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Hello. First post on this forum so here goes

Can anyone help with these calculations or give any advise me on this

 

I have had 3 consecutive personal loans with the same high street bank and now in the process of making claims. The main reason for making the claims is that I have been self employed since 1983 and was not made aware of the specific exclusions relating to unemployment cover.

Basic info as follows: -

Loan 1

Started 5/1/98

Settled with new loan 17/8/01 (43 months of 60 month policy)

Loan amount………………..8000

Personal loan protector……1800

Total interest………………..3337.60

Total amount payable…….13,137.60

Interest rate…………………….12.9% APR

Monthly payments……………218.96

Loan 2

Started 17/8/01

Settled with new loan 2/1/04 (28 months of 60 month policy)

Loan amount………………...6500

Personal loan protector…….1495

Total interest…………………2505.60

Total amount payable……..10,500.60

Interest rate……………………..11.9% APR

Monthly payments……………175.01

Loan 3

Started 2/1/04

Settled with new loan 15/11/07 (46 months of 84 month policy)

Loan amount……………….15,000

Loan protector insurance……3714

Total interest………………….6156.72

Total amount payable………24,870.72

Interest rate……………………..8.8%APR

Monthly payments……………..296.08

 

I have tried downloading the interest calculator on this site but I have an old PC and cant manage it.

Any advice would be greatly appreciated.

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Hello and Welcome, paraman1.

 

I've moved this thread to the PPI Forum, you should get help shortly.

 

Regards.

 

Scott.

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Hi

 

Loan 3 was settled early....presumably form another source rather than another loan from the bank.

 

Which lender are we talking for these three loans?

 

Did you get any PPI rebates when you settled the loans early and of so how much for each?

 

Did all the loans have their repayments met on time?

 

Which version of Windows are you using and do you have MS Excel?

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Thanks for the quick responses

 

Loan 3 was settled with yet another loan from same bank but with no PPI

 

All loans with Nat West

 

PPI rebates

Loan 1 = £138

Loan 2 = £409

Loan 3 =I’ve just checked bank statement and a sum of £296.08 is shown under “Loan A/C closed” no mention of PPI rebate

 

All loans were settled early and repayments met on time

 

I have Windows XP and Microsoft works. (Time for new computer)

 

Thanks for your help

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Ok

 

Pop along and grab yourself a copy of OpenOffice from here http://www.openoffice.org/

 

Its free and is a fully featured office suite, as good as Microsoft Office.

 

You will then be able to use the spreadsheets.

 

Have a read of No.1 in my signature as all of the details on how to work out your claim are there.

 

The spreadsheets to use are at the end.


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Most helpful thanks . I will look into that and let you know how it goes

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Thanks for the help so far and I am now able to open the 2 spreadsheets and have looked at your examples with interest

 

I really want to get an idea of what I can expect to claim so a few more questions using a simplified example

 

Loan £10,000 @ 10% APR for 60 months

PPI £1112

Total loan £11,112

Repayments £233.50 per month

On this example the PPI part is 10% of the total loan

10% of £233.50 = £23.35 per month for PPI

Settle loan after 43 months x £23.35 =£1004.05

PPI rebate £100

 

Questions

1 From the example given what should I be able to claim back

 

2 In the PPI redress calculations spreadsheet can you tell me what to put in following sections

Claim from

Claim to

Monthly payment of PPI

8% simple interest

Date of Charge

Description

Amount of charge

3. I am going to send a covering letter with FOS questionnaire to the bank in question and wondered if

I should attach calculations initially or let them work it out

 

Thank you in advance

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Hi Paraman1, I'm sure Ims21 will correct me if I'm wrong, but Loan 4 (without PPI) would still have an element of PPI rolled into it from the previous three loans! BP


Many of life’s failures are experienced by people who did not realize how close they were to success when they gave up. - Thomas Edison

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Hi Paraman1, I'm sure Ims21 will correct me if I'm wrong, but Loan 4 (without PPI) would still have an element of PPI rolled into it from the previous three loans! BP

 

Yes that is usually the case. Even though loan 4 did not have any policy attached to it, the amount borrowed would have included a sum needed to pay off previous borrowing which did have a PPI element attached to it.

 

Paraman,

 

You should ideally prepare a spreadsheet of claim which you can forward to the lender together with the fos questionniare.

 

Start with loan 1

 

Total loan is £9800, PPI part is £1800. Percentage of PPI is 1800/9800 x 100 = 18.37%. So of each monthly payment you made, 18.37% of it was for the PPI part of the loan.

 

18.37% of £218.96 is £40.22.

 

In the spreadsheet list the payments of £40.22 you actually made giving the date of the payment, a description ("Loan 1 PPI" for example) and the amount.

 

"Claim From" date is the start date of the first loan and "Claim To" date is today.

 

The spreadsheet will do the rest for you.

 

When you have done that shout here and we will work out the rollover from loan 1 and the loan 2 figures.

 

Did you get any rebates of PPI when each of these loans was settled early? If so, how much for each loan?


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Thank you all

 

I have put in my details, lender name and a/c number. I have put in the “claim from” date as 5/1/98 (start of loan) and the “claim to” date is set to today (not date of settlement). Can you confirm that under “date of charge” I put the date I made each payment starting with first payment 5/2/98 and under “amount of charge” I put £40.22. I then work down each monthly payment until settlement date.

Maths and calculus are not my strong points so grateful for all the help

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Thank you all

 

I have put in my details, lender name and a/c number. I have put in the “claim from” date as 5/1/98 (start of loan) and the “claim to” date is set to today (not date of settlement). Can you confirm that under “date of charge” I put the date I made each payment starting with first payment 5/2/98 and under “amount of charge” I put £40.22. I then work down each monthly payment until settlement date.

Maths and calculus are not my strong points so grateful for all the help

 

Yes to all :-)


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Ok I am now starting to get to grips with the complexities of this and have now managed to complete the spreadsheet for Loan 1 PPI which totals £3403,03. I would be grateful for advice on next step with regard to rollover and the info requested as follows.

 

Loan 1 was settled after 43 months (of 60 months) and £3403,42 was taken from loan 2 to settle. I received £138 PPI rebate

 

Loan 2 was settled after 28 months (of 60 months) and £4867,54 was taken from loan 3 to settle. I received £409 PPI rebate

 

Loan 3 was settled after 45 months (of 84 months) and £9594.35 was taken from loan 4 to settle. I received no rebate

Loan 4 was settled recently with re-mortgage on property

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Ok so you should have a list of 43 entries of £40.22.

 

Take hold of this spreadsheet and enter the three items of data in the boxes at the top.

 

LoanAnalysis.xls

 

Read down to payment No.43 and you will see that the spreadsheet gives a balance due at that time of £3402.72. 18.37% is the settlement figure for the PPI part of the loan which is £625.07. You were given a rebate of £138.00 so take one from the other and you end up with £487.07 which is the amount of PPI rolled over from loan 1 into loan 2.

 

Loan 2 was for a total of £7995 and £487.07 is 6.09% of that figure. So 6.09% of each repayment made to loan 2 was for PPI rolled over from loan 1. The monthly payment for loan 2 was £175.01 and 6.09% of that figure is £10.65. In your main spreadsheet list the payments of £10.65 actually made up to the date of settlement of loan 2. Do this underneath the list you have already made.

 

Loan 2 also had its own PPI of £1495.00 which is 18.7% of the total. So 18.7% of each repayment of loan 2 was PPI. 18.7% of £175.01 is £32.72 so continue your list of payments and list the payments of £32.72 you made up to the date of settlement of loan 2.

 

You will now have a list entries of £40.22, £10.65 and £32.72.

 

When you have done that shout here and we can work out the next bit.


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Wow, I could never have made these calculations without your help.

I have now made the entries in the main spreadsheet as you have stated and I now have a figure of £5558.92. Now ready for next step.

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OK now to work out the rollover form loan 2 to loan 3.

 

We know that loan 2 percentage is 18.7% and loan 1 PPI in loan 2 percentage is 6.09%. Add the two together and you get 24.79%. That is the total percentage of loan 2 that relates to PPI.

 

Use the loan analysis sheet and pop in the 3 figures for loan 2 at the top. After 28 months you will see the balance is £4816.17. 24.79% of that is the PPI balance = £1193.93. You got a rebate of £409 so the rollover amount is £784.93.

 

Loan 3 total is £18714 and £784.93 is therefore 4.19% of that total. So of each repayment you made against loan 3, 4.19% of it was for the PPI in the previous loans. 4.19% of £296.08 is £12.40 so you continue your list in the main spreadsheet with the payments of £12.40 for each payment made up to the date of settlement.

 

Loan 3 also had its own PPI in it to the tune of £3714 which is 19.85% of the total. 19.85% of each payment is therefore the PPI for loan 3 and that figure is £58.77. Again, continue the list entering the payments of 58.77 for each payment made against loan 3.

 

When you have done that shout here and we can do the remaining calculations.


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6. Staying Calm About Debt

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7. Thinking of a Full & Final Settlement?

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Ok I have those sets of figures inserted in main spreadsheet

I have titled them as follows

 

Loan 1 PPI - £40.22 (43 payments)

 

PPI roll over to loan 2 - £10.65 (43 payments)

 

Loan 2 PPI - £32.72 (28 payments)

 

PPI roll over to loan 3 - £12.40 (28 payments)

 

Loan 3 PPI - £58.77 (45 payments)

 

Total so far is £10,449.23 and ready for next stage

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OK just before we move on, loan 4 repaid loan 3 didn't it?

 

If that is the case then part of the money you borrowed in loan 4 (the mortgage) was used to pay off balance of PPI from the previous loans.

 

What was the amount borrowed on the mortgage?


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6. Staying Calm About Debt

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7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

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Loan 3 was paid off after 45 months with another loan from Nat West (loan 4)

Loan 4 had no PPI attached

Loan 4 was paid off recently after 55 months by releasing equity in my property. The amount released was approx £30,000 which has cleared all my other debts

 

Hope this is clear

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How much did you borrow on loan 4?


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1. Single Premium PPI Q&A Read Here

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5. Feel Bullied by Creditors or Debt Collectors?

Read Here

6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

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I DON'T GIVE ADVICE BY PM BUT IF YOU SEND ME A LINK TO YOUR THREAD THEN I WILL BE HAPPY TO OFFER HELP THERE

 

 

 

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Ok so same principle as before.

 

Loan 3 had PPI in from previous loans of 4.19% + 9.85% = 24.04%.

 

Take hold of the loan analysis sheet and enter the 3 figures at the top of the sheet for loan 3. Read down until you get to the line for payment 45 and work out 24.04% of the balance shown on that line.

 

The resultant figure will be the amount of PPI included in that settlement balance. You didn't get any rebate for loan 3 so there is nothing to deduct from the figure.

 

Let's call that figure x.

 

Now, you had to borrow money in loan 4 to pay off that part of the ppi balance so a percentage of loan 4 was for previous PPI.

 

To work out the percentage the formula is x / £20000.00 x 100.

 

You then use that percentage and apply it to the monthly repayment of loan 4 to get the monthly amount of PPI being paid. List those amounts in the main spreadsheet up as far as the time the loan 4 was settled.

 

Then take the settlement figure for loan 4 and apply that percentage to the settlement amount to get the figure for the final entry in the spreadsheet.

 

When that's done you should have a figure which will give you an idea as to what to expect back.

 

ims


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1. Single Premium PPI Q&A Read Here

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7. Thinking of a Full & Final Settlement?

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How To Upload Documents To Cag

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Sincere thanks ims for the time and effort you have taken to help me on this, I had no idea how complicated this was and I assume you are either a mathematician, an accountant, or just a super geek.

 

I have now completed the spreadsheets following your instructions and am surprised at the total amount. I will now send off a covering letter, the FOS questionnaires for each loan, the spreadsheets and I wonder if I should add a brief summary of the calculations?. I guess I will wait the obligatory 8 weeks for a response but will post back when I have something to report. If the result is favourable a donation to CAG will be a definite and if you happen to be in Kent, I need to buy you a slap up.

 

This might be pushing it after taking up so much of your time but I have another question regarding a Barclaycard Visa I have had since 1995. It had PPI attached from day 1 which I cancelled in 2010. I have statements from 2007 but none previous to that. Should I write to Barclaycard to request statements, and what is the likelihood they will oblige?.

 

Thanks again

Paraman

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Hi

 

You won't need to give an explanation of the figures. They will do their own calculations any way. The spreadsheet you send in is a just a bit more ammo to show them that you have done your research and know a bit about the matter which in turn can make it less likely for them to fob you off.

 

They are also useful to check any offer that is made so you can see whether the lender is being straight with you.

 

As regards Barclaycard you can always send them a Subject Access Request (SAR) to get as much data as you can, and it would include copy statements and/or transaction history. Be aware though that they will baulk at giving you stuff more than six years old. We do have members who have pressed BC for older data and got it so you may have to be persistent with to get it.

 

Try a SAR first. There is a template for SAR in the CAG library, the link to which is at the top of every CAG page in green.


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1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

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3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

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5. Feel Bullied by Creditors or Debt Collectors?

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6. Staying Calm About Debt

Read Here

7. Thinking of a Full & Final Settlement?

Read Here

 

How To Upload Documents To Cag

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Following your assistance with my PPI claims, I sent off the spreadsheets, FOS questionnaires, relevant documents and a covering letter to RBS on 13th July.

I received a standard reply dated 17th July to my current address stating that the complaint will be investigated, and today I received a redirected letter from my previous address also dated 17th July stating that they are unable to progress with the complaint because I have not provided specific reasons for the complaint

In my original letter and FOS questionnaires I stated the reasons as follows

I was led to believe that my application would be rejected if I did not take out the insurance.

 

The policy exclusions were not explained to me either before or at the time I took out the insurance. I was therefore unable to make an informed decision as to whether this insurance was appropriate for me.

 

I now believe the insurance was unsuitable for me as I was self employed at the time I took out the policy and was not made aware of the specific exclusions relating to unemployment cover. Please note that I have been self employed since 1983 and remain self employed to date

 

It was not explained to me that the policy premium would be paid upfront as a single premium and would be added to my debt and attract interest.

My initial reaction is to write back and state that I have been very specific with reasons for the complaint and to give them a period of time before I send the information to FOS.

 

I would be grateful for any advice or input.

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Yes write back and tell them that your reasons were clearly set out on the fos form and to tell you in writing which parts do they not understand.

 

Give them 14 days to respond


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Private message facilities are offered for users to communicate issues that are perhaps inappropriate for posting on the main forum. Site rules explain this in more detail.

 

If you receive a private message which you consider abusive, derogatory or otherwise inappropriate, whether it be about yourself or other members, please report it using the "report" icon

 

If you are approached (or have been approached) by private message with an offer of help "Off Forum" or with a view to asking you to visit another website, please inform the site team via the report icon, especially if this results in a request for a fee. Remember, this is for your own protection

my views are my own and are given in good faith to try and help people. Please seek professional advice on your case if necessary

 

PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

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