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dj, Are U Around? Need Help Quite Urgently!

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Hi dj


Just had an offer from Abbey for £466.79 not £1726.65 that I had hoped for :(

Not sure quite what to do now, they say "This offer consists of £310.00 as a refund, representing the payments made in respect of the PPI from 13th January 2004 (the date that the first payment was taken after your loan was set up on the 06th December 2003) to 13 September 2004 (the date that the last payment was made, when you repaid the loan in full).


It also includes £156.29 in respect of interest payable over the same period.


The PPI was added to the loan on a monthly basis which meant when you repaid your loan in full on 13 September 2004 only one months premium has been included in the calculation.


Then they have a box with the following iformation in:


(A) Total monthly premiums from 13 January 2004 to 13 September 2004 = £310.50

(B) Interest1 on (A) to 31 August 2010 = £156.29

© Total premiums + interest (A+B) = £466.79


Do you remember the workout you did for me, (attached) could you just ammend what they are on about and tell me what your total amount is please dj.

I just know their figure is not right and their trying to bamboozle me, I don't think they have taken the settlement figure into account either?

I would rather go with what you come up with, but don't know how to explain it to Abbey.


Attached, is what you worked out from my agreement: Thanks dj.

ABBEY LOAN - Charges-calculated - dj.xls

Edited by Vonn


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Hi dj


Your settlement date was: Nov 04. Settlement figure was £834.77, plus 8% interest.


Their settlement date is: Sept 04, so what would the settlement figure be for that?:???:

Plus, I need to add 8% stat interest to it. (Which they have not taken into account)


Could you do a small spreadsheet which I can produce to them as I am declining their paltry offer, what a cheek!:mad:




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Here is the info on the Abbey Loan again dj.


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

APR - 9.4


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I suggest you don't stress yourself out about what said what when.


It certainly seems Abbey are trying to conn you again.


You can write to them again, enclosing the calculations I have done for you and either:


1) Accept their offer as part settlement of the amount you are due.


2) Or reject their offer and ask them to reconsider. State that if they refuse, you would like a full and final offer letter from them so you refer the matter to FOS.


Your choice really.



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How much would the settlement amount be going by Sept 04? Also the 8% on top, Because I don't have a clue.



Edited by Vonn


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