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  1. Hi I have received a letter from Zurich saying they have mis calculated my payments since 2004. Giving me two options a refund + interest or keep paying what I am and increase cover Can anyone send me link to interest calculator please had it on my old computer which is long gone. Smiles OSW
  2. Hi all, Really hoping someone can help as endless phone calls and letters have been useless! I'm just trying to find out what the approx. ESA payment would be in these circs... - Eligible for contribution based ESA - Income of £650 per month, comprised of £450 from work pension and £200 carer's allowance. My calculations aren't matching with the DWP so would be v grateful if anyone could shed any light on it. If any other info is required, am happy to provide it. Thank you!
  3. Can anyone suggest a method of calculating PPI redress for a store card because I have received an offer from the lender which seems very low? My account was opened in 1988 and repaid in 1995. I paid approximately £165.00 in PPI premiums, the bank has offered £520. Does this sound accurate, how can I check if it's right? Thank you.
  4. Hi there, I have recently left my previous full time job and got my final pay slip. I was employed full time since November 2014. My contract states that my "core hours of work are 41 hours a week, Monday to Friday 9am to 5pm." However, one term which I failed to read properly states: "Where you have taken more or less than your accrued holiday entitlement in the final year of your employment, a proportionate adjustment will be made by way of additional or reduction from (as appropriate) your final gross pay calculated at 1/365th of Full Time Equivalent salary for each day's pay up to a maximum of 20 days. I have already contacted them to dispute this and ACAS. ACAS said they could not help and told me to go to a solicitor. I realise that I have signed the contract and thereby agree to the terms but wondered if there was anything I could do? I am not contractually bound to work weekends and never have. Can they do this? I have never worked anywhere where they have done this. I have received the following email from my previous employer's payroll department: "I refer to our telephone conversation of this morning regarding the calculation of your July salary. To confirm your salary was calculated as follows :- Annual Salary £25,000.00/12 = £2,083.33 as was normally paid each month. As your last day was 1 July 2016 you were entitled to one day’s pay (£2083.33/31)=£67.20. To confirm your annual leave was calculated as follows:- Your annual leave entitlement for the period 1 February 2016 to 31 January 2017 was 27.5 days. You carried forward 10 days leave less any holiday taken. The maximum annual leave payable on leaving is twenty days . The calculation was 5/12x27.5=11.50days Plus 10 days carried forward = 21.50days less any leave taken. Twenty days were therefore paid.(£25,000.00/365= £68.49x20)=£1,369.86. Please find attachments for terms & conditions (see highlighted paragraph) and your original contract." I have attached a copy of my employment contract with relevant sections blanked out and the terms my employer has referred to with this post. I would really appreciate any advice on this matter. Calculation of Salary.pdf Copy of Employment Contract.pdf
  5. Hi, can anyone tell me what it means if your PPI claim is at the 'calculation stage' of the investigation please? Thanks in advance. C
  6. Hi, I live in central London, I've got a lovely flat I've lived in for 8 years now. I haven't had kids yet because I believe in being responsible and if I can't afford them I shouldn't have them. However, I've changed my mind today. Having been through the joke that is the work programme, I had the indignity of having to go to a benefit meeting today where I had to show my I&E to see if I was better off in work. Because I get the maximum Housing Benefit the system allows, I could never get a job that would pay enough to cover my rent. But the [edited] advisor was trying to make me take a minimum wage joke job like [edited] I'm 20yrs old! I'm in my 40's and English! I love my flat and wan't to stay here but the landlord finally put up the rent. This advisor even said, and I quote "Well, the only way you can stay on the dole and afford to stay in your flat is if you have a kid then the council will have to pay for you!" Is that what it's really come to? Are kids now a commodity for English people to get enough benefits? I understandably walked out. I'm probably sanctioned now. But what can I do when by their own calculations it shows I'm better off NOT working! Non-judgemental advice welcome please....
  7. Basically, I am self-employed and have been for the last 2 years, When I first started I had to take my books in every three month and a new calculation was done. that was fine I had no problems with that at all. Towards the last three months of 2014 and the first 2-3 months of 2015 my income went up considerably and so my housing benefit entitlement dropped to the point I was only getting maybe £10.00 per week and virtually nothing on Council Tax. No problems with that as the money I was earning covered the increase and I was happy with it. The problem started at the end of March 2015 when the income from SE started dropping (knew it would during the Spring/Summer Months). I took my books in as normal but they said they where not going to do a re calculation again until August and then every 12 Months after that. This of course left me paying high rent at a time I could barely afford it (I managed but it was tough going). Anyway August came and I took all the books in again but because they were now basing it on twelve months books which included the very good months the HB only came down by £23.00 per week likewise CT had only a £5.00 pw reduction. This caused severe financial hardship and I basically had to scrape the barrel in order to get to now. To give you an indication of the income reduction, February 2015 was £2200.00 but February 2016 was only just over £1200.00. Most other months since September 2015 have been down between 200 to 700 pounds. I still have 2 months to go before they will do a re calculation but as I said to the Council I can see me quitting SE and going unemployed before August comes in. Right now my last three months are running at about 40% of the previous years income and I cannot see any improvement at all in income until November 2016 So basically is there anyway that I can get the council to return to the three month recalculation that we were originally doing or is it going to be a question of grin and bear it until August. If thats going to be the case I can see the income support people are going to have at least one more customer and I will then also claim care allowance as I would qualify for it based on my wife's PIP. On a side note, I know there are benefit calculators but for some unknown reason I end up with some stupid figures which do not make any sense when I use them. FYI, Current income based on wife's PIP (standard rate both care and moto) Child Ben for a 16 year old who is going to go college this year. WTC (around £92.00) due to working 40+ hours a week and lowish income, CTC for the same child mentioned above. + £65.00 drawings a week (makes up the difference between what I used to get on the dole and what I get from WTC) If I go unemployed income would come from Child Ben for the 16 year old CTC for the same 16 year old, Wife's PIP as per above Income Support (what that would be I don't know so if you could enlighten me then thanks) Carer's Allowance (about £62.00 I believe) and a larger reduction in HB and CT I think. So whats better for me ???? Any help with any the questions is appreciated. neword.
  8. Hello ladies and gentleman... My mother has a pension of £665 per month and my sister that lives with her earns £16.000 per annum and she has her student loan which is accumulating interest(it is)... The rent is £133 per week and council tax of £73 per month... My mother has £13 per week housing benefit..... So my question is if anyone knows how it is calculated and does the council tax and housing benefit awarded seem correct... A big great thank you if anyone can help..
  9. Hi is this still the same for claiming in 2015 thanks in advance The last two completed tax years prior to the current benefit year are the ones they look at. This is benefit year 2012, so the Relevant Income Tax Years (RITYs) are 2009/10 and 2010/11. Once this is established, there are two contribution conditions, and both must be satisfied in order for a claimant to be entitled to JSA©. The First contribution Condition: In at least one of the two RITYs you must have actually paid NI contributions on an income that is at least 26 times the Lower Earnings Limit for NI. This limit changes each year - in 2011/12 it was £104 per week, this year it's £107. Additionally, since 2010 this must be satisfied by working at least 26 weeks in the tax year. The Second Contribution Condition: In both of the RITYs you must have paid or been credited with NI contributions on an income that is 50 times the LEL mentioned above. As you've noted, Class 2 contributions paid by self employed people do not count for JSA purposes, and neither do credits paid on your behalf while you are on JSA. Credits paid while on Incapacity Benefit or ESA do count, however.
  10. Good morning All, I hope everyone is well! I have a question that perhaps someone here will be able to help me with. I've recently had a complaint for PPI upheld with Santander (previously Abbey National) for a loan taken out in 2006 and I've received an offer of payment, but the 8% interest calculation they've done looks woefully inadequate. The account went into arrears shortly after the loan was taken out due to me losing my job because of illness. I then made payments through a debt management plan for a number of years, but the payments weren't for the full monthly payment of the loan (which is why I'm struggling to calculate the interest myself). I did make two full payments at the beginning of the loan and using the ppi interest calculation spreadsheet, the interest they've offered doesn't even cover the interest on these two payments. I have all the paperwork if someone wants to take a look. I'm thinking of sending a letter back asking them to clarify how the calculations have been made. Any advice would be massively appreciated and greatly received
  11. Hi everyone, Is anyone in the same situation or maybe I can get an advice? In 2007 I took together mortgage( interest only) with Northern Rock for £162.000 For the first two years we were paying interest only £865.30 at 6.35% After that in 2009 the interest dropped to SVR 4.78% so they recalculates our payment to £663.30.(interest only) We decided to keep paying the same original amount, and start overpaying the mortgage. Over months/years our outstanding balance was decreasing. In November 2013 I realised that the amount of interest charged has been the same since 2009 despite overpaying by nearly £15k by then. our outstanding balance decreast by around 15k but the interest has been charged from £162k that we originally borrowed. I have contacted NRAM and they told me that the interest has been the same because I haven't instructed them to recalculate it. And if the overpayments where over £500 a month it would be done automatically. they told me I have to call them each time I overpay over £500 and ask to recalculate my monthly payments. Is this legal?? In my mortgage documents it says that my interest is charged daily. Re overpayments ''Following receipt of a regular overpayment or a lump sum repayment, the amount that you owe and the amount of interest that you pay will be recalculated with effect from the following day'' When I checked my statement back only with two statements in 2009 there has been a note under overpayments that "If you make your monthly payments by Direct Debit and the overpayment is £500 or more your monthly payment will be changed automatically. You have the option to leave your monthly payment unchanged, which will have the effect of setting up a regular overpayment and further reduce your outstanding mortgage balance..." Is there something I missed here, or NRAM is taking a chance? In original morthage documents there was no mention that i have to phone them and ask to recalculate and no one has told me that when i was setting up overpayments which them. I would really appreciate your opinion, thank you.
  12. This is unbelievable. Yet another calculation error leaving me in arrears when I just paid off the last calculation error. After another stressful week with the CSA I have finally got to the bottom of the latest arrears and this takes the biscuit. In September my partner moved in with ONE of her Two children. The child who didn't move in was 16 and living with the Grandmother so she could commute to the college of her choice. The 13 year old lives with my partner and I. I declared this situation to the CSA and the tax credits were made for just the ONE child. The grandmother claims for the 16 year old. The first recalculation failed because HMRC had not completed our joint claim. This shows they have very up to date information with HMRC. The second change of circumstances was successful and only one child living with me is on the paperwork, the 13 year old. The CSA sent me details with just one child on my change of circumstances. This week I learn that the latest arrears were caused by them calculating TWO children live with me. Two? Tax credits only have one, I only claimed one to the CSA and HMRC have a claim for 16 year old in the Grandmothers address. After four exhaustive calls a case worker called me back. She stuck to the calculation error yet could not explain how they got the wrong information. She also said I should be extremely lucky that I am not being prosecuted for giving false information? This is just unbelievable, everything I have supplied proves that I gave them the right information,. So yet again I am in arrears and they asked me to clear these by Next Friday or DOE may be served. I pay every week without fail and can only pay what they ask for and now I am wrong. The incompetence is staggering, they constantly change the goal posts.
  13. I have recently been investigating a consolidated loan that was taken out in 2005 and have today received a copy of the credit agreement from GE. The document is headed igroup and GE have confirmed that this is there company and that Loans.co.uk brokered this loan. I am now in the process of starting my PPI complaint as it was a single premium of £4320 on top of a loan of £35k. The interest was 16.25%. At no time were we given any advice or options i.e. monthly PPI. I have only just established that the PPI only covered 5 years of the loan which was taken out over a 15 year period. Therefore it appears that the PPI was inappropriate. I do feel that we were completely mis-sold and forced into this option to secure the loan. GE have told us to make the complaint to Loans.co.uk as they were the broker. Am I correct in thinking that due to this being a single premium PPI there is a case?
  14. Hey. Was hoping a fresh pair of eyes could take a look at two letters from Egg. I received PPI compensation to the tune of £1214.24 thought on a follow up letter it says total rebate amount £2852.82. I think I am confused because of the way they have calculated what I am owed and due to the fact the loan was 'topped' up on a number of occasions over the years I had it. I basically just want to make sure they have calculated and paid the correct amount so would be very grateful if someone could look over the paperwork below!
  15. I accepted an offer from HFC on a PPI policy a couple of years ago. At the time I assumed that the process involved the bank calculating what I was owed and paying me that amount. I am now much wiser and believe that they just refunded the premiums and did not add any interest. There was no details of the calculations, not even a breakdown re the 8%. Can I go back and ask them to show me the calculations and question if they were correct?
  16. I have just received a Tax Calculation for 2012-2013 from HMRC advising that I have underpaid some tax. Sorry to sound stupid but on checking the calculations presented against the relevant P60 the PAYE Income amounts differ - Can anyone possibly explain or give a reason as to why this is ?
  17. please be gentle as this is my 1st post,sorry to trouble you,did'nt really know where to post my enquiry for the best response I have had a ppi claim which has been with the fos now for 20 months, they have upheld my complaint & have now contacted the broker whom sold me the ppi policy. 7 years ago i remortgaged to find a better deal, the mortgage was for £130,000 over 19 years , it was a low start mortgage initial interest was 2.99% for two years, jumping to 5.75 for the duration, included in the advance even though it was not explained or asked for was a single ppi premium for mortgage protection of £4500 which covered me for 5 years, i have never claimed. what i think is grossly unfair is the fact that i will have to pay interest on the £4500 ppi payment for 19 years, if the company agree to repay my ppi what should i expect to receive as a fair offer? fos say that i should be in the position i was before the policy was sold. thanking you in advance for taking the time & trouble to read this.
  18. Hi everyone I'm hoping someone can help me. I've received an offer for a PPI refund but i think it's too low but i don't know how to calculate myself. Can someone help me calculate from the below information please? I will be eternally grateful! All loans were charging interest every month on the full amount including ppi as it was front loaded. Even the thought the PPI was front-loaded on the loan account statements, the loan agreements still had the proportion of ppi of the monthly payment. The first loan was a consolidation of an overdraft + cash on top so there was no ppi on the overdraft and this is where the ppi starts: Loan 1: Taken 29/06/1998 Cash Advance- £1674.51 Repayment of existing debt- £625.49 PPI- £508.32 Total Loan- £2808.32 Monthly Payment- £70.40 (£12.74 of which is PPI) Number of payments made- 3 Settlement Amount/Consolidation payment-£2746.87 Interest rate- 18.8APR and 1.45 fixed Loan 2: Taken 19/10/1998 Cash Advance- £1700.00 Repayment of existing debt- £2300.00 PPI- £869.44 Total Loan- £4869.44 Monthly Payment- £117.69 (£21.01 of which is PPI) Number of payments made- 11 Settlement Amount/Consolidation payment-£4187.54 Interest rate- 16.9APR and 1.31 fixed Loan 3: Taken 12/07/1999 Cash Advance- £1800.00 Repayment of existing debt- £4000.00 PPI- £1205.24 Total Loan- £7005.24 Monthly Payment- £163.15 (£28.07 of which is PPI) Number of payments made- 13 Settlement Amount/Consolidation payment-£5913.87 Interest rate- 14.9APR and 1.17 fixed Loan 4: Taken 25/07/2000 Cash Advance- £2200.00 Repayment of existing debt- £6000.00 PPI- £1871.08 Total Loan- £10071.08 Monthly Payment- £229.56 (£42.65 of which is PPI) Number of payments made- 9 Settlement Amount/Consolidation payment-£9029.34 Interest rate- 13.8APR and 1.09 fixed Ok there was one last loan but i don't have the complete information for that. All the below figures are just me guessing from memory, not accurate at all. Loan 5: Taken 18/05/2001 Cash Advance- £2000.00 Repayment of existing debt- £9000.00 PPI- £2750.00 Total Loan- £13750.00 Monthly Payment- £309.32 (£70.00 of which is PPI) Number of payments made- i think probably about 15, then the loan was paid off completely Settlement Amount/Consolidation payment-not sure about this but the loan was paid off completely by me then closed Interest rate- also not sure about this but close to the above If someone could help I would be eternally grateful. Also it would be great if you could provide a breakdown of your calculations and the ppi calculation for each loan as separate. Thank you so much!!!!!!!!!!
  19. Hi I've recently received a ppi refund from MBNA. Can anyone tell me what exactly I need to ask mbna for when I request a breakdown of their calculations? I have tried to do the calculations myself and I think that they may have come up short of what the refund should be (although I am quite stupid when it comes to applying interest so I have probably got it wrong). I have been reading through some threads about this on here though and others seem to have had similar issues. Also, they have deducted "UK witholding tax". Please could someone explain what that is? Any advice would be much appreciated. Thank you!
  20. Hi, I have been looking over the last 6 months mortgage statements, and I am struggling to understand how my bank calculates interest on my mortgage. What is the most common method of calculating it? Daily interest? I have quite a good rate, 3.19%. By my reckoning the daily interest is: (1 + 3.19%)^(1/365) - 1 = 0.0086035929% Interest is added at the start of the month, and my payment is taken on the 10th. Looking at December as a 1 month sample, the balance is at: 278111.73 for 2 days. 278841.99 for 7 days. 277482.31 for 22 days. The reason the balance is 278111.73 for 2 days at the start of December, is that Monday is the 3rd, and the interest is not added until the next business day. The balance drops on the 10th, when my payment is taken. Calculating the daily rate on each of those days and adding it up, I get £741, but the amount I was actually charged is £752.86. I have tried calculating the interest a number of different ways, for example the annual rate/12 for a monthly rate, or using a compound equation as above for the monthly rate. Whichever way I do it, I am always at least 10 quid under what the bank charges me. The thing is, I do not know how my bank actually calculated this. Do they have to tell me exactly how they calculate it? Should I challenge their interest calculation, if so how does one go about doing that? Many thanks for your help and interest. Rupert Smith
  21. Hi All I was wondering if anyone could help me out with a calculation please. I have had 2 ppi claims upheld with Barclays on two different loans, and was wondering what i might expect to receive from them. Loan 1 was taken out on the 06/01/1999 and the ppi was an upfront payment of £291 I must have then re-financed that loan as loan 2 starts on the 10/06/1999 and runs until the 5/09/2000 this was also an upfront ppi and the payment was for £800 So it appears i had ppi on top of existing ppi when i re-financed. Thanks for any help. Regards
  22. I had a loan with Smile with PPI, against which I made a claim just before the loan was due to end. (I had brain surgery) I phoned Smile recently to ask about PPI against this loan and they have now offered me a refund "as a gesture of goodwill". I am struggling to understand how they have worked out the amount they are offering me. They have sent a refund calculation but I have no idea if it is correct. Is there a tool that shows what is the correct way to calculate the refund if there has been a partial payout? I'd be so grateful for any assistance.
  23. Gurus, Firstly many thanks for all the support and useful info on these forms. My complain against HSBC was upheld and they have now offered me the following amount - PPI Premium - 2182.61 8% interest - 1287.74 I have spent the past two weeks going through the forms and various calculator/spread sheets to evaluate if the amount they are offering is correct. Here are the loan details - Date Loan taken Nov 2002 Loan Amount - 7500 Charge for credit on loan - 1554.25 PPI premium - 1514.91 Charge for credit on PPI - 301.91 @7.9% each. 60 months time frame - Last payment Oct 2007 Monthly PPI payments were - 30.35 Could someone please help me evaluate what should i be offered back. I cant make sense of HSBC calculations, according to me i paid 1514.91+301.91=£1816.81, but they are offering 2182.61? Secondly 8% interest should be charged on monthly payments from first payment till today(until they have paid me). If i use £30.35 per month, i get PPI premium as £3581.31 and 8% interest as £1430.36 Can someone please advise , where i am going wrong? or right? many thanks in advance.
  24. Hi all, I have gone through the threads but cant seem to make sense of how i should calculate my PPI refund. Here are the details. I took out a loan in June 2001 for 12k with the interest @9.9 credit charge was 3113.40. The PPI on this was 2531.49 with charge for credit being 656.41 (@9.9) total PPI 3186.40- so my total loan was £18299.81 over 60 months = 305 pcm.My agreement shows monthly PPI amounts of £53.11 28 months later i took a new loan, consolidating the first loan and my credit card. ( i do not have the loan agreement for this but do know from bank statements what was paid. - Also am not aware if new PPI was taken out, although i don't think so) Loan 2- £245.16 x 96 payments = total loan of £23535.36- I made 9 payments However from my bank statements it shows that i took a new loan ( loan 3) - 9 months later. This new loan paid off my existing loan. Loans 3 - original amount of loan £24500 @ 8.9% = 96 months at 353.32pcm. This final loan was completed - the last payment was made august this year. I would like to reclaim my PPI from the first loan. If i am correct, it would seem the second loan paid off the remaining 32 months of PPI at the outset. How do i work out my claim. I have tried some of the spreadsheets available here but don't get - how i continue to calculate the "rollover" PPI from loan 1 and the actual interest on what was paid and with i can reclaim to when the loan was paid off and to the point from when my claim starts which i sent the questionnaire in Sept. Any help or rough calculations would really help. I would love to be able to learn how to do this but would need simple instructions initially- then i could get my head round it.. ps. from what i can make out- the PPI amt on the first loan was 21% of the loan ( using some of the guidance on here) and then on the second loan - the continued PPI loan amount repayment was 21.18 form the 9 months- then i get stuck. thank you in advance!
  25. Hi All Thanks for the incredible help on this site. I'm just trying to calculate the amount to claim back on my credit card. Ive read some posts on the site and followed the links to the calculators but, having done some sample calculations, I am wondering if I have done it right. The amounts that come out seem incredibly high. Eg 1st payment was 24 June 2002. PPI premium £34.50 I put this into the first calculator for the account interest. The APR was 15.94%. This gave me an interest amount to reclaim of £121.79. Added to the premium it is £156.29. I also read that I should add 8% simple to this. So I did that too. 8% simple on £156.29 from 2002 to 2012 came to £144.01. So the grand total is £34.50 + £121.79 + £144.01 = £300.30 Can this really be correct??? It seems very high to me. Many thanks everyone
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