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ppi calculation query
Can any body help with a calculation on 2 ppi claims that was made to the halifax,this is the loan agreement
1) cash loan £2.500///--- add toatal charge for credit for cash loan £493.04///--- total amount you pay for cash loan £2,993.04///--- insurance loan cash price of insurance £353.54///-- add total charge for credit for insurance loan £59.02///--total amount you pay for insurance loan £412.56///--- you have to pay the loan and interest by 24 monthly payments of £141.90.
annual percentage rate 16.4%///---monthly interest rate 1.276%///---toal loan £2.853.54/// total charge for credit for total loan the total charge for credit £552.06///-- total you pay £3,405.60. repayment period 2 years. ppi policy started on november 2002 and finished on feb 2004 on this one.
2) cash loan £4,000---add total charge for credit for cash loan £1,284.44---total amount you pay for cash loan £5,284.44---insurance loan cash price of insurance £863.17---add total charge for credit for insurance loan £277.13---total amount you pay for insurance loan £1,140.30---you have to pay the loan and interest by 42 monthly payments of £152.97---annual percentage rate 15.9%--monthly interest rate 1,240%---total loan £4,863.17---total charge for credit for total loan the total charge for credit £1,561.57---total amount you pay £6,424.74---repayment period 3 years and 6 months, this was taken out in feb 2004 and finished july 2006. is their any body out their who could give me a idea on how much each one would get back please,many thanks.
1) cash loan £2.500///--- add toatal charge for credit for cash loan £493.04///--- total amount you pay for cash loan £2,993.04///--- insurance loan cash price of insurance £353.54///-- add total charge for credit for insurance loan £59.02///--total amount you pay for insurance loan £412.56///--- you have to pay the loan and interest by 24 monthly payments of £141.90.
annual percentage rate 16.4%///---monthly interest rate 1.276%///---toal loan £2.853.54/// total charge for credit for total loan the total charge for credit £552.06///-- total you pay £3,405.60. repayment period 2 years. ppi policy started on november 2002 and finished on feb 2004 on this one.
2) cash loan £4,000---add total charge for credit for cash loan £1,284.44---total amount you pay for cash loan £5,284.44---insurance loan cash price of insurance £863.17---add total charge for credit for insurance loan £277.13---total amount you pay for insurance loan £1,140.30---you have to pay the loan and interest by 42 monthly payments of £152.97---annual percentage rate 15.9%--monthly interest rate 1,240%---total loan £4,863.17---total charge for credit for total loan the total charge for credit £1,561.57---total amount you pay £6,424.74---repayment period 3 years and 6 months, this was taken out in feb 2004 and finished july 2006. is their any body out their who could give me a idea on how much each one would get back please,many thanks.
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I don't know exactly how it's calculated.Can any body help with a calculation on 2 ppi claims that was made to the halifax,this is the loan agreement
1) cash loan £2.500///--- add toatal charge for credit for cash loan £493.04///--- total amount you pay for cash loan £2,993.04///--- insurance loan cash price of insurance £353.54///-- add total charge for credit for insurance loan £59.02///--total amount you pay for insurance loan £412.56///--- you have to pay the loan and interest by 24 monthly payments of £141.90.
annual percentage rate 16.4%///---monthly interest rate 1.276%///---toal loan £2.853.54/// total charge for credit for total loan the total charge for credit £552.06///-- total you pay £3,405.60. repayment period 2 years. ppi policy started on november 2002 and finished on feb 2004 on this one.
2) cash loan £4,000---add total charge for credit for cash loan £1,284.44---total amount you pay for cash loan £5,284.44---insurance loan cash price of insurance £863.17---add total charge for credit for insurance loan £277.13---total amount you pay for insurance loan £1,140.30---you have to pay the loan and interest by 42 monthly payments of £152.97---annual percentage rate 15.9%--monthly interest rate 1,240%---total loan £4,863.17---total charge for credit for total loan the total charge for credit £1,561.57---total amount you pay £6,424.74---repayment period 3 years and 6 months, this was taken out in feb 2004 and finished july 2006. is their any body out their who could give me a idea on how much each one would get back please,many thanks.
But I've highlighted what I'd be expecting. Plus a bit of interest.0 -
many thanks for your post peacefullwaters.0
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Yes the amount highlighted is correct, they'll also need to pay you interest aswell as a compensatory payment. Only of course if it was misold.
Good luck!0 -
many thanks for your post.0
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Basically, if your complaints are upheld you will receive a refund all the premiums you paid plus 8% simple interest plus any attendant interest.Can any body help with a calculation on 2 ppi claims
You should focus on having a valid and (preferably) verifiable complaint in the first instance. Leave the Bank to calculate your refund and redress IF your complaint is successful.
Since the interest IS the compensation, there is no additional compensatory payment, I'm afraid.they'll also need to pay you interest aswell as a compensatory payment.0 -
In many cases I have seen an interest payment and an added compensatory payment.0
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