what amount of refund should i expect to receive..if?

[anton1]

hi all,have been pestering Welcome about my mis-sold ppi and they are dealing with it?

If they were to agree would anyone be able to give me a rough figure on what to expect as i dont want them ripping me off again.

The PPi was a fixed sum at the begining of the loan costing £565 and we have made 30 months of payments.the insurance payments are £26.85 pm which amounts to £805.

Am i right in thinking that we should receive the initial £565 plus the £805 we have already made?thank you in advance if any one can spread some light on this for me.Oh and i tried working with a few ppi calculators but my brain just cannot get the the hang of them lol

[ozzywizard]

Your 26.85 is made up of payment for PPI and interest, its only the interest payments you add to your PPI amount. So 565 plus the monthly interest amount.

Post up your agreement and I will check ofr you that you have done your calc correctly for the interest on the PPI .

[anton1]

hi ozzywizard thanks for the reply here is my agreement..

http://i576.photobucket.com/albums/s...1/100_1155.jpg

i just have visions of them making a poor offer rather then what they should be offering and want to be a little prepared for them.....

[ozzywizard]

No probs Anton, im at work now and not really possible to do this but I will defo work all this out for you tonight and let you know.

[anton1]

many thanks ozzywizard you help is much appreciated,i will check back later,have a good day...anton

[ozzywizard]

Cheers Anton, it may get about midnightish but I will do it for ya. Its only a 5 min job at home to check.

[ozzywizard]

Ok Anton, lets do a full breakdown of your agreement then work out the PPI near the end.

 

Your loan is £4500 over 36 months at 48.5% apr

 

thats a monthly repayment of £217.02

interest £3,312.77

total payable £7,812.77

 

 

Insurance 565 over 36 months at 48.5 % apr

 

interest £415.93

monthly payment £27.24

total payable 980.93

 

total interest is £3728.70 plus loan of 4500 is 8,228.70 plus insurance of 565 is total amount repayable 8,793.70 now add acceptance fee of 75 pound is 8,868.70 divide by 36 to give a monthly figure of £246.35 ...

This meens welcome did not add in the 75 acceptance fee so when you think the loan is finished you will owe this. they have done your agreement incorrectly.

 

 

Your interest is £415.93 . so we divide by 36 is £11.55 insurance interest a month . so we multiply this by your 30 payments £346.61 . Now add insurance of 565 giving total to claim £911.61 (you can add the 8% stat interest on this if you wish)

[anton1]

many thanks ozzywizard for the figures you have provided,at least i now have a rough idea of the figure if they decide to settle.i had a call from someone at compliance saying they are near to a decision last week so hopefully i will know wether it will be settled amicably or via FOS.I thought that the 8% was only added if you go to FOS or can i simply add that for the inconvenience caused and not having the use of the money as it were.

Again many thanks for your time and help....anton

[anton1]

also is there any relevance to them not adding the £75 fee but that they deducted the amount?