PPI help needed

Chloe44

I hope I'm in the correct place. I need help working out PPI on a small loan, front loaded with PPI with super high interest.

Loan=750
Ppi=385
Interest=52.9%
Term=24 months
Monthly payments=71.20 (6 payments made )

This loan was refinanced without additional PPI but obviously my transfer balance is questionable.

Refinanced loan=£1137.30
Interest=26.90
Term=60 months
Monthly payments=31.20
Paid in full

Any ideas on how I work out what I should be due? I've tried and failed miserably. Thanks in advance

[Deleted User]

It's the amount of PPI paid, plus associated interest and 8% statutory.

But I wouldn't worry. Wait for the decision letter and it will be explained in there.

Chloe44

Thank you for the swift response. Much appreciated

[Deleted User]

Chloe44 wrote: »

Any ideas on how I work out what I should be due?

This is really a case of counting your chickens...

Understand that there is no guarantee that your complaint will be upheld, so I'd be waiting for the Bank's response if I were you.

"Super High Interest" is not a complaint reason, though single premium is-but you still have by no means a nailed-on success and you are not automatically "due" anything.

Gonna-be-debt-free

Chloe44 wrote: »

Any ideas on how I work out what I should be due? I've tried and failed miserably. Thanks in advance

What stage it is at? I assume you put your complaint in before the deadline and are waiting to hear back? Have you had any correspondence back from them?

Chloe44

I've been told it's in the final stages and being checked.

Gonna-be-debt-free

I'll keep my fingers crossed for you As others have said, any calculation should be explained in any offer you might receive. Best to wait until then and then take it from there if it doesn't make sense or you need more info.

Chloe44

Appreciate it, thank you. I will update as soon as I hear :-)

Chloe44

Can anyone enlighten me. My second loan (refinanced without PPI for balance of previous outstanding balance where PPI was added-185 rebate which was then charged in fees) I've been told I still owe £860. I've worked out it should be approx £200 if that. Do I have to wait for the PPI outcome before I can challenge it as the figures could be very different if redress if given? I'm concerned that if it is given, these greedy son of guns are going to take the whole lot for a balance that it's right. I thought the second loan was paid in full :-( over both loans I had paid in excess of £1260 for the original £750 cash loan.

[Deleted User]

If you believe the outstanding is amount is incorrect, ask for clarification.

However, it's highly unlikely to be wrong.

They won't be greedy in offsetting any redress against the amount you owe.