Jump to content


mad_dr

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

style="text-align:center;"> Please note that this topic has not had any new posts for the last 1996 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Hello!

After several weeks of reading threads and really useful posts on here and other forums

I am almost ready to submit a claim to Lloyds for the PPI I paid on several loans from them.

Before I do this, I would like to be able to calculate how much I ought to be expecting them to offer me as a refund

and have tied my brain in knots trying to do the sums.

I wonder if someone on here might be able to assist me please?

 

There are 4 loans in total which all had single premium PPI on them.

One was a standalone loan which I took out, paid back at the set rate and then paid off early.

The other three ran consecutively and were refinanced.

All loans were through Lloyds and each loan was paid off automatically as I refinanced them.

 

1.

LOAN 1:

Loan was £10,000.00 (£11,397.60 after interest)

PPI was £1,332.72 (£1,518.84 after interest)

36 month term. Settled after 26 months.

8.7% APR

The loan was paid off early and for which I received NO rebate for the PPI. Therefore I would imagine that I paid the full PPI amount plus interest when I settled the loan and therefore should expect to receive the total cost of the PPI plus the interest that was added onto it (£1,518.84 + 8%)?

 

2.

The other three loans were consecutive loans that were refinanced to put a little more cash in my pocket each time.

This is where I get confused about exactly how much PPI I paid.

Below are the loan amounts followed in brackets by the "after interest" figure.

Underneath each loan is the PPI amount that would have been charged if I kept the loan for the full term.

 

LOAN 2:

Loan was £7,500 (£8,238.24 after interest)

PPI was £668.62 (£734.40 after interest)

36 month term. Settled after 10 months.

6.2% APR

PPI Rebate: £321.58

Settlement figure at close: £5,867.62

 

LOAN 3:

Loan was £12,261.24 (£14,065.92 after interest) £5,867.62 paid off old loan. £6,393.62 in my pocket

PPI was £2,193.67 (£2,516.64 after interest)

48 month term. Settled after 15 months.

6.9% APR

PPI Rebate: £912.31

Settlement figure at close: £9,555.86

 

 

LOAN 4:

Loan was £13,612.56 (£17,233.20 after interest) £9,555.86 paid off old loan. £4,056.70 in my pocket

PPI was £3,625.39 (£4,551.00 after interest)

60 month term. Settled after 13 months.

9.7% APR

PPI Rebate: £2,227.04

Settlement figure at close: £12,085.41

 

I would also be grateful for any pointers regarding the letter I should send to the bank.

Specifically in terms of how I should word my grounds for complaining.

After all, I signed up to the PPI loans and cannot recall what (if anything) was discussed but would presume I signed the paperwork.

I know that hearsay complaints are being rejected so I would be keen to hear suggestions about how to best word the letter.

Do I only need to mention the magic words "single premium policy" to get a refund

or will I need to argue my case in more detail as to WHY the single premium is unacceptable to me?

 

Many thanks to all who read this and for any assistance you can give!

Share this post


Link to post
Share on other sites

ok you use this SOC:

 

This first spreadsheet is the latest version of the statutory interestlink3.gif calculator and is used for Single Premium PPIlink3.gif cases. It can also be used where rollover PPI is involved, i.e. a new loan re-financing a previous one and where PPI is included in one or more loans.

 

StatIntSheet v101.xls

 

 

read the notes and the notes RED tab for info on the rollover calculations.

 

for each of the 4 loans

you need to work out what % of your PCM [or settlement figure] was the PPI element.

 

for each loan do this:

 

total cash price of PPI / total cash price of loan X 100 = XX%

 

then work out what XX% was of your PCM [or settlement] for that loan this is caled the PPI element.

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites

also

you dont need anything other than a simple covering letter for each claim.

[all the meaty stuff is covered by the FOS CQ]

 

you have two claims here

1 for loan 1

1 for the other three

 

y'll also need to fill out an FOS CQ for EACH LOAN

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

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites

Excellent - thank you so much for the great information and for replying so quickly too. I'll have a good look at the spreadsheets and fill in as much as possible.

 

Can you clarify whether I should use the "before interest" or "including interest" figures for these calculations? I presume it won't affect the percentage of the settlement that was PPI but I guess it WOULD affect the amount of money that I'd expect back from the bank if my claim was successful?

 

Many thanks again!

Share this post


Link to post
Share on other sites

total cash price [with interest]

 

very rare for an agreement to say that.

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites

By the way, the Lloyds helpline has provided me with confirmation of all of the following values for all 4 of my loans.

 

I wonder if having this information from them negates the need for any of the calculations that the spreadsheets cover, or

- possibly -

 

that I can use the bank's numbers to populate some of the fields (the spreadsheets seem very helpful if you don't have any of these numbers already)

 

1. Loan size (how much I wanted to put in my pocket to spend) before interest

2. PPI. Amount before interest

3. Loan term in months

4. APR (same for loan as for PPI

5. Loan interest

6. PPI interest

7. Total debt at start of loan

8. Monthly Direct Debit amount

9. Number of monthly payments made

10. PPI rebate deducted from final balance when closing the loan

11. Outstanding balance to pay off when closing the loan (after PPI rebate and other calculations (deducting interest on unpaid balance for remainder of the term?))

 

Because loan 2 was refinanced into loan 3 which was refinanced into loan 4, I'm wondering if they calculated interest on the PPI for loan 2 when it began, then charged me that amount when I settled loan 2 and tacked it onto the principle of loan 3, to which they added PPI and calculated interest for the total and then did the same thing again when loan 4 came around. How I'd untangle THAT mess, I have no idea - I can't tell if the StatInt spreadsheet makes these kinds of calculations.

 

Thanks again! :)

Share this post


Link to post
Share on other sites

so you did get ppi rebates then?

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites

PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites

Hi again - sorry for the delay in replying and thanks for posting again.

As you say, I did get rebates on each of the three loans (loan 2, 3 and 4) that were refinanced into one another.

I'm not exactly sure how the rebate is calculated or whether it represents pure PPI money back or whether it's also a representation of some of the loan-interest being returned, etc..

. (I assumed it was a pro-rated deduction based on the proportion of the loan term that hasn't been used when the loan is cancelled.

Like when you cancel your car insurance early if you pay in a yearly lump sum.)

 

I've just had another call with Lloyds and now have concrete figures as to how much of the direct debit that I paid each month was for the PPI element.

I also know the total (with interest) cost for each of the PPIs.

 

Because I know the number of payments I made for each loan prior to asking for the settlement fee,

I also know the total PPI I paid for each loan up to that point.

I have entered these numbers into the StatIntSheet.xls file.

 

If I use loan 1 as an example, the amount of money I borrowed totaled £11397.60 when interest is added.

The PPI cost (with interest) was £1512.72.

Therefore the PPI makes up 13.3% of the total cost (1512.72 / 11397.60 X 100)

 

The loan term was originally 36 months.

The montly Direct Debit amount was £357.28

The monthly PPI amount from the DD was £42.02. (1512.72/36 = 42.02)

But 42.02 / 357.28 X 100 is 11.8% not 13.3% so I'm a bit confused about the discrepancy.

 

The loan actually ran for 26 months so by that point I'd paid PPI to the tune of: (26x42.02 = £1092.52)

 

The final settlement that I paid was £3372.35.

I presume therefore that I can't use the normal calculation to work out what the % of the settlement figure was the PPI element

because I presume it's just a case of 1512.72 - 1092.52 = £420.20? - NO still use the 13% figure

 

So I guess that I should add £420.20 as the final payment PPI charge into the StatIntSheet.xls to show that,

over the course of the 26 monthly payments plus the final settlement I paid the total PPI cost?

Hopefully that would conclude the calculations for the first loan!

 

Thanks again for the continued assistance! :)

Share this post


Link to post
Share on other sites

posted comment above

 

dx


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites

Thanks for the fast response again!

 

If PPI+interest = 1512.72

If Loan+ interest = 11397.60

Then percentage is (1512.72 / 11397.60 X 100) = 13.27

 

Final settlement was 3372.35.

So (3372.35 / 100) X 13.27 = £447.59

 

But £447.59 plus the total PPI I paid over the 26 months of the loan (£1092.52) = £1540.11 which is more than the original quoted cost of the PPI. I assume this might just be Lloyds ripping me off even further (or my duff maths!)

Share this post


Link to post
Share on other sites

they've had you money all this time and made int on it...

 

you are enitled to 8% back to today .

 

dx

  • Confused 1

PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites

Aghhhh - my poor brain... Thanks again for all your help so far - I really appreciate it and hope that I won't have to ask for too much more of your time.

 

Because Loan 1 was a standalone loan, rather than one that was later refinanced, I think I've got that one covered now (thanks to your help).

 

I've just had a go at working out how much PPI from loan 2 got rolled over into loan 3 and from loan 3 into loan 4...

 

Loan 2 borrow: £7500.00 (£8238.24 with interest)

Loan 2 PPI: £668.62 (£744.48 with interest)

Combined borrow: £8168.62 (£8982.72 with interest)

Percentage of PPI-to-Loan: 744.48 / 8982.72 X 100 = 8.29%

 

Final settlement for Loan 2 was £5867.62

PPI from settlement: (5867.62 / 100) X 8.29 = £486.30 (this number added to StatIntSheet as PPI element of final settlement for Loan 2)

Rebate for Loan 2 was £321.58 so:

 

486.30 - 321.58 = £164.72 carried over to Loan 3

 

 

 

Loan 3 borrow: £12261.24 (£14008.80 with interest)

Loan 3 PPI borrow £2193.67 (£2506.56 with interest)

Combined borrow £14454.91 (£16515.36 with interest)

Percentage of PPI-to-Loan: 2506.56 / 16515.36 X 100 = 15.18%

 

I believe from another thread (sorry - I need to rack up 2 more posts before I can insert links into posts) that I need to add the pre-interest loan amount to the pre-interest PPI amount (12261.24 + 2193.67 which is £14454.91) and calculate what percentage of this figure is represented by the £164.71 carried over from Loan 2?

If so, £164.71 is 1.14% of Loan 3.

The monthly payment for Loan 3 was £344.07 so 1.14% of that is £3.92 per month. (This number added to StatIntSheet for each payment made for Loan 3 to show PPI payment from loan 2 that was borrowed for in loan 3)

 

Final settlement for Loan 3 was £9555.86

I was going to calculate 15.18% of this figure BUT I believe that I need to add the 1.14% onto the 15.18% in order to work out the PPI portion of Loan 3's settlement?

If so, 1.14+15.18 = 16.28% and:

16.28% of £9555.86 is £1555.69 (This number added to StatIntSheet as PPI element of final settlement for Loan 3)

 

I received a rebate of £912.31 when I closed Loan 3 so that would mean:

1555.69 - 912.31 = £643.38 carried over into loan 4...

 

 

Loan 4 borrow was £13612.56 (£17088.60 with interest)

Loan 4 PPI borrow was £3625.39 (£4551.00 with interest)

Combined borrow £17237.95 (£21639.60 with interest)

Percentage of PPI-to-Loan is 4551.00 / (21639.60) X 100 = 21.03%

£643.38 carried over from loan 3 as a percentage of £17237.95 of loan 4 (loan before interest + PPI before interest) is 3.73%

Monthly payments for loan 4 were 360.66 so 3.73% of 360.66 is £13.45 (This number added to StatIntSheet for each payment made for Loan 4 to show PPI payment from loan 3 that was borrowed for in loan 4)

Final settlement for Loan 4 was £12085.41. However I'm not certain what percentage of this number I need to calculate to determine the PPI element of it. Perhaps it's the standard 21.03% or perhaps I need to add something to the 21.03 figure to get the right percentage?

I'm not sure what to do next really in order to progress loan 3 into loan 4. Does it sound like I'm on the right track? I've got an Excel file with all the relevant numbers and formulae in - do you think there's any possibility of getting it checked over to spot the probable mistakes I've no doubt made? I'd happily pay someone or make another donation to this site (or a cause of the checker's choosing by way of thanks).

 

Many thanks!

Edited by mad_dr
Errors with numbers.

Share this post


Link to post
Share on other sites

Hi

 

Looking at this now for you...back soon


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

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

Instructions

 

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

 

 

 

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

 

Share this post


Link to post
Share on other sites

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.

  • Confused 1

If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

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

Instructions

 

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

 

 

 

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

 

Share this post


Link to post
Share on other sites

Fabulous, thank you! You've already spotted a mistake I'd made in that I was using the "including interest" figures for calculating the PPI-to-Loan percentages. I have added the 26 payments of £42.02 plus the final PPI payment of £404.43 to the StatIntSheet Excel file.

 

I notice that, (presumably as a result of there being no rebate on the first loan) we didn't use the 11.76% figure to calculate how much of the final settlement (£3372.35) was PPI, because we used the LoanAnalysis sheet to show us that it was £404.43.

 

Thanks again for this - I really appreciate you using your time to help me. :)

Share this post


Link to post
Share on other sites

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


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

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

Instructions

 

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

 

 

 

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

 

Share this post


Link to post
Share on other sites

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


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

Share this post


Link to post
Share on other sites
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. :-)


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

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

Instructions

 

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

 

 

 

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

 

Share this post


Link to post
Share on other sites

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?

 

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)?

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?

 

Many thanks again for all this help! :)

Share this post


Link to post
Share on other sites
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


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

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

Instructions

 

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

 

 

 

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

 

Share this post


Link to post
Share on other sites

Hi! Thanks very much again for your help with these calculations yesterday - I really appreciate it and feel much more confident in the numbers! :)

 

I made a decision to use the monthly PPI cost numbers that the bank provided as the basis for the rest of the calculations. After a bit of experimentation I can see that they all tally up in terms of the PPI amount and the Loan amount and the percentages, etc. So I'm pretty confident that the monthly DD (from my bank statements), the PPI-portion of the monthly DD (provided by the Lloyds helpline), the PPI-to-Loan percentage (both in terms of PPI-to-DD and overall PPI-to-overall Loan), etc all add up which is a good start!

 

I added the monthly PPI numbers to the StatIntSheets and then used the PPI-to-Loan percentages (calculated from the monthly DD and the monthly PPI figure) and the final settlement payment numbers (from the loan statements I received) to calculate the PPI amount in the final settlements. They differed from the numbers suggested in the LoanAnalysis spreadsheet (I'm not entirely sure why) but I figured that as long as I used the same calculations they should be OK.

 

 

For Loan 2 (settlement of £5867.62 and PPI-to-Loan percentage of 8.19%) I calculated a final PPI figure of £480.28. From that, I deducted the rebate for Loan 2 (£321.58) which left a total of £158.70 to carry over to Loan 3.

 

 

For Loan 3 I listed the monthly PPI payments that the bank confirmed and added them to the StatIntSheet and then worked out that £158.70 carried over from Loan 2 is 1.1% of £14,454.91 in Loan 3.

 

1.1% of the monthly DD cost for Loan 3 (£344.07) is £3.78 so I added this cost for each payment of Loan 3 that was made.

 

The final settlement for Loan 3 was £9555.86 and the PPI-to-Loan percentage was 16.28% (15.18% plus 1.1%) which means a PPI settlement of £1555.10. From this I deducted the rebate of £912.31 which left £642.79 to rollover into Loan 4.

 

 

For Loan 4 I listed the monthly PPI payments that the bank confirmed and then worked out that £642.79 rolled over from Loan 3 is 3.73% of Loan 4's £17,237.95.

3.73% of the monthly DD cost for Loan 4 (£360.66) is £13.45 so I added this cost for each payment of Loan 4 that was made.

 

Then to close the 4th Loan, I added the loan's inherent PPI-to-Loan percentage (21.03%) to the 3.73% of the rollover. This totals 24.76%.

 

The final settlement amount was £12,085.41 of which 24.76% is £2992.40. I then deducted the rebate of £2227.04 which left £765.36 which I added to the StatIntSheet.

 

 

 

 

Hopefully this sounds sensible and - if so - I just need to work on my justification for my claim and then get submitting! Thanks very much again for your help - I've made another donation to CAG by way of thanks. If and when my claim is accepted I'll make another donation so let me know if you've got any suggestions of worthy causes you favour and I'll point it in the right direction.

 

Many thanks! :)

Share this post


Link to post
Share on other sites

Figures look sound to me.

 

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

 

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

 

Regards

 

ims


If I have helped you please leave me a message by clicking my star

 

1. Single Premium PPI Q&A Read Here

2. Reclaim mis-sold PPI

Read Here

3. Reclaim Loan & Credit Card Charges Read Here

4. The CAG Interest Tutorial

Read Here

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

Instructions

 

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

 

 

 

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

 

Share this post


Link to post
Share on other sites

Well, 6 weeks after finishing my calculations and submitting my claim (covering letter with FOS questionnaires and PPI calculation spreadsheet) I received £8500 into my bank account followed the next day by a letter confirming that Lloyds has refunded me the original payments plus interest! I couldn't be more surprised or happier!

 

During the groundwork I had several conversations with the Lloyds loan helpline. The folks there (freephone number to a UK call centre) couldn't have been more helpful. They provided verbal and written confirmation of my loans including the interest rates, settlement figures, PPI rebates, DD figures, etc which were essential to my claim.

 

Once I'd done all my information gathering (including seeking advice from the extremely helpful people here (ims21 and dx100uk - thank you!)) I completed the FOS questionnaires and sent them off with my calculation sheets and a covering letter. I got the standard "we're looking into your claim" letter after about 10 days and then the refund suddenly arrived last week!

 

Happily the refund was for around £2k more than I expected to receive because they automatically located and paid out on a loan that I have no recollection of - I certainly won't be moaning about that fact!

 

Thanks to everyone who helped along the way with guidance and advice - I'm really very grateful! I have donated an amount of my refund to charity and the CAG by way of thanks to all those who assisted in my claim and have offered assistance to others who I feel may legitimately have grounds to complain.

 

Good luck to everyone who is in the process of claiming - hang in there!

Edited by mad_dr

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...