Can someone please help check these refund figures?

[landy_alert]

Hi everyone:)

 

I'm looking for some help with checking refund figures in relation to mis-sold PPI on a LTSB loan please. The figures are as follows -

 

Loan amount £10,000 (total cost including interest £12843.00)

Single Premium PPI £2113.30 (total cost including interest £2713.80)

Monthly loan repayment £259.28 of which £45.23 was PPI

Loan term 60 months

APR 10.8%

Months paid 15

Cost to settle early £8754.09 which included a PPI rebate of £997.00

 

Refund offered £1251.47 + 8% interest.

This has not been broken down at all, but would I presume includes 15 x £45.23 (PPI premiums) totalling £678.45.

 

Before I accept this offer I would like to know it is roughly correct.

 

LTSB have already incorrectly stated the amount of rebate received, quoting a figure of £1042.80 instead of the £997.00 that was actually received so I am disinclined to take their word their refund offer is correct.

 

Any help would be greatly appreciated, thank you!

 

Landy x

[dx100uk]

to correctly calc you will need the dates of your 15 payments.

then it's +8% int on the £45.83 from the date they took each payment, to the date of your claim.

 

then take 15X45.83 from the orginal PPI tot+int

then take that away from that the PPI rebate given

 

then you charge them +8%int ontop of that figure from its date

to the date of your claim,

to the day of your claim.

 

i think....

 

dx

[landy_alert]

to correctly calc you will need the dates of your 15 payments.

then it's +8% int on the £45.83 from the date they took each payment, to the date of your claim.

 

then take 15X45.83 from the orginal PPI tot+int

then take that away from that the PPI rebate given

 

then you charge them +8%int ontop of that figure from its date

to the date of your claim,

to the day of your claim.

 

i think....

 

dx

 

Hi dx:-)

 

Yes that's what I thought, so -

 

1) 15 x £45.23 = £678.45 plus 8% on each payment from payment date to claim date

 

2) PPI total plus interest (£2713.80) - £578.45 = £2035.35

 

3) £2035.35 - PPI rebate (£997.00) = £1038.35

 

4) £1038.35 plus 8% from settlement date to claim date

 

So total refund should be £1716.80 (£678.45 + £1038.35) + 8%..............I think?

 

Whereas LTSB have offered £1251.47 + 8%

 

Trouble is getting them (and the FOS) to understand:confused:

 

Landy x

Edited February 10, 2010 by landy_alert

[dx100uk]

looks ok

 

dx

[landy_alert]

Thanks dx;)

 

What I fail to understand is if we can work this out and its obviously correct, why the blooming FOS are unable to see that what LTSB have offered is wrong?

 

The FOS have said if we don't accept the offer it has to go to full adjudication, which from recent experience on another PPI claim will take another 6 months (minimum) and result in exactly the same decision - that LTSB have fulfilled their obligations and followed the FOS redress remedy.......which as far as I can see is total cobblers!