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Hi guys,

I was miss-sold PPI on a loan with the Halifax. I took the loan out on the 20/7/99 for £3000. The total amount I paid on the insurance was £294.94 - the loan was to be paid back over 1 year. I was charged at 17.9% APR.

Before I send my demand for PPI reclaim could someone please please please check my figures. I have done numerous reclaims for month;y paid premiums but this is my first for single. My calculations are as follow -

£294.94 + 17.9% + 8% (statutory) = £3484.72

 

Is this right? It seems an awful lot?

 

Many thanks in advance

kx

PPI REFUNDS

HALIFAX - Loan PPI full refunded + 8%

HALIFAX - Credit Card PPI full refund + 8%

EGG - WON!

MARBLES/HFC - N1 Submitted

MORGAN & STANLEY - [/WON!]

 

CREDIT CARD CHARGES REFUNDS

 

HALIFAX - Credit Card Charges full refund + 8%

MARBLES/HFC - N1 Submitted

EGG -WON!

BARCLAYCARD - WON!

BARCLAYCARD 2 -WON!

MORGAN & STANLEY - Full refund + CI

 

CAG has been amazing and a real God send! Thank you so much to all the people who help to make this the place it is and dedicate their time to help people like me! Please donate to help keep this site alive! It's Priceless!!!!!

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Could someone also just confirm this for me please -

 

Compound interest calculator

 

When using the above calculator to calculate interest on a monthly PPI fee (for credit cards), it asks you to enter the interest rate. Do you enter the monthly interest rate or the annual interest rate? Sorry if this seems a really basic question but I am having a mental block.

Thanks

kx

PPI REFUNDS

HALIFAX - Loan PPI full refunded + 8%

HALIFAX - Credit Card PPI full refund + 8%

EGG - WON!

MARBLES/HFC - N1 Submitted

MORGAN & STANLEY - [/WON!]

 

CREDIT CARD CHARGES REFUNDS

 

HALIFAX - Credit Card Charges full refund + 8%

MARBLES/HFC - N1 Submitted

EGG -WON!

BARCLAYCARD - WON!

BARCLAYCARD 2 -WON!

MORGAN & STANLEY - Full refund + CI

 

CAG has been amazing and a real God send! Thank you so much to all the people who help to make this the place it is and dedicate their time to help people like me! Please donate to help keep this site alive! It's Priceless!!!!!

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Hi Kate999,

 

The totals I get are:

 

PPI charge: £294.94

Interest @ 17.9%: £29.37

Statutory interest @ 8%: £1,569.76

 

Total claim: £1,894.07

 

DJ

  • Haha 1
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Brilliant - many thanks!

Can I just confirm that their interest is only charged at 17.9% for the length of the agreement?

PPI REFUNDS

HALIFAX - Loan PPI full refunded + 8%

HALIFAX - Credit Card PPI full refund + 8%

EGG - WON!

MARBLES/HFC - N1 Submitted

MORGAN & STANLEY - [/WON!]

 

CREDIT CARD CHARGES REFUNDS

 

HALIFAX - Credit Card Charges full refund + 8%

MARBLES/HFC - N1 Submitted

EGG -WON!

BARCLAYCARD - WON!

BARCLAYCARD 2 -WON!

MORGAN & STANLEY - Full refund + CI

 

CAG has been amazing and a real God send! Thank you so much to all the people who help to make this the place it is and dedicate their time to help people like me! Please donate to help keep this site alive! It's Priceless!!!!!

Link to post
Share on other sites
Could someone also just confirm this for me please -

 

Compound interest calculator

 

When using the above calculator to calculate interest on a monthly PPI fee (for credit cards), it asks you to enter the interest rate. Do you enter the monthly interest rate or the annual interest rate? Sorry if this seems a really basic question but I am having a mental block.

Thanks

kx

 

AFAIK You use annual rate at the highest cash rate that you were charged on your last statement with 12 rests.

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Sorry middenmess - bit of a novice still

AFAIK?

and 12 rests - the compound calculator above gives you 4 options

1 - compounded annually

2 - compounded bi-annually

4 - compounded quarterly

12 - compounded monthly

 

I am assuming I use 1 - compounded annually

 

Thanks for your help

kx

PPI REFUNDS

HALIFAX - Loan PPI full refunded + 8%

HALIFAX - Credit Card PPI full refund + 8%

EGG - WON!

MARBLES/HFC - N1 Submitted

MORGAN & STANLEY - [/WON!]

 

CREDIT CARD CHARGES REFUNDS

 

HALIFAX - Credit Card Charges full refund + 8%

MARBLES/HFC - N1 Submitted

EGG -WON!

BARCLAYCARD - WON!

BARCLAYCARD 2 -WON!

MORGAN & STANLEY - Full refund + CI

 

CAG has been amazing and a real God send! Thank you so much to all the people who help to make this the place it is and dedicate their time to help people like me! Please donate to help keep this site alive! It's Priceless!!!!!

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Share on other sites

hang on here

 

your confusing CC calculations with single premiums loans

 

on SPL, you workout what portion of your PCM was the PPI element in total for that month inc the interest.

 

then you compound monthly at 8% from the date that EACH PPI element of your PCM was paid to the date of your claim.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Morning dx - can you just confirm for me......

PCM?

SPL?

Thanks for looking at this for me.

kx

PPI REFUNDS

HALIFAX - Loan PPI full refunded + 8%

HALIFAX - Credit Card PPI full refund + 8%

EGG - WON!

MARBLES/HFC - N1 Submitted

MORGAN & STANLEY - [/WON!]

 

CREDIT CARD CHARGES REFUNDS

 

HALIFAX - Credit Card Charges full refund + 8%

MARBLES/HFC - N1 Submitted

EGG -WON!

BARCLAYCARD - WON!

BARCLAYCARD 2 -WON!

MORGAN & STANLEY - Full refund + CI

 

CAG has been amazing and a real God send! Thank you so much to all the people who help to make this the place it is and dedicate their time to help people like me! Please donate to help keep this site alive! It's Priceless!!!!!

Link to post
Share on other sites

figured out SPL - still not sure about PCM? Sorry - still waking up!:p

PPI REFUNDS

HALIFAX - Loan PPI full refunded + 8%

HALIFAX - Credit Card PPI full refund + 8%

EGG - WON!

MARBLES/HFC - N1 Submitted

MORGAN & STANLEY - [/WON!]

 

CREDIT CARD CHARGES REFUNDS

 

HALIFAX - Credit Card Charges full refund + 8%

MARBLES/HFC - N1 Submitted

EGG -WON!

BARCLAYCARD - WON!

BARCLAYCARD 2 -WON!

MORGAN & STANLEY - Full refund + CI

 

CAG has been amazing and a real God send! Thank you so much to all the people who help to make this the place it is and dedicate their time to help people like me! Please donate to help keep this site alive! It's Priceless!!!!!

Link to post
Share on other sites

DX

 

My reply was in response to Kate's second question.....

 

When using the above calculator to calculate interest on a monthly PPI fee (for credit cards)

 

 

Kate.

 

PCM =Per calendar month

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