GE Money PPI claim interest help pls!

[danboy381]

Hello everyone, Sorry I've been reading loads on here about working out the interest on a PPI claim, but can't fathom it -

 

I want to reclaim a single missold ppi policy, cost £4,800.

It was added to a loan took out in May 2005, and the loan runs for 15 years.

The interest is variable so has changed many times since May 2005, how do I work out the damn interest!?

I understand that I can also add 8% (i will be issuing court proceedings if i don't get a result in 14 days or so)

 

Can someone help or post a link pls.

 

Thanks alot.

danboy

[dx100uk]

use an avg of the interest if you need too.

 

however, do you know the monthly amount paid to the PPI policy

 

if you do, you dont need to know theirs

as its autromtically included in the monthly PPI PCM figure

 

dx

[danboy381]

Thx DX.

 

No, the PPI was added to the initial loan and the actual monthly payment for PPI itself is not shown separately on any of the paperwork.

 

Thx

DB

[dx100uk]

then you'll have to use link 1 below

 

dx

[danboy381]

Thanks again DX.

 

You're all over the place here...looks like you run this sub forum!

[Conniff]

He does, we all sit in the canteen and let him get on with it, he's the only one who knows what he's talking about

[danboy381]

Hehe... ok then if anyone can help me here, cast ur eyes over this, my final calculation before i lick the stamp and send a letter and claim:

 

SCHEDULE OF CHARGES

 

Original PPI Policy Fee : £4800.00 added to a variable interest loan amount of £40,000.00, to be paid over 180 months.

£4800.00 is calculated at 10.71% of the gross loan amount.

Loan payments made to date: £43,150.36

Account Balance as of todays’ date: £32,304.32

Total payment required to terminate loan: £75,454.68

10.71% of £75,454.68 = £8081.20

Statutory interest claim of 8% calculated over 2863 days since commencement of PPI policy £5056.30

Total Claim £13,137.50

 

any help appreciated but does the Interest bit sound about right?

 

thanks

DB

[Sheila117]

I agree, it is hard to calculate with GE Money.

See my thread here, the last couple of pages may help or may not ;-)

http://www.consumeractiongroup.co.uk/forum/showthread.php?t=379605&goto=newpost

[danboy381]

Nice one thx Sheila - all info helps

[dx100uk]

dont forget the FOS CQ and a covering letter

 

pop the SOC up first and we'll check it

 

dx

[danboy381]

Thx, covering letter explaining the misselling and fos questionnaire all done.

 

Schedule of claim above!

[dx100uk]

have you done the spreadsheet then?

 

dx

[danboy381]

Yes,

worked out the amount of days passed on spreadsheet,

added 8% interest as above.

 

Followed a sticky which tells you how to work out interest on a variable rate loan,

where the monthly amount of ppi repayment is not known,

so you work out the percentage of the ppi as a total of the loan.

I think!

[dx100uk]

attach your SOC

 

dx

[danboy381]

Sorry , not sure what you mean dx?

[dx100uk]

can we see your spreadsheet please

 

set your default scan page size to A4 less than 300DPI [150 will do]

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc using paint program

but leave all monetary figures and dates.

*********************************************************

{DO NOT USE A BIRO OR PEN OR USE SEE THRU TAPE OR LABELS]

try www.pdfescape.com TO BLANK STUFF,

*************************************************************

or

DO IT IN MSPAINT.EXE or any photo editing program

goto one of the many free online pdf converter websites ...

http://freejpgtopdf.com/

if you have multiple scans/pics

put them in a word doc FIRST and convert that to PDF

or use www.pdfmerge.com

convert existing PC files to PDF [office has an installable print to PDF option]

..

 

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

try and logically name your file so people know what it is.

though dont use full bank names or CAG in the title

i'e Default notice dd-mm-yyyy TSB

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

.

dx

[danboy381]

Ahh sorry see what u mean. No haven't filled in a spreadsheet with all payments made, just used spready to work out days passed since policy taken out, and 8% interest, and have all the total figures in front of me from lender, I.e amount outstanding, amount paid, copy of ppi policy, and I worked it out as above....?

[dx100uk]

link 1 below

 

dx

[danboy381]

Thanks, I followed the sticky by IMS, but my issue is the loan is still running, I am going for the Broker that sold us the loan/ppi.

 

Do i really need to fill in the spreadsheet detailing all the monthly payments? and as the loan is still running, (PPI policy long since finished) who is going to re adjust the loan so that the remaining balance is correct?

Is it usual that the Broker inform the loan company?

[dx100uk]

if the ppi is finished then theres no need for anyone to contact anyone.

 

what do you mean by the ppi is finished?

 

me thinks you getting confused somewhere here

 

what did you pay each month

 

work out 10.81% of that months payment

put it in the statint spready

 

then do the rest of the months the same each on a new line

 

 

dx

[danboy381]

When I say the PPI finished I mean it was sold with a loan that commenced mid 2005.

The policy is finished as it was a 5 year policy.

 

I know I'm still paying for it though, until the end of the loan (total of 15 years)

 

I wanted to avoid the work of going through each monthly payment as I know the PPI portion of the payments would be 10.71%, but the actual monthly payments have varied because it is a variable rate loan.

 

You are right though, in order to get an accurate assesment of interest to add, each monthly payment made needs to go into the spreadsheet....

 

HOWEVER, it still leaves the fact that the loan continues to run for many years, so who will credit and re adjust the loan for the lower future payments when PPI is removed?

 

thx

db

[dx100uk]

the loan should be srestructured.if you pop along to the FOS website

 

there are many examples and case histories to view

 

dx