how much can i expect?

jack_thelad · 1 March 2019 at 3:33PM

Hi Moneysavers.

Can i be real cheeky and ask for a mathematically minded good samaritan to do me a calculation please.

i have what i believe, rightly or wrongly, to be a cast iron case, i say this because i have a copy of the loan agreement with all the figures on. and an X in the yes box where it says 'do you want personal loan repayment insurance?'
But being useless with numbers or calculators i know i'll muck it up and i was just wondering if my assumption is correct, how much comp would i be entitled to.

if some kind soul could do it for me i'd be eternally grateful.
The loan was £5000 over 36 payments. the ppi was £15.69per month.
The monthly interest rate was 0.467%
And the apr was 5.8%

apologies if this is in the wrong forum And thankyou in advance of any help.

-taff · 1 March 2019 at 4:00PM

What you paid in PPI plus associated interest plus 8% simple interest. This is a defined redress, there is no haggling.
It will be less if you had amounts in arrears or defaults or if you paid the loan off early.

Bermonia · 1 March 2019 at 4:20PM

Please note that your case is FAR from cast iron... as a printed tick on a document that you would’ve still been required to sign so could have challenged if necessary is not rare and is certainly not a guaranteed uphold point - depends who lender is and what their accepted practice was.

In terms of redress (not comp) as stated you would be entitled to a refund of premiums plus 8% statutory interest (as seems monthly premium there would be no associated interest) on each payment (to work this out you would need to know exactly how many payments were made and when) - there are lots of simple interest calcs on line you can use.

jack_thelad · 1 March 2019 at 4:56PM

thanks guys …. too many criteria for my half frazzled brain to consider honestly.. I did google ppi claim repayment calculator to do it myself but im like..if its not in the first page after the ads, I give up.. I spoke a person this morning who advised me there was no mortgage ppi, and no overdraft ppi but that they were still investigating the loan I quoted above and also a £10.000 credit card I had.

anyway that's digressing.. would either of you kind people give me a hint as to what to google for the best/simplest calculater please, and i'll give it a whirl myself

Thanks again for quick responses

Nasqueron · 1 March 2019 at 5:31PM

There is no recommended or simple calculator as it doesn't work like that (plus you're counting your chickens, as they say...)

IF they agree you were miss-sold, you get a refund of the premiums + 8% simple interest year on year (don't mix it up with compound). There is no haggling or negotiation, you get a fixed sum. The banks are required to refund in a fixed way, they have nothing to gain by lying about the sums so if your calculator claims you are owed £10000 and they say you get £5000 you won't somehow get £5000 more because you found a tool on a website

jack_thelad · 2 March 2019 at 10:59PM

jeez... ive now got five of those questionaires to fill in ..two of them have 4 or 5 account numbers..
i cant remember my mums birthday never mind how much i was earning at any given point in the last 20 yrs...talk about overwhelmed stay with me guys please ... if only for moral support .

-taff · 2 March 2019 at 11:02PM

Just fill in what you can remember.
If it was a pre 2009 loan it was probably single premium. Good complaint reason. As is good sick pay, savings or cover elsewhere.

jack_thelad · 2 March 2019 at 11:21PM

thanks taff...ive been with tesco throughout the last 16 yrs covering most, if not all these account numbers. ive never had any savings, always had full sick pay and they actually insure us as well and i always stated this when asked and i distinctly remember being told at least once..that ppi was compulsory, i just cant remember which account/s it was related to..
i will just try and fill in what i can ..

any other tips from anyone, greatly appreciated ..i hate filling forms in

Nasqueron · 3 March 2019 at 7:40PM

The only tip is to be honest and put down what you can remember and evidence.

What is full sick pay? A week? 2 weeks? SSP only? 6 months full pay? If you have evidence of salary benefits like x number of weeks/months sick pay then provide those, they won't just take your word for it.

how much can i expect?

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