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Me Vs Natwest Figures check pls


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Hi,

 

Well i had all my info back from natwest, well say all - Just statements.But from that i got my loan info and emailed Natwest asking for details about this loan.

 

Recieved a replay saying that they could not locate any agreement, which is no real use to me as i have paif this up. But they inclosed a printed out statement.

 

I have found a APR calculator thing and if its correct then my APR from my repayments was %32.2 :eek:

 

Just wondered if someone could check my figures as i am useless at numbers and its over my head.

 

ok so loan was for £3000, PPI was for £408 monthly repayments were £164.99. I made 1 repayment of loan £122.83 and also loan interest £42.16 then monthly from then at £164.99. I made 10 payments then paid a lump sum of £2139.49 to clear the loan.

 

i have used the simple calculation spreadsheet and enters all the figures as i see them. It is saying that i should be asking for £2770.92???

 

Can someone please check and let me know if i am doing things right?

 

thanks

 

mcc

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You read my mind - I just logged in.

 

I worked out that the Effective APR (taking into account that you settled the loan early) is 39.35%, which works out at 2.8037% per month.

 

The PPI amount plus 11 months interest is:

 

408 x (1 + 0.028037)^11 = 568.55

 

So your total claim would be:

 

PPI 408.00

Interest 160.55

Total 568.55

 

This does not include statutory interest of 8%, because this can only be claimed once you submit a county court claim against Natwest, if they refuse to pay after your LBA (Letter Before Action).

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  • 1 month later...

Hi all, Got my decision letter back from natwest today.

 

they have said that they are satisfied that i would have been provided relevant information and any exclusions etc with this policy, so will not uphold my complaint.

 

However as a gesture of goodwill they have offered me £328.15, which they say is the insurance premiums and interest that i have paid. excluding the amount of £146.09 which is what was credited back to the account when it was paid off.

 

Must say im a little dissapointed. i tried to call them to ask them to explain their figures and they baffled me with numbers!

 

they said that my APR rate was actually 15.9 % loan was over 24 months.

they say that they work their figures out on the base rate which he gave me of %8.096. Still i dont know what to make of it.

 

Any suggestions? Does this seem right?

 

i feel that i may have to accept as i could really do with the money i have things to pay lol.

 

Thanks

 

McC

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