Thread: PPI Claiming and interest calculations help needed

Originally Posted by Vain

Hi not sure if this is the right place to post this am trying to claim back mis sold PPI from central capital we had a loan from swift which they have agreed to reduce amount to pay back and i can say they have been very good with this and don,t want too risk this as we are in process of selling as we were in arrears . am just getting confused as to the amount and interest i should claim for ppi but here goes

Total loan £34,095.00 over 300 months at apr of 14.52% monthly interest is variable starting at 1.2100%

PPI £4,773.30
so total loan is £38,868.30 over 300 months and inc ppi


interest is 14.52% apr
Monthly rate 1.2100% Variable

so i have calculated that
ppi interest since loan was taken is £1,559.44

total is £6,332.74 inc ppi and interest since loan was taken out ( so this is cost of ppi to date inc interest)

£4,773.30 ppi
£1,559.44 ppi interest to date
so am adding the following

£1,028.42 Statutory interest 8% on ppi
£410.52 statutory interest on ppi intrerest
with statutory interest added
total to claim is £7,771.68

Is thai right or have i gone off track hope this is the right place forgive me if not

Hello Vain,

Welcome to the ppi forum,

Yours calculation look presentable. Is this the information from your credit agreement.

You need to look into the fact that the ppi may only have covered you for 5 years, but they would have charged you interest over the 300months.

Why are you only asking for the statutory 8% interest rate, they charged you 14.52% interest and if that is good enough for them, then is is better for you. Start with the highest figure and then if you have to go lower. It is only what they would do..

Can I ask you what your monthly payments were:grin:

Originally Posted by Vain

Hi hellhasnofury i found out the other day that the PPI was for 3 years in fact since i had the loan and ppi i have had no information or policy documents in regards to the ppi i have asked for copy of policy and are still waiting after 2 months so decided to claim as mis sold as i know what was said over the phone and i was not told it was for 3 years, and was not told that i was going to be charged 300 moths of interest on the loan and the ppi collectively. sorry for bleeting on

so monthly payments started of at £483.41

am bad at maths so any help on my figures would be great do you think i could but i higher figure due to the higher interest of 14.52% leet me know any help would be great

we have been in such a mess for a while and we have a deadline for selling our house so hopefully we pay loan off in oct so by the time i know what will be happening with this claim for ppi i assume if i am successfull this would be paid to us not off the loan as i see on the forum happens.

its such a shame these companys operate like this and its been soul destroying but we need a fresh start

I will never have loan or mortagage again lifes not about what you own its about self worth and these companies prey on peoples situations

Sorry again for going off on one am like a dog with a bone and it gets me so angry.

any help/advise would be welcome

they rised to £524.21 as interest went up to about 16.5% due to arrears

Hello Vain,

Yes these companies are despicable and do prey on the ignorant, vunerable, and normally a bit desperate for one reason on another, to enhance their profits in the name of unjust enrichment.

I do believe you have a very good case for mis-selling and you need to look into the angle of unfair credit bargains, regarding the amount of interest they applied to the whole loan.

If the interest rate, which you know is variable stayed the same and you have paid £483.41 the whole term of 300months the total you would pay is £145,023,00 This of course has increased because the have increased the interest rate.
Do you have a copy of your credit agreement. Is the loan secured on your property.

Have you contacted them for a Breakdown of how they calculated the interest for the ppi.

Originally Posted by Vain

Hi yes i have copy of credit aggrement i have not contacted them for a Breakdown od the PPI interest i just assumed as it was added to total loan that if i payed the total loan inc ppi for the duration of the 300 months that i would be paying interest on the loan and the ppi for that duration which was 300 months.

So do in your opinon does the amount am claming for seem right for the figures i have as i don't want to loss out as lost to much already lets say when the total loan is paid off in oct i will be paying £54,367.98

now thats crazy but some people on this forum have paid more so am thankfull for that.

I want to see this claim through till the bitter end even if i have to go to court as it was total not the right policy and was done in such i way that unless i had the ppi i was not going to get the loan there are loads of factors for being mis sold this ppi so i feel i have no option to pursue this claim and i have nothing right now to lose.

the sale of our house and paying of this will leave no dates and no profit but we are glad for that so this offers some gilmmer of hope but we endevour never to get into this situation again.

its really bad when you look at this forum and we all seem to at the bitter end of these companies who make millions and still claim to be small the gouverment and the law need to protect the interest of people who feel they have no option but to use these companies, i feel that they all should be fined and regulated correctly .



So in your opinion my figures for claiming do they seem right any amount would be better as the % they refund once loan is paid of and the policy is cancelled is a miserly amount so any help on the figure i have will be good.

They have sent letter today to say they are looking into my compliant they have 8 weeks to investigate or payup hope its the latter or i will take to fos and final court if it goes that far whcih am so prepared to do

Hello Vain,

I am unsure regarding the amount of ppi and interest they applied, it may be that amount, but it depends how much interest you paid on it.

They have all sort of ways to make you pay interest on it.

Example

They add the ppi and the interest for the ppi together, add that then one to the amount you borrowed, was it about £38,000, can you tell us as this would help with calculations.

Sorry looking back at you first post. I appears that they charged you £106,154.70 in interest alone, So a percentage of that would be interest they charged you for the ppi

Hello again,

After looking a loan calculator sites, it appears that they have charged you £13,457 in interest on your PPI of £4,773.30. alone.

Maybe have a look yourself.

Forgot to say thank you , its a real help and great to have help. Hi well i know that that figure was going to be high so this means that the total i could be claiming for would be over £10,000

well have more figures for you if you dont mind sorry to be pain

original loan was £34,095.00
PPI £4.733
apr 14.52%
Monthly variable 1.2100%
Total loan inc ppi £38,868.30
300 months total 25 years

redemption on total loan is £54,367.98
broken down to
Original loan £38,868.30
interest Charged £18,790.68
Less Payments received £11,026.67
sub total £46,632.31

Charges incurred £3,115.03
subtotal £49,747.34
add redemption admin fee £250
Early Settlement interest £4,370.64

Grand settlement total is £54,367.98


So am assuming that total of £46,632.31 (which is loan , ppi and interest) inc interest on both loan and ppi togther. so your right that would mean i have paid alot of interest on the ppi as they have calculated the total loan inc ppi plus interest how do i work this out then

ppi was £4,773.30 how do i work it all out got a bit mind blowing am lost helppppppp!

Originally Posted by Vain

Hi yes i know its very high i have not asked swift how much of the redemption figure is for PPI and interest on the ppi will do that

Loan Started in dec 2005

we are currently 9 months in arrears so they charge higher interest on the arrears but have managed to get reduction

the other charges are for letters , court cost, solicitors cost

we have come to a figure of about £10.000 to reclaim for the ppi as we worked out from the total loan interest paid we broke it down to 1/8th which gave a figure of interest for the amount of the ppi i think we have it near enough but am not exact on these figures as i have no real Breakdown of the interest of the ppi

it is astounding how much is to be paid back were working on a deadline of the 10th oct to sell our house other wise the redemption figure will go up again

Hello Vain,

Working out on your figures for the loan ppi and interest, they charged you in the total payable for the ppi and interest £17,809.30. #They will have obviously refunded the unpaid portion of the ppi into the redemption figure. and that is what we need to know.

You need to write to them asap and ask them for a breakdown of the redemption figure and under what legislation they are using for this.

As regards the costs, have they obtained a ccj via the court on this loan

They have obviously applied charges to this amount that you may be able to reclaim back:grin:

Originally Posted by Sparklez30

I'm astounded - how can the settlement figure be so much higher than the original loan amount (which totalled £38,868.30 and you have made payments against it of £11,026.67) - are you considerably behind on the payments? Do you know how they worked out the redemption figure?

Also what are the charges incurred figure?

THe redemption part does make working out the figures difficult. Have you written to them and asked for a Breakdown of how much of the redemption figure is for PPI and the interest on the PPI?

Also it might help if you could tell us when the loan started?

This isn't my speciality I'm affraid ?

This is the infamous Swift. They are starting to crop up now on the CAG site as people find it difficult to pay them. This is where vigorous regulation in the secured loan market would have helped years ago. They load the interest in the most expensive way a loan can be set up.They've just sent out letters saying the int rate I have (by the way it's different to yours Vain) cannot be guaranteed to stay the same in the current financial climate and to consider changing to another lender!! Yeah if you don't give a redemption penalty, take off penalty charges, refund my PPI with int, deduct the money i've paid from an original loan with a fixed fair int rate, and a rebate for early repayment, you know like the high street type, not the bog standard type. Then I can look around!!

It might be a good idea to contact the FSA, having received so many complaints re mis sold PPI, they are gunning for companies that have continued to do so over the last couple of years.

Do you think we can get a Swift Forum and also get all the threads relating to Swift with Swift's title in it. What do you think Vain.Yours could be 'PPI claim on Swift Advances' I've come across threads relating to Swift by chance. This would help with intelligence gathering.

Originally Posted by determindator

Hi Vain,

Have you seen SS V Swift Advances thread.

The link for the above thread

http://www.consumeractiongroup.co.uk...ighlight=Swift

and this is the FSA's update page.

FSA update on its review of the sale of PPI

The following link contains some letters and advice on PPI reclaiming.

http://www.consumeractiongroup.co.uk...iming-ppi.html