Could hellhasnofury Help Please, or Anybody?

[Vonn]

I had a loan back in December 2003.

I finished the loan by October 2004

I made 11 payments of £177.64 = £1,954.04

 

What would be the PPI Premium on the above?

What would 8% interest be on that, from 28th December 2003 to 4th October 2004?

 

Here are the details:

Loan Amount - £10,000.00

interest - £4,072.64

Total Amount Payable - £14,072.64

96 instalments @ £146.59

Monthly Premium - £31.05

Total Monthly Payment - £177.64 x 11

APR - 9.4

 

Thanks in advance, if anyone can work this out for me, could you please show me on spreadsheet as I need to send off how I worked it out.

 

Vonn

[fmc001]

Vonn

 

I have attached a spreadsheet detailing the following:

 

PPI Amount = £31.05

11 Payments starting December 2003

Statutory Interest applied @ 8%

Grand Total = £511.67

 

FMC

Vonn Spreadsheet.xls

[Vonn]

Thanks so much fmc001, Brilliant. That was quick!

Really appreciate it! Thank you!

 

Vonn

[Vonn]

Hi fmc001

 

Regarding the amount of interest Abbey took from me, the full amount of £4,072.64 (I had no rebate), would I be able to claim back any of that?

I paid the loan off in full in 11 months as opposed to 96 months, but they still charged me full interest covering the entire period. Were they right to still charge me £4,072.64 for 11 month period, somebody mentioned I could claim some of that back, what do you think?

 

Anything you can help me with, will be a great help.

 

Thanks Vonn

Edited July 22, 2010 by Vonn

[dj1971]

Hi Vonn,

 

You certainly should have received an early settlement rebate on the interest. If you have a copy of the credit agreement, please attach so we can have a look at it.

 

Secondly, you should be claiming the statutory interest @ 8% from date of each repayment until the date they refund your money. As you cannot know that date at this time, for now you use todays date.

 

Eg: Payment made 15th December 03 £31.05 so you calculate the 8% interest up until todays date 23rd July 10.

 

Good luck

 

DJ

[Vonn]

Hi DJ

 

I was waving, but you didn't see me haha.

I have the agreement, but cannot upload it as my scanner is broke, would you happen to know how much rebate I should have had returned on the amount above?

What do you think of this, had a letter just this morning from Santander (Abbey) and they said "We have done a search, there was no PPI added to your loan, your monthly re-payments were £146.59, therefore this matter is closed"???

I have the credit agreement on my desk, and it is exactly as I stated in my first post above, and my re-payments were £177.64, what a bloody cheek!

Any idea how much rebate to ask for on top of what fmc001 kindly worked out for me?

 

Cheers DJ

Vonn

[Vonn]

Hi DJ

 

Culd you contact me please, here >

Edited July 25, 2010 by Vonn

[dx100uk]

i'd remove you email we have spies!

 

if you have a mobile phone use that to take picture of your agreement.

 

scan your sheets/agreement

remove all pers info inc barcodes etc but leave all figures and dates.

goto one one of the many free online pdf converter websites

convert the image to pdf format.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

browse to your pdf file and upload it

hit close this windows at the bottom below upload it box

[Vonn]

Here ya go DJ, sorry it took so long.

Have done it in 3 smallish one's. See what you think.

 

Thanks

Vonn

Edited July 25, 2010 by Vonn

[Vonn]

Cheers DX, done!

[dx100uk]

l would be inclined to take 2 or 3 close ups of bits , that is blurred

dont forget to remove your per info etc

 

dx

[Vonn]

Thanks DX

[dj1971]

Hi Vonn,

 

The first part of the calculation is quite easy. The full amount of PPI would be £31.05 x 96 = £2,980.80.

 

Then you would normally add 8% per annum to each monthly repayment to work out the statutory interest which FM has already done for you.

 

However, assuming you did not receive any rebate of unused PPI???? As you paid the loan off very early, FM's calculations would only give you statutory interest on the monthly repayments you had made and not the full amount you repaid.

 

Fm's calculations are correct for the statutory interest on the monthly repayments you made. This gives us an additional £170.12 to reclaim.

 

Then we need to calculate the 8% statutory interest on the lump sum payment you will have made in order to settle the PPI loan. Do you have any documentation to tell us how much this was? ie how much you paid in lump sum in order to settle the PPI + interest charged loan.

 

Therefore your reclaim would be:

 

£2,980.80 + £170.12 + 8% on lump sum paid. If you let us know the amount of the lump sum, I can complete the calculations for you.

 

Now, on the question of you having paid the full amount of interest, even though you paid the loan off early. I suspect you should have received an early settlement rebate of interest.

 

Unfortunately the copy you have made of your agreement is unreadable. So if you can have a read through it and see if there is anything in there about paying the loan off early and how much you would have to pay. It would usually give the examples: if you pay off the loan in full after one quarter of the term has passed the amount you will have to pay is ......... Then if you want to settle the loan after half the term has passed, the amount you will have to pay is.......... and so on.

 

Let us know if there is anything relating to this in your agreement.

 

Happy reading

 

DJ

[Vonn]

Lol, DJ, that did make happy reading.

Here we go, I paid £9,698.39 in full to finish early.

 

I really appreciate this, wish I had your brain, figures are not my forte:sad:

 

Thanks DJ, your a star!

 

Vonn

[Vonn]

Hi DJ

 

This is what is says on the terms and conditions.

If you pay off your loan before the agreement is due to end, you may recieve a rebate of interest calculated in accordance with The Consumer Credit (Rebate on early settlement) Regulations 1983. The relevant details will be sent to you at the appropriate time. I never got a penny, didn't hear from them again!

The calculation of the amount payable by you will normally include two months extra interest if this agreement is for a term of 5 years or less and one month's extra interest if this agreement is for a term of more 5 years.

Any extra interest payable by you is intended to help us to cover the cost of settling up your loan. We may, however, at our discretion, exclude some or all of such extra interest.

 

Crikey, what a lot of jargon.

Vonn

[Vonn]

Hi DJ

 

At the end of all this, any chance of a spreadsheet, to prove how much they owe me and how I worked it out. Lol for once I can appear to have a brain.

 

Thanks DJ

[dj1971]

Hi Vonn,

 

£9,698.39 would have been the total to settle your loan and PPi. We need the figure to settle the PPI only.

 

DJ

[Vonn]

Hi DJ

 

It doesn't give any more info, nothing more about the PPI. What now?

There are no example of amounts on anything either, only what I have posted. Yikes.

Could I send an estimated amount to claim back, I'm sure they'll pull me on it and have their own figures, but reckon ours would be pretty close to it anyway... What say you?

Vonn

Edited July 25, 2010 by Vonn

[dj1971]

Vonn,

 

From the settlement figure you have given I have been able to work everything out, which is quite different to what I had already thought as it appears you did receive a rebate on interest charged and PPI. It would have reduced the amount of your final settlement.

 

So the amount of your refund should be:

 

PPI charged £31.05 x 11 £341.55

 

8% stat int. £170.12

 

Amount to settle Nov 04 £834.77

 

Plus 8% on settlement figure: £378.37

 

Therefore your total claim is: £1,724.81

 

As for the spreadsheet breakdown, just enter the figures i've used above.

 

DJ

[Vonn]

Thanks DJ

Really, really appreciate this, my head is frying, don't know how you keep up.

Well, that's 2 to try for and another 2 to go.

 

Thank you Great stuff!

 

Vonn