PPI calculations

KerryLW

Evening, is there a simple calculator anywhere where you can input your monthly charges by the date so it works out a guide of possible redress please ? I have my dsar statements so know the amounts/dates but I'm struggling to work anything out. Thanks so much

KerryLW

My PPI was front loaded if that makes any difference, no idea if that isn't normal! I've read so many different articles but I don't understand the formulas :-/ sorry about that

[Deleted User]

What product was the PPI on?

KerryLW

Hi, Thankyou it was 2 personal loans

[Deleted User]

KerryLW wrote: »

a guide of possible redress please ?

You'll need to know exactly how much you paid in PPI (including if there was any rebate applied for early settlement). This is the amount you will be refunded. The redress also includes an interest element which is 8% simple, not compound.

Understand that the redress is defined if your complaint is upheld, so there is no haggling involved and there is also no need to "count your chickens" prior to complaint...

There is a PPI redress calculator on this site or you can Google one (but don't accidentally click on a Claims Company site)

KerryLW

Hi Moneyinep, I do have the statements from the request I made so I have my dates/amounts. I can't find a calculator on here. Do you know if I received a rebate from paying early would this show on the loan statement ? I cant remember from 17 years ago and it doesn't have any credits on it, Thankyou very much for replying :-)

[Deleted User]

KerryLW wrote: »

I cant remember from 17 years ago

In that case, leave the Bank to do the calculations (if your complaint is successful, of course)

KerryLW

Thankyou honey I will see what they come back with :-):D

Nasqueron

If you had a loan and then a second one, chained to the first, there is an element of PPI rebate as the first lot is paid off by the second but any which way, whatever the bank come back with, you won't get more by showing data from a website, the redress method is defined by the regulator.

KerryLW

Thankyou Nasqueron, they didn't run alongside, I had 1 1/2 year break between the 2. I just find it really confusing I will wait and see what they say :-) it was front loaded in both cases and in the 1st loan of 5k, I paid it off after 6months but despite paying 143 a month (for 5 months) my final payment was still 6014 :O (back in 2002). So from that I assume I paid the whole PPI also (that was 1174 added). I've waited almost 7 weeks haven't heard anything yet but I read 8 weeks and I can escalate:-)

-taff

You will get back the PPI you paid, the interest that was added to it, and 8% simple interest per year.
It;s a defined redress, so you won't get back less than you paid or more than you paid [as long as records exist to prove this before someone comes on with a story about I didn't have any records etc etc]