After lots of reading and research, I'm going to attempt to claim the PPI for a loan that I took out with The Associates, before they became a part of CitiFinancial Europe.A

I was a student at the time with, two young children aged under 3 at the time. It was the first time I'd borrowed money and I took the loan out to help pay for their nursery fees after a mess-up with my Student finance. So glad those days are behind me now!

They have recently paid out PPI for a credit card that I had with them. They stated that they couldn't find any details of the loan but would look at it again, if I sent them documentation relating to my account.

I did - I found my credit agreement, a statement of account that showed all the payments that I had made on the account (bar the final one).

I also found various letters that showed the Associates account number and the account number when Citi took over.

I even have a letter informing me of the "exciting change" of their name change from Associates Capital Corporation to CitiFinancial Europe PLC, on 11 April 2003

Despite all this irrefutable evidence, they will not investigate my complaint any further as they cannot locate my account on their system. As the loan was taken out in 2000, it is out of scope for the FOS. Therefore my intention is to issue a claim through the small claims court.

I'm going to need some help with calculations. This is because I have read about 4 different ways of calculating the redress and it's doing my head in!

My figures are as follows

Loan amount = £1050

Insurance = £400.17

Arrangement fee = 75.00

Interest rate was 3.020%

APR 48.8%

Any suggestions and/or help with calculations will be appreciated. I've had a stab at it and will post up what I've done shortly.

Thanks in advance CAG family!

Id still sar anyway

There is only oneway to calc a loan

The statint sheet you've used lots of times

And the ppipcm% calc

Hi dx! Long time no speak and thanks for dropping by.

What's the ppi cm % calc?

Also do you think it's worth an SAR as the account is 18 years old now and CitiFinancial are no longer, it's Canada Operations who deal with them now. I'll do it for the hell of it.

On a side note, do you think it's worth claiming the penalty charges that they charged for late payments too?

Thanks for your time.

Its free it will nail them down

Ppipcm%

Cost of ppi/total cost of loan*100=ppiPcm%

Then that % of your monthly went to ppi each month

Charges outside of 6yrs under restitution claim to court

See the shelley or martin2006 threads

Dx

Ah yes, I understand now. That's one of the workings that I've done, so I'm on the right track. Thank you for confirming that.

It's the restitution argument that I'm trying to get my head around. I'll have a read of Shelley and Martin2006's threads. I read MrZ's thread and thought I'd understood but I'm not so sure now. Too much info in such a short space of time!

Thanks again DX