Thread: Calcualting P.P.I interest help ?

Hi have just had a letter from the F.O.S that they have upheld my claim for my partners P.P.I payments and that they have decided that Egg must pay back both the P.P.I and any interest and charges incurred with them and also statutory 8% interest from date of payment to date of re-imbursement to pay the amount of the existing loan and any surplus into his bank account , now i am trying to work this out and am hoping someone can help , here go's .
1st loan for £4000 over 36 months , P.P.I WAS £586 added on at beginning of loan so paid at a rate of £16.27 per month first payment was 28th september 2002 loan taken out in august 2002 over 36 monthly payments interest rate charged was APR 9.9% i have got no idea where to start as presumably there is the 9.9% interest charged on it and the stat 8% son any help be appreciated.

2nd loan for £5000 over 53 months , P.P.I was £750 added on at beginning of loan so paid at a rate of £14.15 per month first payment was october 2003 loan taken out in sept 2003 over 53 monthly payments interest rate APR 9.9% , again any help be appreciated as I am going to write requesting this after getting the letter from Ombudsman thanks very much for any help in advance !!

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Originally Posted by LISAM696969

Thanks that is great got it working , now the letter from the F.O.S says that they must refund the charges the P.P.I and any interest paid on this and then 8% interest statutory . its exact wording is this :
A) calculate the anount the consumer has apid you up to the tiem of settlement in respect of the additional borrowing for the PPI premium , including interest charged add interest on each of the additional payments made for this at the rate of 8% per annum simple from the date each payment was made to the date you pay the compensation , less any premium refund actually paid to the consumer on cancellation of the policy .
B) re-arrange the loan by writing of all amounts that remain outstanding in respect of the borrowing for the PPI premium , including any interest and charges , so that in future the number and level of outstanding repayments against the loan are the same as would now have applied had the consumer taken the original loan sum without the PPI cover .

so does this mean add the 9.9 APR they charged me then 8.0% statutory after that or just 8% or just 9.9% help !!!!! cheers xxx

If thats what the fos has written, then it's 8% statutory