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hopefully help on working out multiple consolidation loans


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Ok I'm posting this away from my main thread as I feel it may be beneficial to others.

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Reading through the pdf's on the FOS website shows plenty of examples but none exactly like mine.

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I had taken Loan 1 out then 11 months later consolidated it into Loan 2, simple so far!

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After 55 payments, with 5 payments left, I consolidated Loan 2 into Loan 3. This is where it gets a little confusing!

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The FOS didn't show any examples of multiple consolidations so at first I worked out my SOC wrong.

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After a bit of thinking I realised Loan 3 STILL has residual PPI from Loan 1, in my case it was 1.28 % of my Monthly Payments BEFORE PPI.

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To work out the residual PPI from Loan 1 on Loan 3 I followed the FOS example of working out residual PPI (EXAMPLE 8 in the FSA PPI booklet) BUT applied it to the LOAN part of Loan 2's settlement figure.

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I've included a link to my revised SOC as it probably explains it better than me!!! :-D

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http://cid-be0857c5dcb445dd.office.live.com/view.aspx/CAG/SOC%20MULTIPLE%20CONSOLIDATED%20LOANS.xls

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