Thread: Cedit card PPI calculator - is there one?

Does anyone know of a PPI calculator for credit cards (where you get charged monthly)?

There is a website "Vampiress's Chamber" but none of the links there work.

Cheers!

try this

http://www.consumeractiongroup.co.uk...ator-here.html

AL

Urgh....gyzmo, I created my own massive spreadsheet back in the day on this.

Could see if I could rake it out and send it to you?

Sure.

I take it the single premium PPI is where you pay the whole lot in one go t the start? Mine's not that - it's where you pay a % of the balance each month.

Yep thats mine too gyzmo - I had a nightmare trying to find any information on it.

PM me your email address and I'll see if I can rake it out.

Hey Mr Shed, Thanks for the calculator. Just a little thing though....

Am I correct in thinking it will only do the calculations based on one month?

For example, using some rather daft but easy figures for the mathematically challenged (i.e. me!)

Statement x. £1100 balance. £100 of this is PPI which costs 10% of the closing balance. Minimum payment is £200 which is paid (leaving £900 on the card)

Statement y. £1500 Balance £150 of which is PPI. No card usage since last bill (just to make things easier).

Now then... statement y should not be £1500 because the PPI should not be there.

I think what I am trying to say is that the spreadsheet calculates the PPI refunded on any particular month but does not recalculate what he next month's statement should be.

Any thoughts / comments (I'm sure I might be talking rubbish!)

Originally Posted by MrShed

Yep thats mine too gyzmo - I had a nightmare trying to find any information on it.

PM me your email address and I'll see if I can rake it out.

If I PM you can I have a copy too????

thanks

My spreadsheet calculates all the months - i.e. calculates the compound interest and charges for all the months that the PPI should not have been incurred.

I think!

Hi guys,

PM me your email addresses - however, I would want some feedback from gyzmo before I send this out carte blanche, in case I circulate a "calculator" which is fundamentally flawed!

I'll hopefully have it done by the end of the week!

OK, have had a little go and I'm there's a few problems.

1. The end totals really should be at the top. As it is indeterminate as to how many rows there will be, it would make things easier.

2. I would move them around myself, but the problem is that some cells have calculations involving other cells that contain no information! I therefore do not know what they are doing.

Mr S, do you have the formula that is used? I hate changing other people's work (not that there is anything wrong with it - just that I need to fully understand it before hand, and I don't!). I'm OK making my own spreadsheet (he says - yeah right) but do not know the formula.

The ones bugging me are on row ten. I thought I could move them to row 2 but they refer to some figures in row 9 that are blank?

Haha!!! I'll have a look!

Originally Posted by gyzmo

1. The end totals really should be at the top. As it is indeterminate as to how many rows there will be, it would make things easier.

By the way, dead right - but it was only ever a spreadsheet designed for me (rough and ready) so when I had entered all the info, I just totalled it at the bottom

Worked for my specific number of months

BTW - change away!!

The only real "complex" bit for me was that I didnt know the monthly interest rate, so used the projected interest payable in a calculation with the outstanding balance.

Teh big problem I can see with mine is that the card wasnt used. I dont know how you would account for additional monthly usage...

Therein lies the problem! Everyone is saying claim PPI on credit cards but no-one seems to be able to say how to calculate it.

I don't think it is sufficient to simply work out amount for each month and add interest, seeing as the amount on one statement that SHOULD have been charged would vary and obviously be different if the PPI had not been charged in the first place.

can someone PLEASE answer this? It's driving me nuts!

Originally Posted by gyzmo

I don't think it is sufficient to simply work out amount for each month and add interest, seeing as the amount on one statement that SHOULD have been charged would vary and obviously be different if the PPI had not been charged in the first place.

I dont understand this gyzmo - can you explain? I have accounted for the extra interest incurred by the PPI charge....this is the only charge that would vary due to the PPI?


OHHHHHHHHHHHH hang on!

I get you, you mean that you are effectively being charged PPI on PPI!

Good point, and changes my claim somewhat!

Thats actually fairly easy gyzmo - you do it twice. One calculation removing PPI entirely, and one as the ACTUAL figures. Subtract one from the other, and bobs your aunt!

Now I really do have a headache! (yep - tipsy again!) so will look tomorrow