Some Calculation Help Please

[Murphy111]

Hi All

 

I was wondering if anyone could help me out with a calculation please.

 

I have had 2 ppi claims upheld with Barclays on two different loans, and was wondering what i might expect to receive from them.

 

Loan 1 was taken out on the 06/01/1999 and the ppi was an upfront payment of £291

 

I must have then re-financed that loan as loan 2 starts on the 10/06/1999 and runs until the 5/09/2000 this was also an upfront ppi and the payment was for £800

 

So it appears i had ppi on top of existing ppi when i re-financed.

 

Thanks for any help.

 

Regards

[ims21]

Thread moved to the PPI forum.

 

Have a read of No.1 in my signature.

 

Have you got all of the figures from the agreements, a record of the repayments made and details of any rebates received when the loan(s) were settled?

[Murphy111]

As far as i'm aware i never received any rebate when i took the 2nd loan

 

just looking at the actual agreement now i may have had the dates wrong slightly

 

loan 1 was for £2000 and started on 25/01/1999 monthly repayments @ £95.09 pm with an upfront ppi premium of £295.55 , this account was closed on the 22/06/1999

 

loan 2 was for £3900 and started on 18/06/1999 monthly payments @ £139.09 pm with an upfront ppi premium of £799.83 , this account was settled and closed on 19/12/2000

 

I don't recall getting any rebates on either acc, but thats not to say i didn't.

 

But if I didn't, what am I looking at ballpark?

 

Regards Murph

[ims21]

What you should get back are all the premiums paid, the bank's interest paid on those premium payments and 8% simple interest which will run from the actual date of payment right up to the date of settlement of the claim.

 

The item at No.1 in my signature takes you through the maths and there are spreadsheets at the end to help you work out the figures.

 

You will need the records of payments made, i.e. statements.

 

If you haven't got a record of all payments made then you should SAR the lender.

 

Have a go at the spreadsheets and if you get stuck, shout here.

[Murphy111]

Hi ims

 

I have a SAR from Barclays and this is where i'm getting the following figures from.

 

Loan 1 interest paid according to the SAR breakdown is £154.76

 

Loan 2 interest paid according to the SAR breakdown is £1127.05

 

So do i get the full ppi premium plus the two figures above plus the 8% on top of all of it?

 

Cheers

[ims21]

You need to work out what percentage the PPI was to the total loan.

 

This is given by the formula PPI Loan /Total Loan (PPI + CASH) x 100

 

Use that percentage and apply it to the monthly repayments you actually. So if a monthly repayment was £100 and the PPI percentage was, say 15%, then £15 was the payment towards PPI for that month.

 

It is these amounts that you list in the spreadsheet and the sheet will work out the 8% entitlement for you.

 

When loan 1 was paid off, using the above percentages you need to work out what proportion of the settlement figure was PPI as this is rolled into loan 2 and forms a percentage of that loan. This is in addition to the PPI premium placed on loan 2 at the outset.

 

As I say, you will need the record of repayments and settlement figures if you are going to work out what you should be getting back. You'll also need to complete the spreadsheet.....it is going to be a maths nightmare if you try and do it by hand.

[Murphy111]

Cheers for the reply

 

I am sure it makes perfect sense, but to be honest I don't have clue how to work it all out, apologies for sounding thick, but I just don't get it.

 

I suppose I will just wait for the letter/cheque to arrive and hopefully get a pleasant surprise.

 

Cheers

[ims21]

OK, if you have the statements/record of payments and the settlement figures, I'll help you.

 

Have you got them?

[Murphy111]

yes I have breakdowns supplied with the SAR

 

ty

[dx100uk]

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc using paint program

but leave all monetary figures and dates.

*********************************************************

{DO NOT USE A BIRO OR PEN OR USE SEE THRU TAPE OR LABELS]

DO NOT USE ANY PDF EDITOR TO BLANK STUFF, THAT CAN BE REMOVED

*************************************************************

DO IT IN MSPAINT.EXE or any photo editing program

if you have multiple scans/pics

put them in a word doc FIRST and convert that to PDF

convert existing PC files to PDF [office has an installable print to PDF option]

..

goto one of the many free online pdf converter websites ...

 

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

try and logically name your file so people know what it is.

i'e Default notice dd-mm-yyyy

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

.

dx

[Murphy111]

Hope this helps

 

Loan 1 for £2000 only 4 repayments made @ £95.09 with 6 lots of interest charged , they were £12.15

£30.73

£33.99

£30.04

£33.02

£14.83

 

Then it says acc closed BBA OVDRFT NO PROT 22/06/99 £2069

 

 

Then loan 2 starts , loan amount £3900 17 monthly payments made @ £139.09 with 19 interest payments of £40.32

£72.96

£74.14

£66.40

£69.70

£68.62

£65.44

£70.59

£58.92

£62.07

£60.83

£61.61

£58.54

£62.89

£54.13

£54.82

£57.04

£50.65

£17.38

 

With a final settlement payment to close the acc of £3462.35 on the 15/12/2000

[ims21]

Ok

 

I'll have a look later this evening for you

[Murphy111]

Thanks a lot

[Murphy111]

Little bump incase ims is busy

 

 

cheers

[ims21]

I'm here.

 

Just give me 30 mins to have some nosh and Ill be with you

[ims21]

OK you will need this spreadsheet. Download it and save it your PC tn ope it from there.

 

StatIntSheet v101.xls

 

Change the "Claim to" date to today's date of it doesn't already show today's date.

 

According to your figures, loan 1 was for a total of £2295.55. With the PPI premium being 295.55 then the PPI is 12.87% of the total.

 

So of each repayment you made, 12.87% of it was for the PPI. That is 12.87% of £95.09 which is £12.23.

 

In the spreadsheet list the 4 amounts of £12.23 one under the other and entering the date the payment was made out of your bank account.

 

From your SAR you should have received statements of account for the loans. What was the settlement figure for loan 1?

[Murphy111]

settlement fig for loan 1 was £2069.95

[ims21]

Ok so we are assuming that no rebates were given on the settlement of the loan.

 

That means that 12.87% of the settlement figure was for the PPI. That comes to £266.40.

 

Now, Loan 2 total was £4699.83. We know that £266.40 of that loan was used to pay of the PPI part of loan 1. £266.40 as a percentage of loan 2 is 5.67% so we know that of each repayment made on loan 2, 5.67% of it was for the loan 1 PPI.

 

The monthly repayment of loan 2 was £139.09 and 5.67% of that is £7.87.

 

Continue the spreadsheet and list each payment of £7.87 for every payment you actually made against that loan. For the description just use something like "loan 1 PPI in loan 2".

 

Loan 2 also had its own PPI of £799.83 which is 17.02% of the total loan. So again, 17.02% of each repayment for loan 2 was for PPI. 17.02% of £139.09 is £23.67 so you continue your list in the spreadsheet entering £23.67 for each repayment you actually made.

 

The final payment for loan 2 was £3462.35 and using the percentages above, 5.67% was for the PPI on loan 1 and 17.02% was for the PPI on loan 2. These come out at £196.31 and £589.29 respectively.

 

Make these the last two entries on your spreadsheet list. The date of these payments is the date you settled loan 2.

 

When you have done that the spreadsheet will give you the redress figure in the green box at the top right of the sheet.

[Murphy111]

Thank you very much, I really appreciate you taking time out to help me with this.

 

However I have hit a snag, the spread sheet wont allow me to type in it, I have hit "enable editing" but still no joy.

 

I assume my excel is out of date, grrrrrrrr

 

Thanks again, and I will pop back with the results when I have them.

 

Cheers

[ims21]

What version are you using?

 

Have you saved it to your PC and opened it from there?

 

It should work in all versions of Excel.

 

You are not trying to type into a protected cell are you? (mind you, I thought the sheet was unprotected)

[Murphy111]

Yes I saved it to my computer then opened it, not sure which version i'm on or why it wont let me type.

[Murphy111]

saved it to my computer then opened it, not sure why it wont let me type in it.

[ims21]

Not on a MAC are you?

 

It works this end....have a play around with your Excel to see if there is anything else that might be blocking it.

 

Go to "Help" and "About" to see if states the version number.

 

If still no joy shout here and I'll see what I can do.

[dx100uk]

open office?

 

dx

[Murphy111]

Cheers dx it worked with office, if iv'e got it right it comes out @ £2657.76

 

Does that look about right? or have I made a hash of it

 

Thanks again Guys