Please help-can't work it out!!

[shirleyc]

Hello ,i've got a problem-how do i start working out interest etc?I'm starting with 1st loan with ppi from NW.

Iborrowed £1500 in 1998+NWcant or wont provide orig figures.From statements i know that £237 ppi was added to £1500+interest was paid at 18.9%APR.i paid 18 of the 36 payments before the loan was consolidated into a debt management loan-but i'd like to get this sorted 1st.

On statements the loan is set out as loan payment,followed by interest amount,each amount different every month.

So,do i claim £237 ppi+portion of interest?

Do i claim interest on this from 98?

Hope someone out there can help!

thanks shirley

[shirleyc]

bump please!

[shirleyc]

anybody out there please?

[hellhasnofury]

Hello ,i've got a problem-how do i start working out interest etc?I'm starting with 1st loan with ppi from NW.

Iborrowed £1500 in 1998+NWcant or wont provide orig figures.From statements i know that £237 ppi was added to £1500+interest was paid at 18.9%APR.i paid 18 of the 36 payments before the loan was consolidated into a debt management loan-but i'd like to get this sorted 1st.

On statements the loan is set out as loan payment,followed by interest amount,each amount different every month.

So,do i claim £237 ppi+portion of interest?

Do i claim interest on this from 98?

Hope someone out there can help!

thanks shirley

 

Hello Shirley,

 

MMMmmmhhh NW, I loathe them, so I will help you all I can.

 

I have been having a hell of a good fight with them, but they did refund the ppi:lol: You just have to be persistant and let them know you are not giving up.

 

Have you done a S.A.R - (Subject Access Request) and obtained the information of the amount of the ppi???

 

The loan was for £1,500 and the cost of the ppi was £237. and the interest rate was 18.9% over three years.

 

Whas was the total amount payable please?

 

NW can be a bit naughty, they charged me 8.9% interest on the ppi, every year over ten years. A total of 89%. on a premium of £4,600ppi I paid them £4,094 interest.

 

Get back to me re the information.

[shirleyc]

Hi sandbro,thanks for replying.i did a SARback in january asking for all info including loans.after many letters+phone calls i've managed to get statements back to 96 but no copies of loan agreements.a letter is supposedly on its way to me saying they cant find agreements-i got ppi amount from statement which says plp premium £237 which added to loan of £1500 came to £1737.

i have no idea of total payable but after 18 payments i was conned into a debt management loan.which is the next story!as i said each payment+

int was entered separately on statement.the 18 payments(without interest)taken from £1737 left roughly £900 which was put into DML.hope you can help me with this:confused: thanx shirley

[hellhasnofury]

Hi sandbro,thanks for replying.i did a SARback in january asking for all info including loans.after many letters+phone calls i've managed to get statements back to 96 but no copies of loan agreements.a letter is supposedly on its way to me saying they cant find agreements-i got ppi amount from statement which says plp premium £237 which added to loan of £1500 came to £1737.

i have no idea of total payable but after 18 payments i was conned into a debt management loan.which is the next story!as i said each payment+

int was entered separately on statement.the 18 payments(without interest)taken from £1737 left roughly £900 which was put into DML.hope you can help me with this:confused: thanx shirley

 

Hello Shirley,

 

MMMMmmmhh why is there no credit agreements. There very good at not providing those, maybe its because they don't want you to know something:eek:

 

Who have you been dealing with, Maybe don't put their name on here, pm me, in case they are looking at the threads:eek:

I would if I were them:lol:

[reidnet]

Oh they have already admitted that the cannot find the CCA for your loan.. Now that puts them in a very dodgey position..

 

Maybe just to be on the safe side I would submit a cca request along with £1 asking them to provide a true copy of the alleged agreement. If they cannot produce the agreement they cannot enforce the agreement without a court order. They have 12 Days to provide this copy to you (plus 2 days to allow post etc) If then they do not provide the copy within the 12 days they have commited an offence, If after a further 30 Days they do not produce it they will have commited a crimminal offence.

 

Go Get Em..

 

IAn

[hellhasnofury]

Hello Shirley,

 

There are two ways to work out the total charge for credit.

 

1. Loan amount £1,500 interest at 18.9% equals

Charge for interest £476.79

Total charge for loan £1,976.70

Monthly payment £54.91

 

 

2. ppi amount £237 interest at 18.9%

Charge for interest £75.52

Total charge for ppi £312.32

 

Total amount for everything

 

£2,289.02 Divided by 36months equals £63.59 approx

 

or

 

1. as above

plus

 

2. ppi amount £237 interest at 18.9%

Charge for interest £75.52 X 3 years = £225.16

total charge for ppi is £552.96

 

Total amount for everything

 

£2,529.66 Divided by 36ths = £70.25 approx

 

Do any of these figures run true to you. Can you have a look at the bank statement and calculate the amount you paid each month

[shirleyc]

hi Ian,thanx for reply

do i really need copy of agreement?you state if no copy its not enforceable but what does that mean?NWsay they're putting in writing that cant find agreement.the loan is paid off now so im trying to reclaim what i can shirl

[shirleyc]

hi sandbro,ive looked at statements+strangely they add up to £62.31 per month but each 1 is different eg

june loan pymt £37.07 int £25.24

july loan pymt £37.61 int £24.70

aug loan pymt £38.15 int £24.16

sep loan pymt £38.71 int £23.60

oct loan pymt £39.27 int £23.04

 

this goes on for 18 months when its consolidated

hope this helps thanx shirl

[hellhasnofury]

hi sandbro,ive looked at statements+strangely they add up to £62.31 per month but each 1 is different eg

june loan pymt £37.07 int £25.24 This would have been a % loan and ppi payment and a % of loan and ppi interest

july loan pymt £37.61 int £24.70

aug loan pymt £38.15 int £24.16

sep loan pymt £38.71 int £23.60

oct loan pymt £39.27 int £23.04

 

this goes on for 18 months when its consolidated

hope this helps thanx shirl

 

Hiya Shirley,

 

I would go for this one

 

2. ppi amount £237 interest at 18.9%

Charge for interest £75.52

Total charge for ppi £312.32

 

Regardless on the fact that the loan was only paid for 18months, any rebate left on the ppi and ppi interest, they would have taken when they consolidated the loan.

 

If you need help with letters give us a shout,

[hellhasnofury]

Hiya Shirl

 

What was the date you took out the loan:D

[shirleyc]

hiya,

that was quick! took loan out in may 98-hope you can fathom it out!

shirl

[hellhasnofury]

Hello Shirl,

 

These are the figures that I worked out

 

at 8% statuatory interest from May 1998

 

ppi £237 = £174.12

interest £75.52 = £ 55.48

Total £312.52 = £229.60

 

 

at 18.9% contractual interest

 

ppi £237 = £411.36

interest £ 75.52 = £131.08

Total £312.52 = £542.44

[shirleyc]

hiye there,thanx for working that out.so,to go for 18.9% i should be claiming total of £542.44?is that right?do i write the breakdown of these figures in my claim? :o regards shirl

[shirleyc]

hi sandbro,many thanx for your help-ive got that all written out+ready now.

Now i would appreciate your help on my other loan if you could please:o

I was forced into consolidating overdraft+

paying off remainder of previous loan in Jan 2000-the loan owing was£980.63+rest was overdraft+charges.

total borrowed was £2570 +£521 debt management loan protecter.

payments were £80 a month .i paid 54 payments at thisto finish it.

i dont know the interest rate or if it can be worked out from this?

Any help would be appreciated shirl:confused:

[hellhasnofury]

hi sandbro,many thanx for your help-ive got that all written out+ready now.

Now i would appreciate your help on my other loan if you could please:o

I was forced into consolidating overdraft+

paying off remainder of previous loan in Jan 2000-the loan owing was£980.63+rest was overdraft+charges.

total borrowed was £2570 +£521 debt management loan protecter.

payments were £80 a month .i paid 54 payments at thisto finish it.

i dont know the interest rate or if it can be worked out from this?

Any help would be appreciated shirl:confused:

 

Hello Shirl

 

Like I said I am not a banker(thank god) or an accountant.

 

Loan amount 2570+521=3091

 

54payments at £80=£4,320 total amount paid

 

Interest charged £1,229.23 15.59% interest rate.

 

Have you disputed the amount that you had to borrow(unlawful bank charges) and the fact that they made you take out the £521 debt management loan protecter:-x

 

Just you go get them

[shirleyc]

hiya again,i thought i could only claim ppi+interest on it?you couldn't work out how much that would be for me please;) ?im useless at percentages(thick!)from jan 2000 until present please please?is there anything else could claim for on this loan? thanx shirl

[hellhasnofury]

hiya again,i thought i could only claim ppi+interest on it?you couldn't work out how much that would be for me please;) ?im useless at percentages(thick!)from jan 2000 until present please please?is there anything else could claim for on this loan? thanx shirl

 

Hello Shirl,

 

By the ppi, I presume you mean the debt management protector:confused: I will need the date that it started and the date of every payment that you made

[shirleyc]

hello there,

the loan was taken out on 16/12/99

1st pymt 31/1/00 then:

29/2/00--31/3/00--30/6/00--31/10/00--30/11/00--2/1/01--31/1/01--28/2/01--2/4/01--30/4/01--31/5/01--2/7/01--31/7/01--31/8/01--1/10/01 --31/10/01--30/11/01--31/12/01--31/1/02--28/2/02--2/4/02--30/4/02--31/5/02--1/7/02--31/7/02--2/9/02--30/9/02--31/10/02--2/12/02--31/12/02--30/1/03--28/2/03--31/3/03--30/4/03--2/6/03--30/6/03--31/7/03--1/9/03--30/9/03--31/10/03--1/12/03--31/12/03--2/2/04--1/3/04--31/3/04--30/4/04--28/5/04--30/6/04--2/8/04--31/8/04--30/9/04--1/11/04--30/11/04

phew!thats it!

In the 1st few months of loan you can see missed payments.Ilost my job+was told that i didnt qualify for ppi payout so i cancelled it.didnt get any form of rebate tho.

effectively 54 payments of £80.

hope you can understand all this!many thanx shirl

[shirleyc]

bump.........

[hellhasnofury]

Hello Shirl,

 

God I am so sorry for not getting back to you, but I am having to dedicate all my time to a problem I need to resolve, (being taken to court), co I have been unable to do this for you.

 

If you get the advanced spreadsheet on this sticky you will be able to do it yourself.

 

6. Interest calculation spreadsheets

 

1. pick the advanced excell spreadsheet.

2. Type in you details then look to the left hand bottom, you will see the tab interest and charges, clik on this and then type in the date of the first ppi payment was taken. I think I worked it out a £11.15 per month.

Then continue with each date and the amount taken.

 

It will automatically work out the total.

 

Them click onthe 8% interest tab left hand bottom. This will automatically have worked out the 8% interest. If you look to the right hand top, you will see the interest box click on that and type in 15.59%, it will only work out the nearest, probably 15 or16%, but I would not worry, as they will deny everything on your first letter.

 

I do hope you do ok, it is simple,honest I did not understand it when I first attempted it, but if you have a go, you will probably impress yourself.

 

Give us a shout if you get stuck

[shirleyc]

Hi there,ok ive tried this but i havent a clue what to do!i clicked on step 1+says need to know where files from+get info for downloading software needed--so im stuck+dont know what im doing!

Spent last 2 hours reading stuff i dont understand+cant get any further on:o Sorry to be a pain shirl

ps is there an idiot guide anywhere?

[hellhasnofury]

Hi there,ok ive tried this but i havent a clue what to do!i clicked on step 1+says need to know where files from+get info for downloading software needed--so im stuck+dont know what im doing!

Spent last 2 hours reading stuff i dont understand+cant get any further on:o Sorry to be a pain shirl

ps is there an idiot guide anywhere?

 

 

Hiya Shirl

 

In answer to you last question me:D being the idiot:D

 

These are the figures that you need

 

ppi £521.00

interest £81.26

Total £602.26

 

I think this is what you go for.

 

Ask for contractual interest rate that they charged you at 15.59% since 16/12/1999. this works out at £684.10 which brings the total to £1,286.36

 

If they argue re the contractual interest demanded the 8% statutory interest the court would allow, this works out at£364.86 which would bring the total amount to £967.11

 

PM me if you need a letter to send as the prelim

[shirleyc]

Many thanx,you are a star! shirl