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Neptune7419

Calculating provident loan IRL complaint redress if i am successful

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Hi all...

 

i wonder if if anyone could help with an enquiry as I have no idea how to calculate a possible redress amount.

 

 - I have an outstanding claim with the ombudsman against provident And i am optimistic it will be marked in my favour as I have had numerous other payday loans marked in my favour by the ombudsman service.

 

however I am confused by one of the claims. As follows:

 

1. I borrowed  1500 from provident with a total repayment of 3180.  I paid 2180 so far leaving 1000 to repay.

 

on another claim the ombudsman instructed the other loan company to do the following.

 

”C) You should remove all interest, fees and charges from the balance on any upheld outstanding loans, and treat any repayments made by Mr ???  as though they had been repayments of the principal on all outstanding loans. If this results in Mr ??? having made overpayments then you should refund these overpayments with 8% simple interest* calculated on the overpayments, from the date the overpayments would have arisen, to the date the complaint is settled.”

 

if the ombudsman adopts this same type type of instruction on the provident claim examples above... what can I expect refunded??

 

 

as I read it if I have paid 2180 already, the above statement means that I should be refunded the difference between what I have paid 2180 and what I have outstanding 1000 plus 8% interest?  Is this correct?

 

 

thanks in advance and any help given

 

 

 

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2180-1500=680.

but...its not as simple as that.

you would need to know the dates of all payments made that took you over the £1500 mark.

you would then enter those payments, individually, on the date they were made, into our statint sheet.

that will do the sums for you

 


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Thank you.... I am trying to work out what would be the best option for me and this helps...

 

do you think it would would be better to just pay off the final 1000 debt and when the ombudsman makes the decision will it then be a simply case of he would use the full interest amount I paid to calculate the redress.

 

i hope I explained correctly!  

 

The first scenario would use approximately (as you state) 680 for the redress and 8%.

 

the second scenario, ie if I paid off the remaining 1000 would be as follows:

 

1500 loan 3180 total repayment, which means 1680 interest.  If it’s fully paid off and the ombudsman finds in my favour is it correct that he would use 1680 plus 8%?

 

am I correct in assuming this would result in more redress or am I totally wrong?

 

again, many thanks

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read what I said carefully...dates of payments are important

you cant get any 8% on a payment made to settle the debt it will be recent.

no time would have expired since payment to gain interest 

 

 


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 

 

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👍👍 cheers for that information

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In theory you might be ever so slightly better off by paying the 1000. But that doesn't take into account that they could go into administration before the ombudsman makes a decision, in which case you would never see that money again.

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