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PPI claim upheld - How much can I expect back?

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Hi guys

 

I've seen 'explanations' as how the FOS works out the repayment after a 'successful' PPI reclaim case - but I'm afraid it's beyond my simple brain! If I lay out the actual figures, maybe somebody could do the sums for me? Please? :-)

 

In June 2005 we took out a 25 year, £89,000 loan.

To this was added a five year PPI policy costing £17,000.

So we owe, in total, £106,000.

Our repayments are c£730/month for the £89k and c£130/month for the £17k. So we pay, in total, c£860/month.

As the PPI policy only ran for five of the 25 years of the loan it expired in 2010 but we continue to pay c£130/month.

 

The FOS has found in our favour and instructed the PPI company to stump up.

 

My simple mind puts the amount we are owed as at least what we have paid, ie £11,700 - 90 months (June 2005 to December 2012) at £130. The bits I can't work out are all the stuff based around the idea of "putting us back into a situation had we not taken out the PPI" (I've has this explained as indemnification - apparently one of the cornerstones of all insurance policies. If we hadn't had the PPI, the £11,700 we have paid would have made an enormous dent in the interest we are being charged on the loan proper. So, 8% of the £11,700 is an entirely inappropriate settlement. 8% on top of the £17k premium is closer to it but still not enough), plus the compensation for the stress it caused us (£130/month 'unnecessary' payments would have been a contributory factor in forcing us into a DMP a couple of years later).

 

I understand the FOS will make us an offer which, presumably, we either accept or reject. If we had a ballpark figure of approximately what to expect we'd know if the offer is about right.

 

Can anybody help me here please?

 

If anybody out there is running an aerospace company and wants guidance on AS9100 compliance I'll return the favour!

 

Cheers,

Gaz

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see '0' below

 

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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

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Yeah, I've read all the explanations but I need help with the maths.

 

Once the PPI company receive the FOS directive to offer us recompense they will, no doubt, "do the maths" and make us an offer. Without knowing what to expect we have no way of knowing if their offer is an acceptable one.

 

Can someone please explain it to me - using my figures?

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You will need to use this spreadsheet

 

StatIntSheet v101.xls

 

List each payment of £130 you have actually made and the sheet will do the rest for you and give you the amount of refund due.

 

As this appears to be a single premium PPI policy, the future part of the PPI loan will be removed from the account so your repayments should reduce by the £130 per month from then on.


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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

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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?

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