Welcome Finance SB debt

[Dons2008]

I have:

 

loan - 1500 in 2005

 

PPI - 993.40 (composed of 602.45 PPI, 390.95 int APR 45.9%)

 

He used the PPI amount and made a calculation as here:

 

stat 8

 

1500*1.1 = 1650

1650*1.1 = 1815 year 2

1815 * 1.1 = 1996.5 year 3

1996 * 1.1 = 2196 Year 4

2196 * 1.1 = 2415 Year 5

2415 *1.1 = 2637 year 6

2637 * 1.1 = 2923 Year 7

2923 * 1.1 = 3215 Year 8

 

Then, add the daily 8% from claim to court date.

 

Is this wrong, am I looking to receive more, or less?

 

@Brig - I'm holding that thought for a minute mate!

[dx100uk]

I indicated earlier to follow link 1 below

 

PPI is not compounded at their rate

 

neither is it calculated by the method detailed above

 

This first spreadsheet is the latest version of the statutory interest calculator and is used for Single Premium PPI 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. It can also be used for S69 redress calculation on any sum, like on a closed/frozen interest PENALTY charges claim.

 

StatIntSheet v101.xls

 

you need to know the date of each PPI payment

and enter it into the spread.

 

you also need to use the FOS questionnaire

 

NOT the welcome finance one

 

dx

[Dons2008]

Cool, reading back, so you did. Thank you. I dont have statements, from memory I made 5 payments til default - June til the November I think it was. I remember it being right on top of Christmas.

 

Go for a SAR? I doubt they'd have any info, even.

 

Thank you

[ims21]

You do also need to consider that the FSCS award is 90% of a successful claim amount.

 

Have a read here

 

http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-for-welcome-financial-hn0qripj/#I_would_like_to_make_a_PPI_claim_against_the_firm_How_do_I_go_about_this_

[Dons2008]

Cheers ims

 

They cannot offset though can they? as they've sold the debt on - to MKRR.

 

The way I see it, its money I didnt expect to receive so even £20 is a bonus!

[ims21]

Typically they should not be offsetting.

 

On the question of time to process your claim, take a note of point 10 in the link I gave you which states the usual 8 weeks to turnaround.

 

If nothing is heard after that time then start chasing.

[Dons2008]

brilliant thank you.

 

So, to clarify - as my brain is fried with this (I don't know how you all deal with this day in day out btw!!)

 

I have to calculate PPI due to me by the amount of premiums paid, not the whole premium as added to the loan.. my hub & I were thinking take the loan amount then divide as per his working above.

I was thinking I calculated 8% of the 993.00 then added that to the 993.00.

 

What a wally.

[ims21]

ah well the secret is not to deal with it all day

 

Loan of £1500 and PPI of £602.45= Total Loan of £2,102.45.

 

Percentage of PPI to total loan is 602.45/ 2,102.45 x 100 = 28.65%

 

So 28.65% of each repayment you actually made was for the PPI.

 

So if your monthly repayment was, say £150 then the PPI part would be 28.65% of it which is £42.97.

 

No need to beat yourself up too much about the maths at the moment, the main thing is to get the claim in because the sooner you do that the sooner your claim will get looked at.

 

From other cases around the forum, the FSCS are usually correct with their figures.

[Dons2008]

Brilliant, thank you ims.

 

You're right. I just want to get this sorted now!

 

Thanks again

[dx100uk]

and if its on your cra file ,or just dropped off

they MUST legally still hold all the statements.

 

dx