PPI Reclaiming discussion Part II

di3004

Do you think anyone could please check out these calculations for a member, thank you..........:D


redrosegirlie vbmenu_register("postmenu_15341955", true);
MoneySaving Newbie


Join Date: Oct 2008
Post Count: 2
Thanked 1 Time in 1 Post


Loan Interest: Can Anyone Work It Out For Me?
Hi,

In the summer we took out an RBS personal loan of £22,000 over 7 years at 8.58% APR

The redemption penalty is stated in the T&C as 58 days interest calculated on a daily basis on the outstanding balance however, at the time we managed to get that down to 28 days because we knew we would shortly be paying it off in full. This change was confirmed by letter at the time.

Now we want to pay it off but I am convinced we are being charged the full 58 days of interest.

The bank is 'not able' to tell me what the daily interest amount is and 3 different departments have automatically generated the same redemption figure

Please can anyone tell me if this redemption figure is correct:

Loan amount: £22,000 / 7 years / 8.58% APR

Redemption figure: £21,809.47

Monthly payment: £349.83 / 3 payments made

No PPI taken out

Cheers

maxdp

di3004 wrote: »

Do you think anyone could please check out these calculations for a member, thank you..........:D


redrosegirlie vbmenu_register("postmenu_15341955", true);
MoneySaving Newbie


Join Date: Oct 2008
Post Count: 2
Thanked 1 Time in 1 Post


Loan Interest: Can Anyone Work It Out For Me?
Hi,

In the summer we took out an RBS personal loan of £22,000 over 7 years at 8.58% APR

The redemption penalty is stated in the T&C as 58 days interest calculated on a daily basis on the outstanding balance however, at the time we managed to get that down to 28 days because we knew we would shortly be paying it off in full. This change was confirmed by letter at the time.

Now we want to pay it off but I am convinced we are being charged the full 58 days of interest.

The bank is 'not able' to tell me what the daily interest amount is and 3 different departments have automatically generated the same redemption figure

Please can anyone tell me if this redemption figure is correct:

Loan amount: £22,000 / 7 years / 8.58% APR

Redemption figure: £21,809.47

Monthly payment: £349.83 / 3 payments made

No PPI taken out

Cheers

Marshallka is the person best to sort figures out but I would say after paying 3 payments and actually owing less than you borrowed it is a good deal usually they front load the interest and you are left owing more than you borrowed for at least 12 months.

That is my input you are so lucky you are not having the I believe 78 rule.

Marshallka will help on a more sensible note.:D

maxdp

di3004 wrote: »

Hi Maxdp
Oh dear, the poor lady, I am very sorry to hear of that hun...... , OMG you must all be going through it, and of course with her already having radiotherapy years ago, although she needed it at that time, does not help the situation now does it?....... , I am so so sorry hun and I send all my love your way and to your mother in law. xxx

Thank you Di that was lovely;)

redrosegirlie

maxdp wrote: »

Marshallka is the person best to sort figures out but I would say after paying 3 payments and actually owing less than you borrowed it is a good deal usually they front load the interest and you are left owing more than you borrowed for at least 12 months.

That is my input you are so lucky you are not having the I believe 78 rule.

Marshallka will help on a more sensible note.:D

I don't think the interest is frontloaded, it's calculated on a daily basis

di3004

maxdp wrote: »

Thank you Di that was lovely;)

I feel for you all Max, it must be so difficult.
I do really hope there is something they can think of to help her, poor lady and I bet she thinks the world of you being there for her, bless you hun.;) :A xxx

di3004

redrosegirlie wrote: »

I don't think the interest is frontloaded, it's calculated on a daily basis

Hi there redrosegirlie

Thanks for coming over here.;)
Hope you didn't mind me bringing your post over here for you?:o

I'm sure something will be worked out for you here.
Di;)

redrosegirlie

Don't mind at all

Thanks for taking an interest

di3004

redrosegirlie wrote: »

Don't mind at all

Thanks for taking an interest

With pleasure.;)

I am sure Marshallka shall be back on shortly and will work this out for you.x

maxdp

redrosegirlie wrote: »

I don't think the interest is frontloaded, it's calculated on a daily basis

Precisely that is why I am saying I would take it. If you queried it you would get small amounts back probably have to Go to FOS and then wait 18 months for them to pay up small amounts.

Just put it down to experience and move on.

That is just my opinion although am sure Marshallka as I said before can sort figures out for you.:T

di3004

For anyone who missed this petition earlier, I will add again.
If your interested please sign.

Here is the info on that petition: Petition below the info.

More details from petition creator

Despite tight regulations by the FSA, Loan companies are still selling costly payment protection insurance to consumers. this product can be purchased independant of any loan at a far reduced cost, and without any conflict of interest. How can a loan company with insurance targets be trusted to sell an appropriate product to a consumer, when their is such temptation to steer them into buying a product that has the greatest financial gain for the commission based salesperson. Working within the industry I am aware of how inflated the premiums are, and how salespeople are still selling PPI in such a way that makes it hard for customers to say

http://petitions.number10.gov.uk/banppisales/