Unsure if I had PPI

mutleyman

Hi, Apologies if I am asking this in the wrong place, I'm new and not very computer savvy!
I had a loan of £4,500 and the interest was 13.9% payable over 60 months. I've calculated that the total interest would have been £625.50, and this would have worked out at a total of £85.43 per month repayment (if I've calculated that wrong please tell me!) I paid £102.59 per month. I've found some of the old paperwork, it was all filled in by hand at the local branch. There is no policy number or loan agreement number on it, just a carbon copy of the interest rate and repayments. I've also got a 'Loan Protector for personal loans' document with the cover explained but again no policy number. Would I be right in thinking that the difference in the amount I was paying and the amount I 'should' have been paying is most likely to be PPI?
I've rung the bank and they said that they could see I had the loan but that there was no PPI on it. Should I continue to pursue it? or have I misunderstood what I was paying and my calculations are wrong?
PPI wouldn't have been any use for me as I was self-employed and have long-term health issues which would have made it invalid anyway. I wasn't told or asked about insurance or anything at the time.
Any advice would be much appreciated. Thanks

dunstonh

had a loan of £4,500 and the interest was 13.9% payable over 60 months. I've calculated that the total interest would have been £625.50, and this would have worked out at a total of £85.43 per month repayment (if I've calculated that wrong please tell me!

You have calculated it wrong. You have done a simple interest calculation on the basis of a single amount with no monthly repayments and full repayment at the end of 12 months.

I've rung the bank and they said that they could see I had the loan but that there was no PPI on it. Should I continue to pursue it?

Doesnt sound like you had PPI from what you say.

mutleyman

Thanks, I thought something was wrong with my calculations.

roonaldo

mutleyman wrote: »

I've rung the bank and they said that they could see I had the loan but that there was no PPI on it.

This is your answer.

Insider101

dunstonh wrote: »

You have calculated it wrong. You have done a simple interest calculation on the basis of a single amount with no monthly repayments and full repayment at the end of 12 months.



Doesnt sound like you had PPI from what you say.

This is the correct answer. APR = ANNUAL percentage rate. You get charged interest for each year of the loan, just progressively less as you owe less each year.

sun73

mutleyman wrote: »

Hi, Apologies if I am asking this in the wrong place, I'm new and not very computer savvy!
I had a loan of £4,500 and the interest was 13.9% payable over 60 months. I've calculated that the total interest would have been £625.50, and this would have worked out at a total of £85.43 per month repayment (if I've calculated that wrong please tell me!) I paid £102.59 per month. I've found some of the old paperwork, it was all filled in by hand at the local branch. There is no policy number or loan agreement number on it, just a carbon copy of the interest rate and repayments. I've also got a 'Loan Protector for personal loans' document with the cover explained but again no policy number. Would I be right in thinking that the difference in the amount I was paying and the amount I 'should' have been paying is most likely to be PPI?
I've rung the bank and they said that they could see I had the loan but that there was no PPI on it. Should I continue to pursue it? or have I misunderstood what I was paying and my calculations are wrong?
PPI wouldn't have been any use for me as I was self-employed and have long-term health issues which would have made it invalid anyway. I wasn't told or asked about insurance or anything at the time.
Any advice would be much appreciated. Thanks

If its a very old loan, some banks didn't provide an agreement or policy number even if ppi was included. I'd like to know what the "loan protector" document was for if not ppi ?


I'd take all the paperwork to the local branch and ask for their advice about how the loan was set up.