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danboy381

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About danboy381

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  1. Hi ims thank you for that. Im still totally confused though as weve been defrauded of the 4800, which we have paid and are being refunded, and you then say to bring the loan back to where it was without the ppi, we have to put cash back into it, so surely we should have to work out exactly what is due and demanding more from loans.co.uk? cheers. Danboy.
  2. Hi , thanks. The Original loan was for 40k plus the 4800, so 44800. Taken out may 05 over 15 yrs.. Monthly repayments tied to base rate but currently approx £450.00 pcm not sure what you mean by making capital payment to reduce the loan? The lender ge money shd surely do this? Thx again.
  3. Hi ims thanks for the reply. The ppi premium was £4, 800.00. The refund offered is the 4, 800 , plus interest paid on the premium to date of 3414 plus 8% interest on the payments made towards the ppi of 1781. If the matter was resolved now, and the loan restructured, the figures offered are pretty much correct by our own calculations. Trouble we have is the loan is still running, and does so until 2020, (variable rate, so is impossible to know exactly what we will pay in the future), and as the letter from the broker states, we will continue paying for the policy through the interest on the loan! I thought the loan would automatically be restructured, with all ppi and interest removed forever!
  4. Hello everyone, we've just received an offer from loans.co.uk on our ppi mis sell, but have a couple of queries; The offer letter states uk witholding tax has been deducted from the 8% gross interest amount. Never heard of this, is it right? Secondly, it says ' since you are not crediting this payment to your outstanding loan amount (the loan is still running), you will continue to pay the lender the amount borrowed in respect of the ppi premium and any associated interest for the remaining term of the loan' Is that right? I thought the lender, in this case ge money would restructure the loan automatically once the broker notified them of the ppi refund? How can we be expected to keep paying the ppi cost and interest for the remaining 5 years of this loan, unless of course the refund more than covered all that which is doesnt... Any help much appreciated!
  5. When I say the PPI finished I mean it was sold with a loan that commenced mid 2005. The policy is finished as it was a 5 year policy. I know I'm still paying for it though, until the end of the loan (total of 15 years) I wanted to avoid the work of going through each monthly payment as I know the PPI portion of the payments would be 10.71%, but the actual monthly payments have varied because it is a variable rate loan. You are right though, in order to get an accurate assesment of interest to add, each monthly payment made needs to go into the spreadsheet.... HOWEVER, it still leaves the fact that the loan continues to run for many years, so who will credit and re adjust the loan for the lower future payments when PPI is removed? thx db
  6. Thanks, I followed the sticky by IMS, but my issue is the loan is still running, I am going for the Broker that sold us the loan/ppi. Do i really need to fill in the spreadsheet detailing all the monthly payments? and as the loan is still running, (PPI policy long since finished) who is going to re adjust the loan so that the remaining balance is correct? Is it usual that the Broker inform the loan company?
  7. Ahh sorry see what u mean. No haven't filled in a spreadsheet with all payments made, just used spready to work out days passed since policy taken out, and 8% interest, and have all the total figures in front of me from lender, I.e amount outstanding, amount paid, copy of ppi policy, and I worked it out as above....?
  8. Yes, worked out the amount of days passed on spreadsheet, added 8% interest as above. Followed a sticky which tells you how to work out interest on a variable rate loan, where the monthly amount of ppi repayment is not known, so you work out the percentage of the ppi as a total of the loan. I think!
  9. Thx, covering letter explaining the misselling and fos questionnaire all done. Schedule of claim above!
  10. Hehe... ok then if anyone can help me here, cast ur eyes over this, my final calculation before i lick the stamp and send a letter and claim: SCHEDULE OF CHARGES Original PPI Policy Fee : £4800.00 added to a variable interest loan amount of £40,000.00, to be paid over 180 months. £4800.00 is calculated at 10.71% of the gross loan amount. Loan payments made to date: £43,150.36 Account Balance as of todays’ date: £32,304.32 Total payment required to terminate loan: £75,454.68 10.71% of £75,454.68 = £8081.20 Statutory interest claim of 8% calculated over 2863 days since commencement of PPI policy £5056.30 Total Claim £13,137.50 any help appreciated but does the Interest bit sound about right? thanks DB
  11. Thanks again DX. You're all over the place here...looks like you run this sub forum!
  12. Thx DX. No, the PPI was added to the initial loan and the actual monthly payment for PPI itself is not shown separately on any of the paperwork. Thx DB
  13. Hello everyone, Sorry I've been reading loads on here about working out the interest on a PPI claim, but can't fathom it - I want to reclaim a single missold ppi policy, cost £4,800. It was added to a loan took out in May 2005, and the loan runs for 15 years. The interest is variable so has changed many times since May 2005, how do I work out the damn interest!? I understand that I can also add 8% (i will be issuing court proceedings if i don't get a result in 14 days or so) Can someone help or post a link pls. Thanks alot. danboy
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