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Working Out PPI Amounts and Interest?


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Hi

 

Could somebody explain this to me, as I know very little about this and need some help.

I have one ongoing loan with Abbey (Santander) and one dating back to 2002.

How do I work out what PPI was added and how do I work out the interest?

 

Vonn

Edited by Vonn

Vonn

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Vonn...I think you need to send a SAR in the first instance to find out what the premium/s was/were.....interest is usually worked out at 8% compounded.

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

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I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU

 

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Thanks both for your input, really appreciate it.

Hi 42man

I have already sent a SAR, they returned me the credit agreement, just don't know what to do next or what else to send. Could you guide me please.

 

Thanks, Vonn

Vonn

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What did the SAR reveal ? JUST the agreement ? or the records of all payments and charges ?

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU

 

I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU

 

IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.

Before you decide,consider the users here who have already offered help and support.

Private message facilities are offered for users to communicate issues that are/or could be seen to be inappropriate for posting on the main forum.Site rules explain this in more detail.

If you are approached by private message with a view to asking you to visit another website,please inform the site team via the report icon.

 

Forum rules - http://www.consumeractiongroup.co.uk/forum/forum-rules-please-read/9-forum-rules-please-read.html

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Hi 42man

Yeah, just the credit agreement.

I haven't a clue how to work out the interest charged on PPI's or my bank charges.:eek:

 

Vonn

Edited by Vonn

Vonn

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If the amount of PPI is shown on the agreement then it should be relatively easy to work this out....I know there are some calculators around...you can also use a bank charges calculator too to work these out...

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

DEBT COLLECTION LETTER/SAR/AGREEMENT TEMPLATES ARE HERE - http://www.consumeractiongroup.co.uk/forum/content.php?65-legislation

 

IF WE HAVE BEEN HELPFUL -PLEASE, PLEASE, PLEASE GIVE A DONATION TO HELP US TO CONTINUE HELPING YOU

 

I AM HAPPY TO RECEIVE PM's AND I WILL RESPOND IF I FEEL I CAN ASSIST BUT WHEN YOU DO CAN YOU PLEASE PROVIDE A LINK TO YOUR THREAD ON WHICH YOU WOULD LIKE ME TO COMMENT - THANK YOU

 

IMPORTANT - If you are sent a private message directing you for advice or support with your issues to another website,this is your choice.

Before you decide,consider the users here who have already offered help and support.

Private message facilities are offered for users to communicate issues that are/or could be seen to be inappropriate for posting on the main forum.Site rules explain this in more detail.

If you are approached by private message with a view to asking you to visit another website,please inform the site team via the report icon.

 

Forum rules - http://www.consumeractiongroup.co.uk/forum/forum-rules-please-read/9-forum-rules-please-read.html

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Hi Vonn,

 

If you remove all personal details from your credit agreement ie name address etc and post it on the forum, we will be in a better position to help you.

 

Or alternatively post the following information from your credit agreement:

 

1) Amount of PPI charge

2) Monthly payment towards PPI

3) Date of first payment

4) Interest rate charged

5) Number of payments to date

 

DJ

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Hi

First off, thanks for your help!

This is what I have:

Monthly benefit - £297.82

Premium (including IPT) - £3,000.00

Total Advance - £23,000.00

Then:

Cash Price and amount of credit for Protected Payment Premium - £1800.00

Monthly Repayment - £23.54

Rate of interest per month (Variable in the event of change in the First National base lending rate - 0.7930%

APR (No account of any variation of the rate or of the amount of interest payable has been taken) - 9.9%

Hope this helps, cos I'm clueless!

Date of first payment 21st October 2004

Number of monthly repayments - 118

Edited by Vonn

Vonn

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Hi Vonn,

 

You welcome for the help. Am just doing the same as others did for me when I started claiming PPI back from sharkleys.

 

The total amount of your claim should be: £3,151.35. Please see attached spreadsheet for the calculations.

 

You will have to cancel the PPI, but make sure you have adequate cover for the loan, should you not be able to pay. Just google PPI policy and you will find a much cheaper policy than the one you have with santander.

 

All the repayments you have already made plus the statutory interest should be paid directly to you, by whatever means you choose.

 

Any further questions just ask.

 

Best of luck

 

DJ

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You make it look so simple.

 

Thank you so much dj, I really, really appreciate this, I was in such a mess and clueless as to where to begin.

Fabulous! I will look around for something cheaper.

Should I just send a letter now asking for it to be paid back to me? Can't thank you enough.

 

Cheers DJ!

Edited by Vonn

Vonn

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The penalty amounts do not look right to me Vonn. These should be what you were actually charged on that date. I am assuming these are bank charges?

 

Re PPI, I was in your shoes when I started, didn't have a clue where to start and others helped me. Perhaps one day you can do the same for others.

 

Yes, I would just send them a simple letter stating the reasons you believe the ppi was mis-sold and requesting that they cancel the ppi and refund the premiums to you.

 

At This point I would state whether you want the refund to reduce the balance on your loan, or paid to you directly. Be nice and clear right from the start.

 

They will have 8 weeks max to investigate and send you a full and final response.

 

Good luck

 

DJ

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OK, I will be nice :wink: Thanks DJ, your a star!

 

Yes DJ, They are bank charges, knew I'd mess up somehow.

;)

 

Vonn

Edited by Vonn

Vonn

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No worries Vonn.

 

Just I am not up to date on where things are with bank charge claims, perhaps someone else can advise you.

 

In the meantime I see no harm in submitting a claim anyway. So under penalty charged just enter the amount you were charged on that date and the calculator will do everything else for you.

 

I am often around everyday at some point, more so lately as I have been made redundant. So any questions or queries just ask.

 

DJ

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Sorry to hear of your redundancy, hope your doing ok!

Will try and get on with it and add the penalty charge.

Thanks for all your help DJ.

 

Vonn

Vonn

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Hi Dj

 

i see your pretty clued up on claiming back PPI

 

can you explain to me in a muppets guide how to do it as i have a personal loan with TSB for the past 5 years and its still on going i would love to claim some of this cash back

 

thanks

 

Bob

Edited by bobdope2002
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Hi Vonn,

 

You welcome for the help. Am just doing the same as others did for me when I started claiming PPI back from sharkleys.

 

The total amount of your claim should be: £3,151.35. Please see attached spreadsheet for the calculations.

 

You will have to cancel the PPI, but make sure you have adequate cover for the loan, should you not be able to pay. Just google PPI policy and you will find a much cheaper policy than the one you have with santander.

All the repayments you have already made plus the statutory interest should be paid directly to you, by whatever means you choose.

 

Any further questions just ask.

 

Best of luck

 

DJ

Hi.

I hope you don't mind me asking, as it will help me understand how to work these things out for myself too.

From your calculation am I correct that you get the £977.72 "Interest on PPI" by:

23.54 x 118 = 2777.72 - 1800 = 977.72 ?

If so I don't understand why the £977.72 is then added to the "Amount of Claim"?

Because if the £977.72 is interest over 118 payments and, if I understand correctly, Vonn has only made 69 payments, doesn't this claim back interest that hasn't been paid yet?

 

I'm not too good with these calculations, so sorry if I'm not understanding this.

thx

Edited by mot22
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Hi Bobdope & Mot,

 

I am more than happy to help both of you out.

 

But in order to help keep track of everything use must open your own threads.

 

This can be done very simply by clicking on the new thread button at both the top and bottom of the forum page and submit your questions there.

 

Keep smiling

 

DJ

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