Help with calculation re RBS Claim

Superly_Vince

Hi all,

I'm about to submit a complaint to RBS and was wondering if someone would be kind enough to help me figure out how much I can expect to get back if successful.

I took out a loan of £2,300 (22.3% APR) in December 2007 to be paid over 60 months the first payment was made on 1st January 2008.

PPI was £798 so I paid back £1,291. over 60 months I paid £21.51 per month until the loan was cleared in December 2012.

Many thanks in advance.

amersall

You will get (if you win redress) the whole PPI with the interest £1,291 plus the 8%.

Superly_Vince

amersall wrote: »

You will get (if you win redress) the whole PPI with the interest £1,291 plus the 8%.

Thank you. Will there be interest on each of the 60 instalments paid or did I misunderstand?

amersall

Superly_Vince wrote: »

Thank you. Will there be interest on each of the 60 instalments paid or did I misunderstand?

You get back the £1,291, this is the PPI with the interest on.

PPI was £798 so I paid back £1,291.

You also get the 8% from the date the first PPI payment was made to the present date, this is on a decreasing scale so the nearer you get to redress date, the less the 8% amount is.