PPI Help for a "Thicky" please
Wildy
Posts: 3 Newbie
Hi I have been successful in claiming back PPI but am unsure that the calculation is correct in respect of how the interest has been applied. I thought it was 8%pa but its unclear, to me as a Thicky!, if the breakdown of the calculation is correct. Could I ask if someone in the know could have a glance at the calc for me. Thanks.:
You applied for this loan in June 2006
Breakdown Cash Loan £12000 PPI Loan £1.066.32
Loan Interest £3,702.00 PPI Loan Interest £329.28
Total Cash Loan £15,702.00 PPI £1,395.60 = £17.097.60
Monthly Payment £130.85 + £11.63(PPI) = £142.48
Loan Term 120 months
Ist Payment 03 August 2006 Settlement Date 13 February 2008
Settlement Amount £10,824.46
Rebate Date 14 February 2008 Amount £2.820.08
Insurance rebate amount £745.94
Monthly PPI premium £11.63 - 18 Payments made = £209.34
Early Settlement overpayment £209.97
Refund of premiums paid £209,34 + £209.97 = £419.31.
Gross Interest @ 8% on premiums paid £261.09 less tax £52.22
Net Interest received £208.87
Overall refund payable £628.18
You applied for this loan in June 2006
Breakdown Cash Loan £12000 PPI Loan £1.066.32
Loan Interest £3,702.00 PPI Loan Interest £329.28
Total Cash Loan £15,702.00 PPI £1,395.60 = £17.097.60
Monthly Payment £130.85 + £11.63(PPI) = £142.48
Loan Term 120 months
Ist Payment 03 August 2006 Settlement Date 13 February 2008
Settlement Amount £10,824.46
Rebate Date 14 February 2008 Amount £2.820.08
Insurance rebate amount £745.94
Monthly PPI premium £11.63 - 18 Payments made = £209.34
Early Settlement overpayment £209.97
Refund of premiums paid £209,34 + £209.97 = £419.31.
Gross Interest @ 8% on premiums paid £261.09 less tax £52.22
Net Interest received £208.87
Overall refund payable £628.18
0
Comments
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This looks like a single premium policy, £1066.32 was paid for the policy plus the interest.
You received a rebate (refund) in February 2008 of £745.94, meaning total you paid £320.38 plus interest charged on the PPI element. they are refunding £419.31 which would include the interest charged on the policy.
Can you confirm the interest rate on the loan?
I Should be able to confirm if it's right if you confirm the interest rate. I've worked out very roughly the interest rate, but not accurately enough that I'd want to post it.0 -
Hi
Thanks for taking the time to look at it for me.
The interest rate was 5.7%
Cheers0 -
If you took a 10 year loan but paid it back after 18 months, even though the PPI was included in the loan you got a rebate in the settlement figure so you probably didn't pay that much PPI in total, so the refund of premiums plus interest is probably correct0
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If you took a 10 year loan but paid it back after 18 months, even though the PPI was included in the loan you got a rebate in the settlement figure so you probably didn't pay that much PPI in total, so the refund of premiums plus interest is probably correct
The rebate already received is quoted in the OP0 -
The rebate already received is quoted in the OP
Yes that is what I meant, the rebate means they didn't pay as much PPI as the PPI element of the single premium loan didn't accumulate interest over 10 years - so the PPI + calculated interest would have been approx £1400 over 10 years on top of the loan but as it's only 20 months or so they get back only about £700 with interest0 -
Thank you all, its put my mind at rest so I can accept the settlement.
Cheers0
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