Natwest PPI Claim Help

[dx100uk]

ideally what you need to know is what portion of your PCM was PPI.

 

then you simply add 8% stat.

 

use:

 

 

 

dx

[Fred_Funk]

Fred, you making sense, that was the bit I was twisting my brain around. So I am thinking that my figures on my other spready is accurate as I am coming at 3.5k.

 

Do want to see that one and tell me what ya think?

 

I think 3.5k is in the right ballpark though I'd be interested to hear the exact figure you've arrived at.

 

The more I think about it, the more convinced I am that BOG's spreadsheet is flawed.

 

I think its intention is to take the two elements relating to the PPI, ie the premium and the interest, and then to calculate the s69 interest on each. However, this isn't what the spreadsheet does.

 

Rather, it takes the total cost of PPI [3,133.80] and calculates interest on the basis that you shelled out this sum on February 1, 2007 which, of course, you didn't. And even if you had done, this figure already includes the interest you paid for borrowing this - ie 60 x 20.62 = 1,237.20 - so if you then proceed to work out the interest accrued on that you are, in effect, adding in again something you've already accounted for - albeit incorrectly.

 

What you need to do is work out how much you paid each month for PPI, which is simply a case of dividing the total cost of the PPI [3,133.80] by the number of months over which the loan was scheduled [60], giving you 52.23 per month.

 

Then put this figure 52.23 in the spreadsheet for every month from February 2007 up to and including your last payment and let the spreadsheet work its magic. Though there might be very slight variations between different spreadsheets, you should find that the 52.23 you paid on February 1, 2007, has earned interest of 18.11 making a total of 70.34, while the 52.23 you paid on June 1, 20011 has earned interest of just 37p making a total of 52.60.

 

The sum of these figures gives you the total you should be asking for for mis-sold PPI with s69 interest.

 

Do, please, let me know if this makes sense!

[Fred_Funk]

ideally what you need to know is what portion of your PCM was PPI.

 

Indeed. Unless, that is, you know the total cost of PPI, ie premium + interest, in which case you just need to work out how much that equates to per month.

 

In this instance, the total cost of PPI was 3,133.80 and the loan was scheduled for 60 months, meaning the PPI cost 52.23 per month.

[dx100uk]

[Fred_Funk]

 

Please tell me that means you're agreeing with me; I'm beginning to confuse myself now!

[ims21]

Please tell me that means you're agreeing with me; I'm beginning to confuse myself now!

 

If the ppi plus interest is £3,133.80 you are right!

 

[Fred_Funk]

So are the sheets to calculate the PPIs posted in this thread by Fred earlier. They are for bank charges but was told they work perfectly for calculating PPI, also what are the differences in calculating PPI on loan and CC?

 

Sorry matey, not sure what point you're trying to make here?! Hopefully everything is making a bit more sense now but, please, do let us know!

[moneyproblem]

Back now, was afk

 

Fred bare with me, ok how did you get the £18.11? What APR% are you using?Just asking so I can check my sheet to see if I am on the right track.

 

I gave up on BOG's spread sheet #headhurts#

[ims21]

Back now, was afk

 

Fred bare with me, ok how did you get the £18.11? What APR% are you using?Just asking so I can check my sheet to see if I am on the right track.

 

I gave up on BOG's spread sheet #headhurts#

 

Its 8% simple interest

 

ims

[moneyproblem]

Sorry matey, not sure what point you're trying to make here?! Hopefully everything is making a bit more sense now but, please, do let us know!

 

My point was in regards to the post by livingdeadguy was for CC PPI, I was making a reference in regards to using that method for loan PPI just the same way as per the sheets provide that was for calculating bank charges.

 

IMS pointed out the differences.

[moneyproblem]

Its 8% simple interest

 

ims

 

£52.23@8% = 18.11 simple

[Fred_Funk]

£52.23@8% = 18.11 simple

 

It's 8 per cent per annum.

 

Fifty-two months, ie 4.33 years, have passed since February 2007 so it's [4.33 x 8] x 52.23 = 18.11.

 

Have you got it?!

[rebel11]

Hi Moneyproblem you o.k.?

[livingdeadguy]

Hi all, i've come in on the tail end of this thread. What i can guess is that you are trying to work out the stat interest on each ppi payment, compounded to date?

If so use this http://www.bllaw.co.uk/services_for_businesses/insolvency_and_recovery/simple_interest_calculator.aspx

 

pop in the ppi figure at the top then the date it was paid then todays date then the interest rate 8% and hit calculate.

Do this for each ppi payment made then add up the totals.

[moneyproblem]

sorry for the late reply

 

hi rebel

 

i'm confused all over again.

 

my next step is take natwest to court for my mis-sold ppi but i dont know what interest i'm supposed to claim.

 

I thought i could claim compounded contractual interest + 8% (also compounded), as per livingdeadguy's sticky

 

Initially I was trying to also find the "hidden" interest and claim that back as well, but now i'm back to square one as i don't know if i can claim both ci and stat at the same time.

 

also, i've noticed that even though the loan agreement says i will be paying back ppi at a certain amount at a certain apr - the figures dont match up - which leads me to believe that there is some extra interest somewhere.

 

I'm happy just knowing what interest i can claim for loan ppi & card ppi so i can file the claim next week

[ims21]

Hi mp

 

I think we have covered this in previous posts

 

For Loans you claim the ppi and the interest element of the ppi + stat S69 int on each of those payments....exactly as Fred Says

 

For Cards you claim the ppi payment + contractual interest at their rate. You claim S69 if it goes to court.

 

This thread is to do with your loan so concentrate on that one first. The calcs are exactly as Fred and I have advised.

 

What do you mean by "Hidden Interest"?

 

ims

Edited June 2, 2011 by ims21

[livingdeadguy]

My sticky is for cards that require the contractual interest not loans so don't use the first calculator only the second one for the 8% . As the others have said you only need to claim the ppi figure plus the interest that you were charged on it at the time, and then you use either the spreadsheet or the calculater to work out the s69.

i.e. if your payment for each month is £100 and the interest on the loan was15% that would mean your total payment is £115. take this and then work out the 8% from the date of that payment up until today.

lets say the payment was made on 2nd june 2009 then up to today your £115 is now worth £133.40 giving you £18.40 interest.

Hopefully if i'm wrong i will be corrected, i'm a little rusty as not had to do any of this for a while

[ims21]

mp

 

livingdeadguy is right and is saying the same to you as we are.

 

Look again at posts #49 and #50

 

post #50 has the exmple which is actually specific to your loan agreement. Fred's figures are correct

 

ims

[moneyproblem]

ok - i've looked at 49 and 50 again, and i do agree

 

the "hidden interest" is the extra interest which I can't work out given the figures and apr

 

As the others have said you only need to claim the PPI figure plus the interest that you were charged on it at the time, and then you use either the spreadsheet or the calculater to work out the s69.

 

This is what I thought I was doing.

 

For example: PPI is 52.23 per/month. The interest is 7.9% apr: from 1 july 07 this would be 19.68 in interest = 71.91 in total

 

Then I used the calculator to work out s69, which is 23.04 in interest = 94.95 in total

 

This is two interest being calculated, CI and S69

 

I'm gathering that this is what you are saying - or am i stay on the wrong path.

[livingdeadguy]

that looks right to me. my figure is £94.48 but thats very close to yours. Now do this for each month up until today or when the ppi was cancelled and hey presto!

[moneyproblem]

ok, this is what i have been using for the loan ppi - this is what you say to do in the sticky

 

this is what i've been asking about to verify, but i'm being told that this is wrong.

 

I'm being told that I can only do s69 or ci not both as you've stated.

 

The figures that we've come to are both s69 and ci for the loan ppi - not one or the other.

 

ims - do you still agree with this? is this the correct way to work out my ppi claim?

[ims21]

ok, this is what i have been using for the loan ppi - this is what you say to do in the sticky

 

this is what i've been asking about to verify, but i'm being told that this is wrong.

 

I'm being told that I can only do s69 or ci not both as you've stated.

 

The figures that we've come to are both s69 and ci for the loan ppi - not one or the other.

 

ims - do you still agree with this? is this the correct way to work out my ppi claim?

 

 

Sorry, no I don't

 

According to post 49, your total ppi INCLUDING interest was £3,133.80. This makes each monthly payment £52.23.

 

IMHO You claim £52.23 + Stat Int as previously described and thats it.

 

Compound Interest is used for credit card claims

 

ims

[Fred_Funk]

ok - i've looked at 49 and 50 again, and i do agree

 

the "hidden interest" is the extra interest which I can't work out given the figures and apr

 

 

 

This is what I thought I was doing.

 

For example: PPI is 52.23 per/month. The interest is 7.9% apr: from 1 july 07 this would be 19.68 in interest = 71.91 in total

 

Then I used the calculator to work out s69, which is 23.04 in interest = 94.95 in total

 

This is two interest being calculated, CI and S69

 

I'm gathering that this is what you are saying - or am i stay on the wrong path.

 

What ims21 has just said in post #69 is correct. You are, I think, in danger of making this far more complicated than it needs to be!

 

If you what your monthly loan repayment was - as you do - and what proportion of this attributable to PPI then there is no 'hidden interest'. Imagine the bank lends you 1k to which it adds interest at the rate of 20 per cent per annum which you repay over the course of 12 months, ie the interest is £200 and you repay 12 x £100. Clearly, the interest is included in the figure you repay, it ain't hidden anywhere.

 

Use Mindzai's spreadsheet to calculate the interest the FOS is likely to award you, ie s69 interest at 8 per cent simple [not compounded].

 

For instance, if you paid £52.23 on July 1, 2007, then this equates to approximately £16.40 making a total of £68.63.

 

If you opted for the court route then you could seek compound interest in restitution [on the basis of Sempra]. Mindzai's spreadsheet will also give you a figure for this [use the tabs on the left-hand side of the page to move between the different interest figures].

 

There is an argument for asking for compound interest in restitution if you go down the court route - and it'll produce a higher figure than simple s69 interest - but it's a case of asking for either/or and not one on top of the other.

 

Fingers crossed, all is now clear!

Fred_Funk

 

PS I think some of the confusion may stem from you having your figures wrong. I downloaded the spreadsheet you posted up last night and you said you made 60 repayments of £253.38 equating to a total of £15,202.80. However, this is some £527 less than the total of your loan amount [12,596.00] and your PPI premium [3,133.80].

Edited June 2, 2011 by Fred_Funk

[moneyproblem]

.......

[steven4064]

http://www.consumeractiongroup.co.uk/forum/showthread.php?152816-Download-PPI-Calculator-HERE-(Single-Premium-PPI)

 

I found this spreadsheet created by BOG and I used it to recalculate my PPI claim for my loan with Natwest.

I really need to send it to someone on here that is a PPI pro as I am not sure the figures are right.

 

Can anybody please help!

Fred_funk asked me to look in as he was worried about BOG's spreadsheet. I am afraid he is right, the spreadsheet is wrong as it gives the total paid instead of the interest paid, at least. I've not checked anything else. CitizenB has pointed to a more current (and hoperfully correct spreadshheT