Request for assistance with calculations for complicated Lloyds PPI Reclaim ** SUCCESS **

[ims21]

Hi

 

Looking at this now for you...back soon

[ims21]

OK lets do the easy one first....Loan 1

 

Cash Loan = £10,000

PPI Loan = £1,332.72

Total Loan = £11,332.72

 

PPI percentage is 1,332.72 / 11,332.72 x 100 = 11.76%

 

Monthly DDR is £357.28 so 11.76% of that is for PPI = £42.02

 

In the spreadsheet, set the "claim to" date as today and then enter the 26 payments of £42.02 with the date of the payment, the description and the amount.

 

To work out what the position is at the settlement date you will need this spreadsheet.

 

LoanAnalysis.xls

 

You have the figures for the PPI part of the loan so we just need to concentrate on that aspect. In the three boxes at the top enter £1,332.72 as the amount of loan, 36 as the Term and £42.02 as the monthly repayment.

 

Read down to month 26 in column B and you will see that the balance on the PPI loan after 26 payments is £404.43. If you received no rebate for PPI then enter £404.43 as the last entry in the original spreadsheet with the payment date being the date the loan was paid off.

 

If you did receive a rebate then deduct that rebate amount from the £404.43 and enter the resultant figure as the last entry in the spreadsheet.

 

The Award Calculation box at the top of the spreadsheet will show you the premiums paid and the interest to expect back. This also takes care of the interest the bank charged you on the PPI part of the loan as well so it is now a good indication of what to expect back for loan 1.

 

Off to look at the other three now and their rollover amounts.

[ims21]

OK here we go

 

You've actually provided some really good raw data which does make life easier

 

As these loans are rollovers then you only need one "StatIntSheet" for the three remaining loans.

 

Loan 2

 

Monthly payment of PPI is £20.40 for 10 months should be entered into the spreadsheet.

 

Use the LoanAnalysis spreadsheet (linked above) to help with the rollover. In the three boxes at the top you enter £668.62 as the loan amount, 36 as the term and £20.40 as the monthly repayment. Read down to payment No.10 and you will see the balance is £495.15. That is the balance of the PPI part of the loan at the point of settlement. From that figure, deduct the rebate you received (£321.58) and the result is £173.57. This is the amount rolled into loan 3.

 

Loan 3

 

Two parts involved here...the inherent PPI and the rollover from loan 2.

 

Easy bit first is the inherent PPI. The monthly repayment towards PPI was £52.43 so list the 15 payments of that amount that you paid.

 

Next bit...the rollover from loan 2.

 

Total Loan is £14,454.91. The rollover amount from the previous loan is £173.57 which is 1.2% of the total.

 

Monthly repayment of the loan is £345.47 of which 1.2% is the PPI from loan 2 = £4.15. List the 15 payments of £4.15.

 

Now to the rollover from loan 3 to loan 4.

 

The inherent PPI for loan 3 is 15.18% of the total loan and the rollover from the previous loan is 1.2% of the total loan. Total the percentages to get 16.38%.

 

Use the LoanAnalysis sheet but this time we have to look at total loans and percentages. In the three boxes at the top enter £14,454.91 as the loan amount, 48 as the term and £345.47 as the repayment.

 

Look at the balance after 15 payments and you will see that it is £10,357.17 of which £16.38% is PPI = £1,696.50. Against this you have received a rebate of £912.31 which leaves a balance of £784.19 which is the amount rolled into loan 4.

 

Loan 4

 

Again this consists of two parts, the inherent PPI and the rollover.

 

Easy bit first, the inherent PPI which is £75.85 per month. Enter 13 payments of this amount.

 

Now to the rollover from the previous loan.

 

Loan 4 total is £17,237.95 and the rollover is £784.19 which is 4.5% of the total.

 

The monthly repayment for loan 4 was £363.07 of which 4.5% is PPI from the previous loans = £16.33. List 13 payments of £16.33.

 

Now to the settlement of the final loan.

 

The inherent PPI for loan 4 is 21.03% of the total and the rollover is 4.5% so the total percentage of PPI in loan 4 is 25.53%

 

Use the LoanAnalysis spreadsheet and in the three boxes at the top enter £17,237.95 as the loan amount, 60 as the term and £363.07 as the monthly repayment. After 13 payments the balance shown is £14,170.31 of which 25.53% is PPI = £3,617.68. Against this you have had a rebate of £2,227.04 so taking one from the other you are left with £1,390.64 and this is the figure that should be your last entry in your main spreadsheet.

 

Again the "Award Calculation" box at the top should now show you a figure of what you should broadly expect back on these loans.

 

Regards

 

ims

[ims21]

just as a point

 

it matters not if you include the int or not

 

as long as both the PPI & the loan figures do or dont BOTH have them

else the % calc will be wrong.!!

 

but you must use the monthly Direct debit figure though!!

 

dx

 

 

Absolutely...apples with apples and all that.

 

Percentages will of course stay the same whichever method is used.

[ims21]

Firstly: wow! This is absolutely fantastic and a very clearly laid out way of reaching the figures that have seemed completely locked away to me until now - thank you for taking the time to lay it all out so clearly. Fantastic stuff!

 

 

I have read through your post a couple of times and will digest it for a few moments and then begin populating the second StatIntSheet that I've created (the first one, for the first loan is now complete and squared away). A couple of quick clarification questions that I would be grateful for your thoughts on are:

 

1. For all 4 loans, the bank has provided me with what they believe to be the exact number of pounds and pence from each of my monthly DDs that were allocated to the PPI part of the loan. I'm not sure whether they calculated this in the same way as is done on here (PPI divided by (Loan+PPI)) X 100 but their figures are VERY slightly different to the ones I came up with using the calculation. The bank provided me with:

Loan1: £42.02

Loan2: £20.68

Loan3: £52.22

Loan4: £75.85

In your opinion, should I use the bank's figures here or are they likely to be less accurate than the equation above?

 

Really won't make any significant difference...we are only talking pennies. Use the bank's figures if you wish.

 

2. Where you refer to Loan 2, after I insert my 10 entries of £20.40 (or £20.68, depending on your thoughts to Q1) should I then enter into the StatIntSheet a final entry to show the whole amount of PPI that was part of the final settlement (£495.15 in your post above) or should I deduct the rebate I received, prior to entering what's left into the StatIntSheet (£173.57 in your post)?

 

You don't enter anything in the spreadsheet as a final payment for loan 2. The £173.57 is the amount rolled into loan 3 so you were paying that off through loan 3 (the £4.15 I mentioned)

 

3. For the amount of PPI paid in the final settlements, should I go by the figure displayed in the LoanAnalysis sheet, or by using the PPI-to-Loan percentage against the final settlement figure I paid?

 

For loan 3 there is no final figure for that loan entered in the spreadsheet because it was rolled into loan 4 (as explained for loan 2).

 

For loan 4 you carry out the calculation exactly as I posted above, i.e.

 

After 13 payments the balance shown is £14,170.31 of which 25.53% is PPI = £3,617.68. Against this you have had a rebate of £2,227.04 so taking one from the other you are left with £1,390.64 and this is the figure that should be your last entry in your main spreadsheet.

 

Many thanks again for all this help!

 

 

ims

[ims21]

Figures look sound to me.

 

You'll be spending all of your refund on donations if you're not careful but thank you for them.

 

It is donations that help keep this site running so that it can help others.

 

Regards

 

ims

[ims21]

Yes, very well done.

 

And a bonus with a refund on a loan you knew nothing about

[ims21]

Hi all!

 

Sorry to bring up an old thread but this is quite similar to mine.

 

Where there had been a rebate, on the spreadsheet you list the monthly payments and it works out the simple interest.

 

The last entry being the ppi % amount from the settlement figure, so where there has been a rebate do I then deduct the rebate from the settlement figure, so add a less amount on the spreadsheet?

 

Cheers

 

E!

 

Work out what the proportion of the settlement figure is PPI prior to the rebate being applied. The deduct the rebate from that PPI proportion and enter the resultant figure in the spreadsheet.

.

[ims21]

Yep....just need a clear run of time....bear with me