PPI Reclaiming discussion Part II

di3004

Is anyone else having problem posting on here today ? With it being slow as well does not help - then times out......:mad:

I tried to edit my above post just now just to add something and it came up that it was too long, it was hardly anything, just wanted to add that M Colak had worked out my Endeavour calculations from the above posted.

Also getting this now and again !!!!


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marshallka

marshallka wrote: »

Right Di, found all your details here

Loan 21000
PPI 2835
repayments 208.51 x 300
PPI rebate 1533.69

So 2835 divide by 23835 = 11.89% PPI element

208.51 x 11.89% = 24.79
24.79 x 16 = 396.64
PPI amount is 11.89% of the total loan being
7437 - repayments made 396.64 - the rebate of 1533.69 = £5506.97(don't know if this is correct for definate but i have done this like mine. Then you add the stat interest onto this.

If my working out correct here then you had paid an extra 5506.97 on settlement for a PPI policy that was of no further use to you.

This is what I work your unfair rebate out to be....

If you were missold the PPI it would be £5903.31 to come off the total loan and you would be due this back according to tiggraes calculations.

If you actually repaid to them 23835 and then take away the misselling of 5506.97 (as if you never had the PPI)= 18328.03 settlement and add what you paid against the loan 2939.52 (being repayments of 16 x 183.72 cos the rest was PPI which we have calcualted as claimed back although we have not yet!!!) = 21267.55 this is what it cost you to take out £21K over 16 months so I must have my figures wrong somewhere as this would mean that you only paid 267.55 borrowing that money over 16 months. Tiggraes method of calculations does not work on some loans and also some loans are not with interest over the full term. I wish she would make an appearance and help out here. I feel that there is something very wrong. Some PPI's have interest on for the full term of the loan and others only caculate the interest on the 5 years. I think this is where we are going wrong.

marshallka

di3004 wrote: »

Is anyone else having problem posting on here today ? With it being slow as well does not help - then times out......:mad:

I tried to edit my above post just now just to add something and it came up that it was too long, it was hardly anything, just wanted to add that M Colak had worked out my Endeavour calculations from the above posted.

Also getting this now and again !!!!


"ERROR

The requested URL could not be retrieved"

Also "

• Socket Failure

The system returned:

Yeah, I have reported it to techie bit...

di3004

marshallka wrote: »

This is what I work your unfair rebate out to be....

If you were missold the PPI it would be £5903.31 to come off the total loan and you would be due this back according to tiggraes calculations.

If you actually repaid to them 23835 and then take away the misselling of 5506.97 (as if you never had the PPI)= 18328.03 settlement and add what you paid against the loan 2939.52 (being repayments of 16 x 183.72 cos the rest was PPI which we have calcualted as claimed back although we have not yet!!!) = 21267.55 this is what it cost you to take out £21K over 16 months so I must have my figures wrong somewhere as this would mean that you only paid 267.55 borrowing that money over 16 months. Tiggraes method of calculations does not work on some loans and also some loans are not with interest over the full term. I wish she would make an appearance and help out here. I feel that there is something very wrong. Some PPI's have interest on for the full term of the loan and others only caculate the interest on the 5 years. I think this is where we are going wrong.

Thank you hun
I know what you mean, not sure if what I added in the above posts would help, they did state about future interest + insurance but still cannot make head out of tail with it ........

marshallka

di3004 wrote: »

I posted this sometime in July on here

Secured Loan £21,000
Single PPI £2835.00
Total loan £23835.00

300 mths at £208.51
Apr 9.9%

Taken 30 July 2004

SETTLED IN FULL OCT/NOV 2005 of Settlement Figure = £23646.04

How they worked out their Calculations:

Current Balance - £23561.73
Add settlement interest - 374.71
Add Additional interest - 1123.29
Future charges + (Insurance) 39391.10

Total before rebate - 64450.83
less rebate - 40924.79

Total after rebate: 23526.04
Add legal fee: 120.00
Balance to settle: = £23646.04
.................................................................................................

If you calculate the interest on £21K over a month it is 173.25 per month. You made repayments of £208.51 and that was inclusive of 24.79 ppi so each month you made repayment only of 183.72 off the loan only 10.47 was coming off the capital really. So x 10.47 by 16 and that is 167.52 so really that is all that you paid off the capital before settling early.

So 21K minus the 167.52 = 20832.48 + two months interest to settle and fees = about £500 odd so there was £2K odd paid at settlement on the PPI..

M colak calculations could be right here and then you HAVE to take off the rebate you received from it and it comes to about £1500 odd. You are probably due back about £2K odd.

di3004

marshallka wrote: »

Yeah, I have reported it to techie bit...

Well done !;)

I thought it was just mine and thought my puter was playing up again, if its taking me a long time to post back then you know why lol.:D

di3004

marshallka wrote: »

If you calculate the interest on £21K over a month it is 173.25 per month. You made repayments of £208.51 and that was inclusive of 24.79 ppi so each month you made repayment only of 183.72 off the loan only 10.47 was coming off the capital really. So x 10.47 by 16 and that is 167.52 so really that is all that you paid off the capital before settling early.

Blimey you were quick working on that one lol......:eek: , I still do not have a clue, so not a lot paid off then.........capital wise, so where does that leave me, or does it not make any difference ?.......

di3004

I see you have now also added this thanks;) :

"So 21K minus the 167.52 = 20832.48 + two months interest to settle and fees = about £500 odd so there was £2K odd paid at settlement on the PPI.."

and this you also added

M colak calculations could be right here and then you HAVE to take off the rebate you received from it and it comes to about £1500 odd. You are probably due back about £2K odd.

So do you think its still classed as unfair and taking to the FOS ?
Okay its too late now because its gone lol.

If it were mis selling it would be them of Click I would have to pursue,which I did try but as you know they will not take any responsibilty of this, so what would happen if did end up getting the rest of this rebate from this? and did end up having a chance the mis selling, (although I cannot see it myself with Click).

marshallka

di3004 wrote: »

I see you have now also added this thanks;) :

"So 21K minus the 167.52 = 20832.48 + two months interest to settle and fees = about £500 odd so there was £2K odd paid at settlement on the PPI.."

Right so is this what M Colak included in with his calculations too then do you think ?

If you look at what was paid off the capital as I worked the interest out on 21K at 9.9% and it works at £173 odd. You repayments were 208.51 but only 183.72 were to do with the £21K and the rest was to pay the PPI that means that each month you repaid £184 off it only £11 was really coming off your £21K as the rest was the interest charged for borrowing the £21K.

marshallka

di3004 wrote: »

I see you have now also added this thanks;) :

"So 21K minus the 167.52 = 20832.48 + two months interest to settle and fees = about £500 odd so there was £2K odd paid at settlement on the PPI.."

and this you also added

M colak calculations could be right here and then you HAVE to take off the rebate you received from it and it comes to about £1500 odd. You are probably due back about £2K odd.

So do you think its still classed as unfair and taking to the FOS ?
Okay its too late now because its gone lol.

If it were mis selling it would be them of Click I would have to pursue,which I did try but as you know they will not take any responsibilty of this, so what would happen if did end up getting the rest of this rebate from this? and did end up having a chance the mis selling, (although I cannot see it myself with Click).

Here is m colak calculations here again

Originally Posted by m.colak
Have worked out your payments must have been actually £214.91
Therefore based on settlement date October 05:

PPI Paid £255.62
Stat Interest £54.53
Actual Reclaim £310.15

PPI Rebate on settled figure:
PPI Remaining on Loan at settlement date: £2812.44
Stat Interest: £599.99
Actual Reclaim on Settlement figure: £3412.43

Total Reclaim: £3722.68

---

But this was before the rebate below so you take your rebate off his figure of 2812.44 - 1533 = 1279.44 plus stat interest.