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Help with calculations please
I took out a personal loan with Black Horse in July 2000 (12,000 over 240 months) with PPI of £1800. I settled the loan early in July 2001 & was wondering if anyone could help with how much PPI rebate I would have received.
Monthly payments were £126.95 for the loan & £19.04 for the PPI.
I have just submitted a claim to BH which should be successful as I had sufficient employee benefits so the PPI wasn’t needed (I have been successful with other banks of this reason).
Thanks in advance.
Comments
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You will get back your premiums plus associated interest and the 8% simple interest compensation if you win. The redress method is defined if they refund in full so there is no point working out what you might get as you will only get back what they have to pay you, assuming you win
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Thanks for your response however it doesn’t really answer the question - what I get back will be dependant on what PPI rebate I received when I settled the loan so I was wondering if anyone knows how the rebate is calculated.
I’ve tried a few places but no one seems to have a definitive answer on how the banks work out the rebate.0 -
The rebate is based on the time you had the loan and the interest incurred.
It's not so much as rebate (as its not yet been paid) but reflected in the early settlement figure.0 -
Thanks for the reaponse - it’s trying to establish how they work out the early settlement figure for the PPI - I guess I’ll soon find out!0
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Thanks for your response however it doesn’t really answer the question - what I get back will be dependant on what PPI rebate I received when I settled the loan so I was wondering if anyone knows how the rebate is calculated.
I’ve tried a few places but no one seems to have a definitive answer on how the banks work out the rebate.
They will send you a full breakdown
As above, there is no point trying to work out back of a fag packet numbers because it doesn't achieve anything, you won't get more money just because someone on the internet told you a figureSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Yeah I get that I just thought someone may have had an idea how the rebate is calculated.0
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Have a look through this sub-forum (search for "rebate") and I think people have done the sums before for other people when they had the full figures from the bank. Until they agree it was miss-sold it's largely moot
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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