HSBS PPI Claim- PPI calculation- Pls Help

[blurt]

Hi all,

I have gone through the threads but cant seem to make sense of how i should calculate my PPI refund.

 

Here are the details.

 

I took out a loan in June 2001 for 12k with the interest @9.9 credit charge was 3113.40. The PPI on this was 2531.49 with charge for credit being 656.41 (@9.9) total PPI 3186.40- so my total loan was £18299.81 over 60 months = 305 pcm.My agreement shows monthly PPI amounts of £53.11

28 months later i took a new loan, consolidating the first loan and my credit card. ( i do not have the loan agreement for this but do know from bank statements what was paid. - Also am not aware if new PPI was taken out, although i don't think so)

 

Loan 2- £245.16 x 96 payments = total loan of £23535.36- I made 9 payments

However from my bank statements it shows that i took a new loan ( loan 3) - 9 months later. This new loan paid off my existing loan.

 

Loans 3 - original amount of loan £24500 @ 8.9% = 96 months at 353.32pcm. This final loan was completed - the last payment was made august this year.

I would like to reclaim my PPI from the first loan. If i am correct, it would seem the second loan paid off the remaining 32 months of PPI at the outset.

 

How do i work out my claim. I have tried some of the spreadsheets available here but don't get - how i continue to calculate the "rollover" PPI from loan 1 and the actual interest on what was paid and with i can reclaim to when the loan was paid off and to the point from when my claim starts which i sent the questionnaire in Sept.

 

Any help or rough calculations would really help. I would love to be able to learn how to do this but would need simple instructions initially- then i could get my head round it..

 

ps. from what i can make out- the PPI amt on the first loan was 21% of the loan ( using some of the guidance on here) and then on the second loan - the continued PPI loan amount repayment was 21.18 form the 9 months- then i get stuck.

thank you in advance!

[ims21]

Hi

 

To get you ready, these are the two spreadsheets you will need.

 

StatIntSheet v101.xls

LoanAnalysis.xls

 

Have you got the settlement figure for Loan1 (closing statement for example)?

 

Did you get any rebate of PPI on Loan 1 when you settled it?

 

I can walk you through this because it is likely that you have rollover PPI in both loan 2 and Loan 3.

[blurt]

Hi there,

 

I don't have a closing figure for or statement and am pretty sure i didnt get a rebate for the PPI outstanding. From the loan analysis sheet - i worked out that £1496.53 of the PPI was remaining and £7097.96 of the loan was outstanding.

[ims21]

OK we need to know what the amount borrowed was on loan 2. Any clues on your bank statements as to how much was made available to you?

 

In your spreadsheet so far you should have a list of 28 payments of £53.11.

[blurt]

Loan 2 was for £23535.36 spread over 96 months- the first payment was made on nov 2003. After 9 payments i took out on new loan with the first payment made on aug 2004 ( total loan was for 24500@ 353.32x 96 months.) there was no PPI on this loan

 

yes my spreadsheet has 28 payments of £53.11

[ims21]

Loan 2 was for £23535.36 spread over 96 months- the first payment was made on nov 2003.

 

Yes that is the total including interest....ideally we would need the amount you borrowed so that we can work out the percentage of PPI rolled from loan 1 into loan 2.

 

For example, I have worked out that if loan 2 was for £15,000 it would be 96 months at £245.16 and a APR of 8.9% (which is the same rate as your loan 3).

 

Would it have been £15k that you borrowed on loan 2?

[blurt]

that sounds about right actaully

[ims21]

Ooops....I meant a loan of £17k would be 8.9.....a loan of £15k would be 12.9% which is out of kilter with the other two loans you have had.

 

We can work it on either but because we have an unknown, our figures won't be accurate.

 

Which do you want to work it on....£15k loan or £17k?

 

When you have the principles of one figure, you can always re-work it with another figure of you wish.

 

Alternatively, a call to the bank may get you the actual figure you borrowed if you want to try that.

[blurt]

ok. Just found my old bank statement for that time- ( am sorting them all out). so it was on 17K - there was a loan repayment for £8738.24 plus a loan protection refund of £686.13

 

the bank wouldn't give me any details going back after 6 years. Hence sorting through my bank statements out.

[ims21]

Ah bingo....so we did get a rebate and we know it is £17k for loan 2.

 

Just doing some workings....back shortly....

[ims21]

OK so you calculated the rollover at £1,496.53. Deduct the rebate and you end up with £810.40 which is the amount rolled into loan 2.

 

Loan 2 was for £17,000. The rollover percentage is £810.40 / £17,000 x 100 = 4.76% so that is the percentage to apply to the monthly repayments on loan 2.

 

Monthly repayment is £245.16 so 4.76% of it is £11.67.

 

In your spreadsheet, continue the listing underneath the £53.11 entries and list the 9 payments of 11.67.

 

Now use the loan analysis spreadsheet to find out what the balance of loan 2 would have been after the 9 payments.

 

Work out 4.76% of that figure and that is the amount rolled over into loan 3.

 

Take that figure and work out what percentage it is to loan 3 and apply that percentage to the monthly payments of loan 3 and list those amounts in the spreadsheet.

 

When you have done that you will have the figure that you should expect as a refund in the box at the top right of the spreadsheet.

[blurt]

OK so you calculated the rollover at £1,496.53. Deduct the rebate and you end up with £810.40 which is the amount rolled into loan 2.

 

Loan 2 was for £17,000. The rollover percentage is £810.40 / £17,000 x 100 = 4.76% so that is the percentage to apply to the monthly repayments on loan 2.

 

Monthly repayment is £245.16 so 4.76% of it is £11.67.

 

In your spreadsheet, continue the listing underneath the £53.11 entries and list the 9 payments of 11.67.

 

Now use the loan analysis spreadsheet to find out what the balance of loan 2 would have been after the 9 payments. 15887.24

 

Work out 4.76% of that figure and that is the amount rolled over into loan 3. 756.23

 

Take that figure and work out what percentage it is to loan 3 and apply that percentage to the monthly payments of loan 3 and list those amounts in the spreadsheet.

756.23/24,500x100=3.09

3.09% of 353.32= 10.92

When you have done that you will have the figure that you should expect as a refund in the box at the top right of the spreadsheet.

have i done the above correctly

4380.88 - schweeeet

thank you so much. Will let you know the outcome.

[ims21]

Yep....looks good to me

 

If you need anything further just shout here.

 

[blurt]

Thank you so much!