Black Horse refuse claim(say its not a matter for FOS)

[pompeyfaith]

If you get stuck just shout Shirei

 

PF

[shirei12]

Thanks PF, I will certainly have a study of the Interest Guide you posted the link for. Its just the working out I am not sure of. If you could give me some idea where to start I am sure I can manage We paid £49.67 for 60 months, although still paying £14 a month to Hamilton insurance for God knows what.

[pompeyfaith]

Right if the payment was the same for 60 mths this is easy.

 

using this calculator:

 

Compound interest calculator

 

Principal put in £49.67

 

next box enter the APR Rate

 

Next box select 12 rest days this will compound the interest by 12

 

Start date is the date of payment

 

End date is todays date or whatever date you do the calculation

 

Then hit calculate

 

The result will be in amount due.

 

Do this for each mth you will only need to change the start date each time

 

Write all the results on a sheet of A4

 

Right now you have the the principal sum with compounded interest added next is to do it all again this time using the 8% simple calculator here:

 

Blake Lapthorn - simple interest calculator

 

This time input the results from the first calculation

 

So the principal sim this time will be principal plus contractual yes ?

 

Right that goes in the principal box

 

Interest rate will be 8% so put in 8

 

then the dates from and too

 

Hit calculate again and the result will be in bottom box

 

Again write these down and once you have done then all total up and that will be the grand total of principal + contractual + 8% s69 statutory interest.

 

This is the amount you will be claiming

 

Atidy sum no doubt.

 

Regards

 

PF

[shirei12]

Thanks PF, that was the way I thought but when I did a few calculations I thought that cant be right its too much money.

I have done my sums and come up with a massive total of........£20,498.31 Does that sound ridiculous?

I will do the same with the other one today. The Interest rate is higher on that one.

[pompeyfaith]

no not to me have a look at my thread pompeyfaith v co-op ppi that comes to nearly £31,000 and it has just been upheld by the FOS

[pompeyfaith]

oh one minute stop this is a loan sorry thought it was a running credit card the compounded goes from payment date to term date i.e date loan is due to finish

[pompeyfaith]

statutory goes from date of payment to date of settlement

[shirei12]

oh one minute stop this is a loan sorry thought it was a running credit card the compounded goes from payment date to term date i.e date loan is due to finish

I have made a copy of your letter to send off for full SAR I need to know whats going on with these accounts. OH is still paying on the one I am working on at the moment,although it is a reduced sum of £61 per month. This should have finished on October 2005 :?

[shirei12]

Would SAR have to be sent recorded delivery?

[middenmess]

Advisable as you will know on what day they received it and start counting off the 40 day timescale.

[shirei12]

OK Thanks Middenmess,all printed up and ready to go tomorrow.

I have recalculated compound from start date to term date,which calc do I use for statutory?

Also I have read on threads that you can only go back 6 years,is this right. This account is still active.

[middenmess]

I ventured onto Martin Lewis' site at

Money Saving Expert: Consumer Revenge - Credit Cards, Shopping, Bank Charges, Cheap Flights and more

 

and found that their interest calculator at

 

Reclaim Credit Card Charges: Full guide to get £100s back...

 

was simplicity itself to use and if I can use, it then trust me, anybody can!!

 

Going back further than six years is possible but others can explain that better than me --there are some threads about that somewhere on here.

[pompeyfaith]

the simple interest calc is on post 28 the 6 year rule does not apply to ppi refunds as it was missold you can go back as far as they or u hold docs for

[shirei12]

Well I have got all the docs.Another really annoying thing about this was OH had a life insurance for years with Lloyds and because we had to take out this one with loan he cancelled the Lloyds. Now we find this one is useless.

Anyway recalculated and a figure of £6,601 is the claim. Now just got to get it out of them

[pompeyfaith]

Good Luck with this shirei.

 

Regards

 

PF

[shirei12]

Good Luck with this shirei.

 

Regards

 

PF

Thanks and the same for you my friend. I tickled you:lol:

[pompeyfaith]

Thank You Shirei

 

If you need anymore help just shout.

 

Regards

 

PF

[shirei12]

I am wondering how you would calculate for running credit ie credit card. Is there a different procedure?

[pompeyfaith]

hiya shirei same as post 28 except compound goes from payment date to settlement date instead of term date on a loan PF

[landy_alert]

Hi Shirei and PF:)

 

Can I just ask a quick question here, please?

 

Do I understand what PF said correctly that on a settled loan the dates you put into the compound interest calculator are the payment date and the date the loan was due to end, not the date it was settled - ie, if it was settled early?

 

Or have I misunderstood (again!)?

 

Many thanks guys:grin:

 

Regards,

 

Landy x

 

Apologies Shirei - I have now asked PF to answer this on my thread!

Edited August 26, 2009 by landy_alert

[pompeyfaith]

landy on a loan that was settled early it is calc to settlement date because although the interest is pre calc to term date u get an interest rebate on settlement

[landy_alert]

landy on a loan that was settled early it is calc to settlement date because although the interest is pre calc to term date u get an interest rebate on settlement

 

Thank you PF!

 

OK so I did get it wrong:(

 

So on a loan that has not yet run its course do you put the date it is due to end? Sorry I seem to be getting more and more confused!

 

Very big apologies to Shirei for hijacking;)

[pompeyfaith]

it is only term date if the loan went the full term PF

[landy_alert]

it is only term date if the loan went the full term PF

 

Thanks PF - hopefully the penny has finally dropped now and Shirei can have his/her (sorry Shirei:)) thread back:D

[pompeyfaith]

right if the loan is going to run to term use the term date if the the loan is or will be settled early use the date u settled on PF