lt4waf v HSBC PPI - Need assistance with how much to claim

[lt4waf]

Hello

 

I love this place, and i can usually dig out the information i need in order to assist me with my questions. I'm having a lot of trouble getting my head around the interest i should be adding to my PPI claim however.

 

I have downloaded the CAG PPI Calculator excel sheet (attached), and i think i've filled it out right, though i cannot be certain. If there is anyone out there that would be so generous as to have a wee peek at my figures and results below from the calculator and comment i'd be very grateful.

 

Some background....

 

I'm actually about to claim for 2 unsecured loans which stiffed me for PPI. One with HSBC and one with Halifax. I'll concentrate on HSBC here and apply any knowledge shared or gained to the Halifax claim as they are the exact same type of loan for the same principle amount.

 

HSBC

--------

 

Date of Loan: 3/11/1998 (I have the original loan agreement.)

-------------------

Principal Loan

-------------------

Loan: £10,000

Total Charge for Credit: £2864

APR: 10.9%

Total Amount Payable: £12,864

 

60 Monthly Payments: £214.40

------------------------------------------

Credit Protection Insurance Loan

------------------------------------------

Loan: £1825.40

Total Charge for Credit: £521.25

APR: 10.9%

Total Amount Payable: £2341.25

 

Initial Payment: £38.48

59 Monthly Payments: £39.03

-------------------------------------------

Total Initial Monthly Payment: £252.88

59 Monthly Payments: £253.43

 

I am seeking restitution to include the return of all my monies paid for the PPI, and additionally around 13 years interest from the first payment until the date the matter is settled either by the bank or the court.

 

My first hurdle is do i claim simple interest at the statutory amount of 8%?

 

Or do i claim for compounded contractual interest, and if so how on earth do i find out what figure to apply to every interest calculation?

 

After filling out the CAG PPI Calculate Spreadsheet the results are as follows, i must confess to not having any understanding of how this works and the results it shows:-

 

Loan Details

-----------------

PPI Premium: £2341.25

APR: 10%

Monthly Int %: 0.870

Monthly PPI Int: £20.37 (automatically worked out by spreadsheet)

 

For statutory interest from the first payment until now the sheet throws up:-

 

Total Paid: £3563.45

Total Interest: £3345.29

Total Refund Required: £6908.74

 

For compounded contractual interest from the first payment and using the APR of 10.9% as that's all i have to go on the sheet throws up:-

 

Total Paid: £3563.45

Total Interest: £9387.93

Total Refund Required: £12,951.38

 

Is the refund required in addition to PPI total of £2431.25?

 

Do the above refunds seem valid enough?

 

I want to be sure of what i am claiming for and that my claim is valid incase i have to take everything to court.

 

I welcome anyones's thoughts good or bad, thanks for reading and sorry it turned out to be so long winded, i really hope i haven't made my situation worse by confusing you all....lol

 

Thanks

CAG PPI Calculator1.xls

[dx100uk]

IMHO you should follow the info on the FOS website

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

 

dx

[ims21]

Hi there

 

You only need a simple interest calculator for your loans.....use this one

 

http://www.consumeractiongroup.co.uk/Spreadsheets/England/Simple-charges-calc.xls

 

I looked at your spreadsheet and it is incorrect because for loan 1 you have entered the amount of loan as being £12,864....it should be £10,000. Didn't look further as this alone is enough to throw the calculations.

 

You don't claim compound interest on a loan...you claim the amount of each ppi payment including the interest charged by the bank per the agreement + 8% stat int from the date of each of those payments.

 

So for loan 1, the first payment was £38.48 and subsequent payments were £39.03. You enter these figures in the spreadsheet I have linked to together with the dates thay were paid and it calculates the 8% interest for you.

 

Also have a read of the fos stuff that dx has pointed you to.

 

ims

[lt4waf]

Thank you DX and IMS for taking the time to help me out.

 

The spreadsheet you attached has made things very easy to work out thank you.

 

I've filled it out and have the total for the 60 months which concluded in Oct 2003 and is £4,229.92

 

It is now 2011, am i allowed to claim the interest on £4,229.92 between Oct 2003 and now at 8% also?

 

If this money was in the bank or invested it would have grown since 2003.

 

Thanks again, you've been a big help in getting me to understand where i stand.

 

lt4waf

[ims21]

Thank you DX and IMS for taking the time to help me out.

 

The spreadsheet you attached has made things very easy to work out thank you.

 

I've filled it out and have the total for the 60 months which concluded in Oct 2003 and is £4,229.92

 

It is now 2011, am i allowed to claim the interest on £4,229.92 between Oct 2003 and now at 8% also?

 

If this money was in the bank or invested it would have grown since 2003.

 

Thanks again, you've been a big help in getting me to understand where i stand.

 

lt4waf

 

 

Hi

 

Yes you do claim the 8% right up to date. You will find that the spreadsheet has done it for you. If you put the cursor in a cell in the interest column you will see that it contains a reference in the formula to NOW(). This is the current date so your interest has been calculated right up to now.

 

ims

[dx100uk]

blimey the old vampiress spreadsheet

not seen that in years!

 

dx

[lt4waf]

Thank you IMS i think i now finally have my head around it all

 

Have a great day

 

lt4waf

[ims21]

blimey the old vampiress spreadsheet

not seen that in years!

 

dx

 

But it works and its simple (like me!)

 

If it aint broke don't fix it

 

ims