How to work out how much we are owed (if any)

gibboking

Hello


Could anyone point me in the direction of a calculator that will tell me how much PPI would be owed if a claim was successful or are there any number crunchers out there who would like to have a look for me?


Thanks in advance

[Deleted User]

You would receive refund only of the money you actually paid plus attendant interest, plus 8% simple interest.


Instead of focusing on how much you might get back, I recommend you concentrate on presenting a robust mis-selling complaint.

Did you actually have PPI? On your other thread you were unsure and had no details;
https://forums.moneysavingexpert.com/discussion/5115050

gibboking

He has just had some copies of agreements back with PPI showing on them.
At least 2 of them were face to face sales where he was told that having the PPI would almost guarantee the loan.

[Deleted User]

gibboking wrote: »

At least 2 of them were face to face sales where he was told that having the PPI would almost guarantee the loan.

That's a very weak "hearsay" complaint for which you can provide no evidence. Look for stronger complaint reasons. Was the PPI added to the loan and paid back as a single monthly premium for both?

gibboking

Yes on all loans it was added as a lump sum, with a charge for credit and then paid as a monthly premium with interest.

[Deleted User]

gibboking wrote: »

Yes on all loans it was added as a lump sum, with a charge for credit and then paid as a monthly premium with interest.

This then should be your complaint. It's a winner.

gibboking

Thank you for your replys.


To a bit of a thicko could you explain why this would be reason to complain please?


These are loans my husband took out when he was a young idiot with no real understanding of anything financial....weren't we all like this? I know I was lol

amersall

The Single Premim PPI added to the loan to term end with interest, your OH would not have been told that the PPI was in fact, a loan on the loan, if he was to have settled early, they would have given him a rebate of the PPI, the remaining PPI would have been repaid by him in the settlement figure.

With the other loans, if they repaid each consecutive loan, the remaining PPI after the rebate would have been put onto the new loan and again, he would have had to repay this with interest over the remaining term with interest, if he had PPI on the new loan also, this would have been repaid as per the first loan....and so on.