Little confused PPI claim from original doc

[daddyhoo]

Hi All,

 

I had a loan with the Rock in 2001

 

In 2006 this was sold onto another firm (just over 4k left), it did go through a period of default and reduced payments.

 

Trying to figure out this bloody document, please take a look as I can't seem to get the figures to add up on the sheet to work the interest for the PPI claim.

It states 8.5% APR over 4years, but for the life of me I can't get it to work out - it seems a complete mess?

 

Once I figure out the correct figures, do i apply this APR to the PPI amount for the 4years, then 8% up until now ?

 

 

Thanks all

[dx100uk]

nope

 

just use the statint sheet

 

and the info in link 1 below.

 

This first spreadsheet is the latest version of the statutory interest calculator and is used for Single Premium PPI cases. It can also be used where rollover PPI is involved, i.e. a new loan re-financing a previous one and where PPI is included in one or more loans. It can also be used for S69 redress calculation on any sum, like on a closed/frozen interest PENALTY charges claim.

 

StatIntSheet v101.xls

 

 

dx

[daddyhoo]

Ok, thanks Dx !

 

however, I am still confused by that single payment and the interest calc in my situation

 

according to my CCA im supposed to have paid 8.5% interest on the value of poss £943.50 for the 4years ?

or

do i just use the 8% for £943.50 from the 2001 date until now ?

 

 

Also

/showthread.php?318646-PPI-Single-Premium-Your-questions-answered&p=3543245&viewfull=1#post3543245 1st section will apply to me, but i have never had a 'default notice' as such, only a letter/date that the debt was sold on

[dx100uk]

so i make that.

1050.58/5000*100=21.01%

so 21% of anything you paid

was for PPI.

enter each PPI payment on its date

on a new line.

[daddyhoo]

Thanks again.

Think the PPI was the £943.50 value - mistake on sheet shown by the silly arrow I think...

What figure should i use do you think ?

 

I was trying to do the PPI&interest charged as the 943.50 x (1.085)^4

 

Going from the link help section

/forum/showthread.php?318646-PPI-Single-Premium-Your-questions-answered&p=3543245&viewfull=1#post3543245

 

So what they have to do to put things right is to refund the entire premium to the claimant plus the interest they would have charged on the payments by the claimant and then plus interest on those payments by way of compensation, typically 8% statutory interest.

 

This is what is confusing the crap out of me, since there are obvious errors on the CA do I just go with the stated 8.5% (even though it must be also wrong) ?

 

 

 

[edit]

After thinking about it a little more, i think I am best to stick with the figures set in the box of 1050.58 as you said.

 

So I make that £1468.76 as total charged for the PPI, then inputting it into the spreadsheet to date comes out at £3013.95 (£1545.19 interest)

 

Look right ?

 

tyvm for your help

Edited August 6, 2014 by daddyhoo

[dx100uk]

yours is a front loaded ppi

 

you get 8%

 

but those figure don't workout.

 

let me play

 

dx

[dx100uk]

I cant make head nor tail of those 3 figure 5000-1050.58-943.50

 

however

 

as you've discovered above...

 

BUT you enter EVERY PAYMENT of PPI monthly on the date you paid it

not as one lump sum in the spread

 

ie you enter 21% of 145.71 on the first monthly date

then the same for the next

 

any short payments [under 147.71] you work out 21% of that

 

dx

[daddyhoo]

And there lies an issue, as it was so long ago - I only have the CA (original found), but there is no account info appart from some stuff just as account is sold on.

 

Should I just presume the 21% of the 48 payments and go from there (since its front loaded)?

[dx100uk]

no I think you'll need to SAr then original creditor

who was it

 

when did you take it out

 

I also see it says consolidation

 

was that a previous loan with the same OC?

 

dx

[daddyhoo]

2001, and no it was to pay off some other smaller loans (windows and a car finance company's).

 

It was North Rock.