I have just realised I have another SPPL Loan.

I had one that I have already posted earlier but this one is more straighforward although it was taken out in 2001 and paid off in 2002 so dont know if this is a problem.

I had a loan for £15,000 that was a second mortgage on my home.

They sent the paperwork and just added the ppi at £2,500.

I was self employed and never asked for the ppi was never told why it was on there or anything about it.

When I paid it off in 2002 I paid a sum of £17,723.00.

Should I send directly to SPPL or to FOS with it being an old loan?

Always approach the lender first.

Fos Questionnaire and spreadsheet of claim

StatIntSheet v101.xls

how was it paid off?

dx

I remortgaged and paid it out of the release of cash from the house. I have the solicitors letter that states wht was paid to them.

ok just checking it was not a rollover ot other finance.

dx

On the spreadsheet do you still add the 8% stat interest and the compound interest or as the FOS link says above is it just the court that awards that.

the statint sheet auto does the 8%...

read the red notes tab.

your monthly PPI PCM should have been calculated to inc THEIR int.

dx

Im a bit confused about the stat int link above. It says for a single premium, which mine is, but then says to add monthly premiums? Any advice please.

You need to work out what proportion of your monthly repayment was for the PPI.

If your loan was for £15,000 and the PPI was an additional £2,500 then your total loan was £17,500. so the PPI percentage of the loan was 14.29%.

So for each repayment, 14.29% of it was for the PPI.

Work out what 14.29% of each repayment was and list those amounts actually paid into the spreadsheet.

To work out the position on settlement of the loan, have a read of No.1 in my signature and use the spreadsheet at the end (LoanAnalysis.xls) to help you.

Ah, I see. I have reclaimed twice on credit card ppi, so was straighforward. I thought with a loan and 2.500 for the ppi I just received the 2500 back and 8% interest on top of the 2500, so totally wrong with that. If I only had the loan of £15000 for a year then it wouldnt be a great deal back would it?

You should get back the premiums paid plus their interest paid on them. In addition you get 8% statutory interest on the payments actually made.

When it comes to settlement you will work out what the remaining PPI was in that settlement figure and you get that back (less any rebate that might have been given on settlement) plus 8% simple on that too.

Afraid its too complicated for me but thanks for your help. All I understand is I paid One premium of £2,500 and that was added to the loan so loan was 17500 and thats what I paid them back after a year

OK lets work it out.

Total loan £17,500

What was the term of the loan?

What was the monthly repayment amount?

What was the date of the first repayment?

How many normal monthly repayments did you make?

Did you get a rebate on the PPI when you settled the loan and of so how much?

will get the info and post later if that is okay ims21. Thank you.

Okay ims21, found the info

The term was 5 years

The normal repayment was £234.36

First payment June 2001

So 12 months at £234.36

Refund from the £2,500 ppi up front payment £1368.15

The application was pre-filled in, and I was self employed at the time.

I had the loan for a year, and they put the cross in the ppi box.

OK I'll have a look at it late this evening.

Just to clarify one thing....the £1,368.15 is the rebate you got on the PPI when you settled the loan early...is that right?

Yes thats right ims, thank you.

Can you check the figures you have given please......they don't add up

If it was for 5 years (60 months) and you were going to pay £234.36 per month then the total to be repaid would have been £14,061.60 which is less than the amount borrowed of £17,500!

Oh how weird, will have another look at paperwork.

The paperwork is a copy and a bit faded but it looks like its 120 months!

Ok that's more like it.

Now, we know that 14.29% of the loan was for PPI.

Of each monthly payment of £234.36, 14.29% of it was for the PPI part of the loan = £33.49.

In the spreadsheet I gave you, list the payments of £33.49 for the 12 payments you actually made. You need to enter the date of the payment, the description ("PPI Payment") and the amount.

You settled the loan for £17,723 and 14.29% of that was for the PPI i.e. £2,532.62. Deduct from that figure the rebate you got for PPI of £1,368.15 = £1,164.47. That s the final payment of PPI to enter in the spreadsheet and the date you use is the date of settlement of the loan.

The sheet will then show you in the top right hand box the amount you should broadly expect to receive back.

So you complete your fos questionnaire and send it together with a print of the spreadsheet to the lender with a brief covering letter requiring refund.

Thank you so much ims will have a go in the morning and get back to you.

Hi IMS21

I added the amounts you suggested on the sheets and it came up with the following, is the 8% correct? It doesnt look right. It was from 2001 to 2002 and i put the dates in as you suggested.

8% Simple Interest -£5.58 Total £1,493.79 Amount of

Charge Number of

Days Elapsed Interest at

8% Simple

£33.49 274 £2.02

£33.49 243 £1.79

£33.49 212 £1.56

£33.49 182 £1.34

£33.49 151 £1.11

£33.49 121 £0.89

£33.49 90 £0.66

£33.49 59 £0.43

£33.49 31 £0.23

£33.49 0 £0.00

£1,164.47 -61 -£15.63

Nope...something wrong there

If your first payment was in June 2001 then that is more than 274 days ago.

Make sure that the "Claim To" date is set as today's date.

Make sure the dates in the "Date of Charge" column are correct i,e they reflect the actual date you made the payment.

Alternatively post up the spreadsheet (MINUS ANY PERSONAL IDENTIFIERS)