How to calculate what they owe you?

orfoster · 9th June 2007, 22:08

Can anyone explain how to add up what they owe you for Payment Protection Insurance. I've worked it out on my other post but not sure if its correct, is there a guide anywhere?

megan34 · 10th June 2007, 13:58

well I worked it out the same as my bank charges - 8% - not sure if thats right or not.

orfoster · 10th June 2007, 22:25

No you need to charge them the interest rate as shown in your contract of loan or whatever which in my case is 6.7% and if it went to court you add the 8% onto the claim in court but Im still looking for settlement from Nationwide for the rest but including the interest they have taken on the PPI also.

dollies01 · 11th June 2007, 12:32

Im totally confused how to do this too! I have had three loans, two of which have been paid up using the third, they all have different interest rates. Do I claim back the total charge that has been quoted in the loan agreement for the ppi, healthcare etc, or do I need to add more interest to it?
for instance one of my loans says:
payment protection = 1,261.75 interest on payment protection = 818.82 total = 2,080...........so I claim the 2,080????

but then the rest just say payment protection £266@ 72.9 %
and £ 436 @ 47.30%
Im being thick arent I?! but I dont know where to start, Im crud with spreadsheets........I need a dummy notes, if there is someone out there that would oblige lol, basically explain it to me like you would a five year old and maybe I will grasp it !! lol

orfoster · 11th June 2007, 13:33

Quote:

Originally Posted by dollies01

Im totally confused how to do this too! I have had three loans, two of which have been paid up using the third, they all have different interest rates. Do I claim back the total charge that has been quoted in the loan agreement for the ppi, healthcare etc, or do I need to add more interest to it?
for instance one of my loans says:
payment protection = 1,261.75 interest on payment protection = 818.82 total = 2,080...........so I claim the 2,080????

but then the rest just say payment protection £266@ 72.9 %
and £ 436 @ 47.30%
Im being thick arent I?! but I dont know where to start, Im crud with spreadsheets........I need a dummy notes, if there is someone out there that would oblige lol, basically explain it to me like you would a five year old and maybe I will grasp it !! lol

This is the same problem i've had I had three loans with the same and each paid each other off as it was loan top ups. I can't quite figure out the interest either. Maybe someone could knock up a spreadsheet as im rubbish at them as well and at least that way the figure we come up with would be accurate.

MilkTrayMan · 7th July 2007, 13:22

Bump!...

TvTan · 8th July 2007, 22:24

I'm in exactly the same boat! 3 loans all paid each other off. Have applied 6.9% interest using the standard spreadsheet. Would appreciate it if someone more knowledgeable could advise.

Will keep an eye out! Good luck

dollies01 · 13th July 2007, 17:15

we are doomed!!!
lol

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