correct

debs611

Hi, new poster to this site although always gleaning advice from here which inspired me to check any loan paper work and look for PPI. Anyway I have got a successful claim for miss-selling through Central Trust and their offer letter came today. Before I accept I just want to check that their figures are correct so wondered if one of you maths whizz kids could double check for me. Here goes:

Loan taken out in oct 2007 over 120 months.
Original loan amount £12,250 including ppi £1646.17
Interest rate 9.18% then changed to 9.69% from 1/11/2012

The letter from them says:
PPI payments made £2175.25
Plus 8% interest £576.99
Less tax on interest £115.40

TOTAL PAYABLE £2636.85

Then rescheduling the loan £628.22

Does this sound right? I presume the difference between the original amount of PPI added at the beginning of the loan and the amount of PPI I have paid is the interest I have been paying?

Many thanks to anyone who has the time to quickly check this over for me. :j

amersall

Looks right to me, they have given you the whole PPI and interest to date and the 8% then taking the remaining PPI off the loan balance.
If you are a non taxpayer, contact HMRC and ask for the tax back.
Well done on your win .

roonaldo

Looks correct to me too

debs611

Thanks so much for taking the time to look for me. Unfortunately I am a tax payer so that is that! All this claim took was one phone call, not even had to purchase a stamp!! All sorted within 8 weeks, to be honest was expecting a bit more of a fight!