Enquiry regarding ppi from the halifax

[bullring57]

Can any body help with a calculation on 2 ppi claims that was made to the halifax,this is the loan agreement

1) cash loan £2.500///--- add toatal charge for credit for cash loan £493.04///--- total amount you pay for cash loan £2,993.04///--- insurance loan cash price of insurance £353.54///-- add total charge for credit for insurance loan £59.02///--total amount you pay for insurance loan £412.56///--- you have to pay the loan and interest by 24 monthly payments of £141.90.
annual percentage rate 16.4%///---monthly interest rate 1.276%///---toal loan £2.853.54/// total charge for credit for total loan the total charge for credit £552.06///-- total you pay £3,405.60. repayment period 2 years. ppi policy started on november 2002 and finished on feb 2004 on this one.

2) cash loan £4,000---add total charge for credit for cash loan £1,284.44---total amount you pay for cash loan £5,284.44---insurance loan cash price of insurance £863.17---add total charge for credit for insurance loan £277.13---total amount you pay for insurance loan £1,140.30---you have to pay the loan and interest by 42 monthly payments of £152.97---annual percentage rate 15.9%--monthly interest rate 1,240%---total loan £4,863.17---total charge for credit for total loan the total charge for credit £1,561.57---total amount you pay £6,424.74---repayment period 3 years and 6 months, this was taken out in feb 2004 and finished july 2006. is their any body out their who could give me a idea on how much each one would get back please,many thanks.

[EXC]

Re: Enquiry regarding ppi from the halifax

I'll give [MENTION=189]Turboman[/MENTION] a shout for you.

[Turboman]

Re: Enquiry regarding ppi from the halifax

Right--should be fairly straightforward if you can answer as below first:

Loan 1 was scheduled to run 24 months but you paid 16 payments of £141.90 from (say) 1/11/2002 to 1/2/2004 inclusive--correct???
What happened then--was there any Settlement Amounts, or PPI Rebates , or PPI Refunds, or an amount carried forward to Loan 2 (ie was Loan 2 a consolidated Loan)?
Normally you can ascertain these from the Settlement Letters or the bank statements for Feb/March 2002.

I ask these questions so I can ascertain if any residual PPI was in fact carried forward to Loan 2 if consolidation loan--in which case I will calculate the PPI redress due on each loan and also the residual Loan 1 PPI redress within Loan 2

Loan 2 was scheduled for 42 payments and you paid 42 payments with mo rebates or PPI refunds being given--correct??

Were there any actual claims made on either of the PPI policies for loan1 or loan 2 (ie sickness unemployment etc )??

Turbs

[bullring57]

Re: Enquiry regarding ppi from the halifax

Hello turbo, many thanks for your reply, they are 2 separate loans, balance was paid off on both accounts in one go,their was no ppi on both accounts paid or any thing else, their was no claims made on both accounts, this is a friend of mine who i am asking for, many thanks turbo.

[Turboman]

Re: Enquiry regarding ppi from the halifax

The calculation of the redress for these 2 loans is identical as you have confirmed that Loan 2 was NOT a consolidation loan, nor were there any PPI refunds given.

LOAN 1

The ratio of the PPI Loan to the Total Loan is£353.54:£2,853.54 which gives an APPORTION FACTOR of 12.389%


The loan was settled early and and for a 2002 loan the Settlement Figure would have been calculated using "Rule of 78 Regulations"--using Stewarts Calculator-I deduce that the Settlement Figure would have been £1,096.00

Sowe now need to derive what proportion of both the monthly PPI Pymnt and the Settlement Amount was attributable to just PPI.

So PPI part of mthlyPymnt is £141.90 x 12.389% = £17.58 per mth
Simarly PPI part of Settlement Amount is £1096.00 x 12.389% = £135.79

We have 16 mthly payments of £17.58 (£281.28) + £135.79 = £417.07 [PPI paid incl interest]

We now need to enter each of the payments into a spreadsheet to calculate the 8% Statutory Interest due on each payment taking account of the date that the payments were made and the actual Claim Date (assumed 1/8/2016)

This results in a total 8% interest due of £431.02

So TOTAL REDRESS would be £417.07 + £431.02 = £849.09

However--most banks (but not all will deduct 20% income tax on the 8% element - reducing the TOTAL to £761.89

If you do not pay tax--you have to claim it back through HMRC or if a higher rate tax payer --plead with the HMRC to deduct more tax--:tinysmile_grin_t:


LOAN 2


The ratio of the PPI Loan to the Total Loan is£863.17:£4,863.17 which gives an APPORTION FACTOR of 17.749%


The loan was settled early and and for a 2002 loan the Settlement Figure would have been calculated using "Rule of 78 Regulations"--using Stewarts Calculator-I deduce that the Settlement Figure would have been £900.00

Sowe now need to derive what proportion of both the monthly PPI Pymnt and the Settlement Amount was attributable to just PPI.

So PPI part of mthlyPymnt is £152.97 x 17.749% = £27.15 per mth
Simarly PPI part of Settlement Amount is £900 x 17.749% = £159.54

We have 30 mthly payments of £27.15 (£814.50) + £159.54 = £974.24 [PPI paid incl interest]

We now need to enter each of the payments into a spreadsheet to calculate the 8% Statutory Interest due on each payment taking account of the date that the payments were made and the actual Claim Date (assumed 1/8/2016)

This results in a total 8% interest due of £864.78

So TOTAL REDRESS would be £917.24 + £864.78 = £1,839.02

However--most banks (but not all will deduct 20% income tax on the 8% element - reducing the TOTAL to £1,666.06


Hope this helps--any comments on whether my results are correct would be greatly appreciated

Spreadsheet as below




Turbs

[bullring57]

Re: Enquiry regarding ppi from the halifax

many thanks TURBO,i will now pass this information,once again thank you.

[bullring57]

Re: Enquiry regarding ppi from the halifax

Hello turbo, sorry it took so long to get back to you but it took this long to sort it out with them, you were spot on turbo they finally sent a cheque of 1,731 pounds, they played around for a while but finally gave in, many any thanks turbo

[Turboman]

Re: Enquiry regarding ppi from the halifax

Wow and thank you kind sir.

[EXC]

Re: Enquiry regarding ppi from the halifax

Well done to both of you!