Scotloan Ppi Calculation Help Required!

[Dolly G]

Hello To All

 

I would welcome help with this calculation matter.

Loan £7000 at 14.1% over 36 months.Monthly Payment £296.80.

 

 

However my offer from bank is calculated as follows....

 

PPI Premium added to the loan account at inception = 1638.56

Refund of monies paid towards interest on PPI at 14.1%= 396.18

Interest at 8% = 935.51

Toatal = 2970.25

 

 

ANY HELP TONIGHT FROM THE BRAVE FELLOW CAGGERS

[IdaInFife]

try this

 

CAG PPI Calculator.xls - Windows Live

[Dolly G]

IdaInFile

 

Thankyou for such a prompt reply.

 

The calculator - shows at 8% £5402.77

 

Contractual 14.1% £9148.33

 

I would feel much better if someone out there could check the result.

 

Today I received in the post a cheque from BOS £ 2195.68.

 

A Huge Thanks to this site, the template letters were so important in helping me.

 

 

Dolly G

[Jan4a]

Hi

 

I think the CAG calculator (or the way we've been putting figures in it!) calculates the contractual interest twice. I know I claimed way too much!

 

Hold on and I'll try and find something that explains it better.

 

Jan

[Jan4a]

Right, here is how Landy explained it to me when I queried it. It made sense when I thought about it.

 

 

Hi Jan:-)

 

Have just been having a read of your thread - have NR said if what they are offering is the premiums you have paid plus 8%?

 

I ask this because it seems that in the case of a loan where the PPI has been applied as a single premium, the monthly element of PPI being charged already includes interest at the contractual rate.

 

Where a lot of us have been going wrong I believe (and aa is in agreement with the principle of this), is in asking for the refund of PPI premiums plus contractual interest plus 8% simple interest, when the refund of a monthly PPI premium will already include the contractual interest charged. Therefore we are asking for contractual interest that has already been accounted for in the refund of the monthly premiums.

 

Apologies if I'm not explaining this very clearly:confused:

 

For example - if on your loan agreement it states that the monthly PPI element of your repayment is say £35, we should only be asking for £35 plus 8%, not £35 plus contractual plus 8% as the £35 includes the contractual interest we were charged.

 

I have had to go back through all my claims and readjust my calculations (and my expectations) accordingly:cry:

 

I could be wrong, but I believe this is why a lot of us are disappointed when we get made a refund offer lower than we had hoped.

 

This is just my opinion and only applies to loans with single premium PPIs, not credit cards, btw. "

 

Hope that helps.

 

Jan

[IdaInFife]

also will ask someone more knowledgeable

 

ida x

[Dolly G]

Hi Jan4a Thank you for replying so promptly. I now understand the contractual interest is included in the monthly premium. Bank Letter Quote - In addition,8% compensatory interest is applied to the payments that you made towards the PPI and interest while the loan was with Halifax Bank of Scotland. 8% £ 935.51 PPI Single Premium Calculator 8% £5402.77I thought they had to pay for 2005,2006,2007,2008 and 2009,the time the customer was without the PPI cash amount.Oh....... Really really I am surprised tonight think it is shock ! Dolly G

[Jan4a]

Sorry it wasn't good news. A few of us have been shocked by it!

 

Jan

[24233513afw]

G'Evening

Tried out this calculator but cant seem to get my head round it.

A Family memeber has had 4 Royal Bank of Scotland Loans over a period of time since 1999 topping each loan up every fewmonths/years and all had PPI which should not have been added I have triedan another calculator but alas no luck andy guidance would be greatly appreciated.

Cheers

AFW

Edited January 13, 2010 by 24233513afw
Oops spelling mistake !!

[Dolly G]

Hi

 

This is the calculator - I used.

 

Hope this helps

 

Dolly

CAG%20PPI%20Calculator(1).xls