FM vs Lloyds PPI

[alanfromderby]

Sounds like you have all the information you need - don't forget to add 8% per year on top of the figures. You can use the spreadsheets in the Bank Template Library for that.

[alanfromderby]

With bank charges we always suggested that people wait until court as the matters were still untested in court. With missold PPI, there is no argument that the PPI was missold and you therefore have an entitlement to claim interest on the money they have taken - from the date they took it.

[alanfromderby]

The 8% is simple interest.

 

Assuming the second loan did not have PPI, the calculation would be roughly as follows.

 

Use one of the bank charge interest calculation spreadsheets.

 

Enter the original PPI amount - then enter each monthly interest payment proportioned to the PPI up to the end of the first agreement.

 

Recalculate the proportion of the new agreement that relates to the PPI - then enter each monthly interest payment that can be attributed to PPI on the second agreement.

 

The 8% then be calculated for you on the total.

 

Off the top of my head, from a quick look of the figures I would guess your claim would be in the region of £3273 + £937 + approx £1600 for 8% interest. But that is just a quick calculation.

[alanfromderby]

I will be happy to answer that on your thread.