Halifax PPI Claim - HELP with figures / loan paperwork

samtoby

Good evening,


I am currently running through the claims process for my partner regarding two personal loans he had through Halifax.


I have completed the claims forms and have updated with some information required by Halifax.


How do you exactly work out how much 'may' be owed via the loan paperwork (we have it all).


Loan 1
Cash loan - £5,000
Total charge for credit for cash loan - £1,243.36
Total amount you pay for cash loan - £6,243.36


Insurance loan (cash price of insurance) - £1,001.88
Charge for credit for insurance - £227.88
Total amount you pay for insurance loan - £1,229.76


Loan over 48 months at £155.69


Annual percentage rate - 10.9%
Monthly interest rate - 0.869%
Total Loan - £6001.88


Total charge for credit for total loan (the total charge for credit)
- £1,471.24
Total amount you pay - £7,474.12


14/08/2003 date of first payment
Paid off 16/11/04


Loan 2


Cash loan - £5,260
Total charge for credit for cash loan - £1,481.12
Total amount you pay for cash loan - £6,741.12


Insurance loan (cash price of insurance) - £1,087.30
Charge for credit for insurance - £306.14
Total amount you pay for insurance loan - £1,393.44


Loan over 48 months at £169.47


Annual percentage rate - 12.3%
Loan £6347.30
Total charge for credit for the Loan - £1,787.26
Total amount you pay - £8,134.56
Monthly interest rate is - 0.943


Arrangement fee - £63.47


This is made up of a fee of 1% of the cash loan and a fee of 1% of the insurance loan. The relevant arrangement fee has been included in the total charge for the credit for the cash loan and the insurance loan.


We will use the insurance loan to pay the provider of the personal loan repayments cover.


Insurance premium tax is included in the non life elements of the insurance premium at 5%.


16/02/05 date of first payment
Paid off 29/09/07






I have been advised by Halifax that the loans have been front loaded with the PPI so even though the accounts were paid off early he paid all the PPI as if he had paid the loan off at the end.


If anyone could help that would be great - I have seen 8% muttered about somewhere but I have no idea how you even start working it out.

amersall

With both loans, as you settled early,they would have given you a rebate of the PPI, if you win redress, you get the whole PPI back with the interest on that ( Loan one, £1,229.76, Loan 2, £1393.44) less the rebate amounts.

The 8% is paid only on the PPI monthly amount, this is on a decreasing scale, the nearer redress date you get, the less the 8% is.