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Re: Help PPI calculation - was always pants at maths
hi thanks for that - but i've looked at it and am no wiser - i cant figure out what i'm supposed to fill in - i think i filled in the sheet with actual costs and PPI intrest correctly but when it comes to the next page which works out the statutory interest I'm lost - can anyone help?
this is the first sheet I completed - does it look like i've done it right?
£2579.67 is what i worked out i think i should be applying for on the first sheet then i have to apply contractual interest which I guess is the 8% thing a court would do but i really cannot work out the sheet
Loan 1Agreement No.:0Loan Details (From agreement)Actual Costs (Over full term of loan)Loan Amount £ 2,435.63 Total True Cost £ 6,850.80 PPI Premium £ 1,350.61 (A )Total Interest £ 6,850.80 Total LoanAnnual Int.%42Apr%53.5Annual PPI Int. £ 567.26 Monthly Int.%3.500Total PPI Int. £ 1,701.77 25%No. of Payments36No. of Years3Actual Costs (So far)Monthly Payment £ 190.30 Monthly PPI Int. £ 47.27 (B )No. of Months Paid to Date26PPI Interest Paid to date £ 1,229.06 Settlement (If applicable)Settlement FigurePPI Kept by LenderSettlement PPI Rebate>>>Actual Settlement £ - >>>What should be refunded** statutory (or contractual interest) needs to be applied - go to next sheet to calculate.
Sorry I know i must sound thick but if someone could help i'd really appreciate it
Re: Help PPI calculation - was always pants at maths
Use the bank charges calculator location given at the post below: http://www.consumeractiongroup.co.uk...ml#post1980721 This is the fair use rate i.e. what you might have been charged by a bank for use of the money over the time period involved.
Add the date for each payment and it approximates daily interest. Print two copies ot the schedule one for your records and one to go with the letter, which you also keep a paper copy of. If you go to court then you add another 8%, which you calculate on another schedule. If you were paying the PPI from an overdraft (OD) there is another calculation you can use to reflect the increased cost overall of the OD. Who will watch the watchmen.
Re: Help PPI calculation - was always pants at maths
Just substitute you figures for those already there. If you clear the cells you will also clear the formula that does the calculation. When all your data is in the cells delete the data remaining in the cells below. Select just the section of the spreadsheet you want to print and select - selected cells from the print options. Think of it as a learning experience ;¬)
side a pile of LTSB 'fob-off' letters struggling to get out!
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Re: Help PPI calculation - was always pants at maths
Hi Andie,
Many apologies for hijacking your thread, but I have also been struggling with those spreadsheets and wondered if, now you appear to have got the hang of it you could tell me if I'm doing it right, please?
Did you just put your PPI premium in the top space, then all your subsequent monthly PPI payments in the boxes below?
I have an up-front premium amount of £1685.19 and have paid 34 months at £31.59. This adds up to £2759.06. This is the figure that has come up on the spreadsheet and then there is obviously the option of adding either statutory or contractual interest on top.
Apologies again, but like you were, I am feeling very thick at the moment and need some reassurance that I'm doing it right!
Re: Help PPI calculation - was always pants at maths
No - I gave it to my brother and he did it - my original PPI was £1390 and it's calculated at £2579.67 and thats without 8% interest - it all depends on what interest rate you've been paying every month.
Help PPI calculation - was always pants at maths
I was charged was 51.1%
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Re: Help PPI calculation - was always pants at maths
