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Dear all,

 

I am trying to work out the ERC for a loan I had with Barclays. They say it's = 30 days' interest on the amount outstanding, but my figures don't match theirs. If anyone can work it out for me, i'd be grateful. The details are:

 

 

loan principle £2000

PPI principle £530

start 22/5/06, end 27/11/06

days kept: 85 days out of 60 months

int. rate 19.9%

 

 

Should be a breeze if you enjoy maths :)

With thanks.

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OH NO! now I've got to get my head round this:)

 

http://www.fisa.co.uk/downloads/Early%20Settlement%202004%205.pdf

 

What does OH NO mean? Can you tell us?

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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Eh? 'OH NO' meaning 'Oh hell','Not more tragedy' or 'Oh ****e':)

 

What ever do you mean by oh****e does that mean Oh***** or Oh ****

 

I'm only jealous cause I couldn't get my head around your maths.:D but it will bump up your thread.

  • Haha 1

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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Hey hellhasnofury,

 

thanks for *bumping* my thread.....but I worked out a far less painful way of calculating the ERC.:)

 

I think this thread has served it's time.

Time for it to R.I.P.

I'm not an undertaker btw:)

 

rks.

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rks99, don't keep it all to yourself ! How about letting the rest of us know what the *less painful* way was ! :confused:

 

This might be useful information for others in a similar position ! I looked at the PDF, tried for about 4 seconds to work out what they were on about then everything glazed over and I woke up in Kansas with a strange dog nipping my heels !

 

If you could impart your method, you might save others from experiencing formulae like that ! ;)

 

Cheers,

 

Tim aka Capitulator

Tim aka Capitulator

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Okay Tim,

 

Here’s what I did. It’s not rocket science but my third attempt, and I wouldn’t bet my life that it right ( don’t laugh pls), but the logic is certainly there.

 

1) Total cost of loan(T) = (No. of monthly payments* monthly £ payment)

+ settlement amount

 

2) Total interest paid (I) = (days loan kept / total days loan taken out for)

* total £ interest payable over whole period

 

3) ERC = T – I – loan principle

 

If you had PPI then there are some additional calculations but along the same lines.

Of course I’m cheating here in that this is only good for settled loans. But my objective was to try to work out the amount of ERC applied on the PPI premium of the loan; though I don’t know if the ERC is calculated only on the loan, or on the loan + PPI premium. If it’s the latter, then one should also ask for the ‘ERC attributable to the PPI loan’ to be refunded.

Anyway I was just playing about to see what numbers came up.

Btw, hope you don’t go to Kansas often; it wouldn’t be very good for you.:)

rks

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Tks rks,

I was just trying to get at something other than that ridiculously complex formula ! If what you have is anywhere close then its gotta be worth using even if the amounts aren't exactly the same !

Besides, I've been to Coventry more times than I've been to Kansas and I know which one I prefer ....pardner :D (It's actually Coventry as my mum comes from Wolverhampton!)

(Get down Toto....)

Rgds,

Tim aka Capitulator

Tim aka Capitulator

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