PPI Claim - How to calculate

[fmc001]

Hi folks

First of all can I start by saying what a fantastic site this is.

I was quite sceptical about trying to reclaim PPI as I did not think that I would have much of a chance in succeeding. However after reading a few posts from various members I realise that my personal circumstances are very similar to other members who have launched and succeeded with their claims.

At this moment in time I have submitted to RBS and Abbey National a Subject Access Request. I also have other financial providers that I need to contact and will do so in the near future.

However as I await the outcome of the above I was hoping that someone would be able to provide some advice and guidance on what I am actually claiming for.

 

The breakdown of the loan was as follows:

Loan 4000.00

Interest 1498.40

Total Amount (A) 5498.40

A is payable by 48 monthly instalments of £114.55 (APR 17.9%)

 

Credit Protection Premium 582.69

Interest 218.43

Total Amount (B) 801.12

B is payable by 48 monthly instalments of £16.69 (APR 17.9%)[/font]

 

Total monthly payment = A + B = £131.24

 

In the above scenario is the correct amount to claim for equal to:

Amount B (Total cost of PPI including interest)* Compound Interest (8%)* Date Loan Issued (July 1997)

 

Any help advice or guidance that I am on the right track would be very much appreciated.

[fmc001]

Hi Landy

 

The loan is not running any longer and the last repayment was made on the loan in January 2001.

 

I have 6 loans in total.

 

5 have been with the RBS and date from 1992 to 1997 and the one highlighted in this thread is with Abbey National that ran from 1997 till 2001.

 

I also have some credit cards (in fact many over the past few years that I need to do a bit further research on) that I would like to pursue PPI claims against.

 

Unfortunately I can only remember the Credit Card company however I do not have and of the credit card details.

 

Does anyone know if I send an SAR request without account details does the CC company still need to comply???

 

For the time being I am going to have a go at calculating reclaim figures for the Abbey loan.

 

When complete I will copy them to here and I would be very grateful if someone could cast an eye over them to make sure that I am on the right track.

 

Cheers

Edited March 24, 2010 by fmc001

[fmc001]

Hi

 

While I am waiting for my SAR's to be processed I am currently trying to work out a figure for what I should be claiming.

 

I have attached an extract from my loan agreement stating the loan amount, interest, PPI amount and APR.

 

The loan was taken out in July1997 and the first payment made August 97 and there after for 48 months.

 

Can I claim Contractual Interest @ 17.9% and then 8% on top on the PPI Premium and the interest payments made.

 

By my calculations this would be in excess of £8000.

 

Can anyone confirm if this is correct??

 

Many thanks

24-03-2010 18-52-17 3.bmp

[fmc001]

Landy

 

Thanks very much for your advice.

 

I think I get a better idea now on how to calculate single premium PPI.

As the £16.69 monthly payment for PPI already includes the contractual interest you simply add 8% statutory interest to each of the 48 payments. Then add together £16.69 + 8% interest for each of the 48 payments to get your final figure.

 

I just received through my CCA from Abbey National so I am in the middle of putting together my first letter to claim my refund.

 

I have another question though. I have tried Google andthe forum but to no avail. Does anyone know if Abbey National were fined for miselling of PPI as I would like to include this point in my letter if appropriate.

 

Many thanks

 

FMC

[fmc001]

Thanks DX

 

I have put my first letter of complaint in the post and I will keep you updated on my progress.

 

Cheers

[fmc001]

Just a quick update on this thread.

 

I submiited a request to claim back my PPI to Abbey National for a loan that was taken out in 1997 and finished in 2001.

My SAR was sent on 14th March 2010 and I received a copy of the original loan agreement dated July 1997.

I sent my first letter requesting a refund on 09 April 2010. This was delivered on the 14th April 2010. After waiting a few weeks I contacted the bank who denied ever receiving the letter.

I sent my second letter on 19th June. I received confirmation in the post of receipt from the bank.

Today I received in the post confirmation that my complaint has been upheld and that they will refund my premiums (£801.12) and 8% Interest (£705.11) making a total of £1506.23

I have got some forms to sign and return before the refund is released.

 

I would just like to say a big thank you to everyone that has helped and a donation will be made to CAG when the cheque is received.

[fmc001]

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I have attached the spreadsheet that I used to calculate my refund for a previos loan (from 1997). It was accurate to about 15 pence when compared to the figure offered by the bank. I have quickly completed it with the figures you supplied. All the formulas will be available in the spreadsheet. Download this, print it off, and send it with your claim.

 

FMC

Scanner Loan.xls