Tweet
Re: Upfront Single Premium
Can't get multi quote going again so copy/paste--grrrrrr
Right--Millie--you ain't due a rebate as it wasn't an up front PPI additional loan at all
You may need to ask why your final settlement figure was so high-as Marshy points out above
Bit about various settlement methods:
It may not be fair but its legal & binding
In practice however-we have found that not all lenders actually impose the maximum they can-indeed working with Laini & AnyChance , me & Bill were pleasantly surprised that Halifax only charge outstanding balance + interest to Settlement date
Firstplus also sometimes inconsistent depending if they've sussed out the level of understanding you have & how arsey you are
Right-in your case :
Using various Amortization Schedules at 9.4%-after 10 payments your outstanding balance would be in the region of £9,300-ish & monthly interest now running around £72-ish per mth
Marshy has used our usual Stewart Rule of 78 Calculator and got £9,409-ish
You have paid ££9,698-ish which is high
As Marshy says above, you could do to ask the question why your Settlement Figure was so high - but you definitely ain't due a PPI Refund lump sum.
Late Edit--do you have the "small print"?
Can't get multi quote going again so copy/paste--grrrrrr
Marshy:
Just to add that your settlement figure looks high and it is not because of the PPI. It is because your settlement was worked using the rule of 78 which is now abolished thankfully as it produces a settlement that is only fair to the banks and not the consumer.
I make your settlement should have been £9409 and you paid £9698 so maybe you had charges included with it.... maybe you could ask that they check this and give you a breakdown.
__________________
Just to add that your settlement figure looks high and it is not because of the PPI. It is because your settlement was worked using the rule of 78 which is now abolished thankfully as it produces a settlement that is only fair to the banks and not the consumer.
I make your settlement should have been £9409 and you paid £9698 so maybe you had charges included with it.... maybe you could ask that they check this and give you a breakdown.
__________________
Millie:
What about my rebate though Turbo, which I never had?
What about my rebate though Turbo, which I never had?
Right--Millie--you ain't due a rebate as it wasn't an up front PPI additional loan at all
You may need to ask why your final settlement figure was so high-as Marshy points out above
Bit about various settlement methods:
- older loans subject to older regs (can't remember date maybe pre 2005 (Marshy help me) & predominately Rule of 78 calcs which Marshy has done above
- as above + admin fee varying between £50 to £250
- just pay off outstanding balance
- just pay off outstanding balance + admin fee varying between £50 to £250
- outstanding balance + 1,2 or 3 months extra interest
It may not be fair but its legal & binding
In practice however-we have found that not all lenders actually impose the maximum they can-indeed working with Laini & AnyChance , me & Bill were pleasantly surprised that Halifax only charge outstanding balance + interest to Settlement date
Firstplus also sometimes inconsistent depending if they've sussed out the level of understanding you have & how arsey you are
Right-in your case :
Using various Amortization Schedules at 9.4%-after 10 payments your outstanding balance would be in the region of £9,300-ish & monthly interest now running around £72-ish per mth
Marshy has used our usual Stewart Rule of 78 Calculator and got £9,409-ish
You have paid ££9,698-ish which is high
As Marshy says above, you could do to ask the question why your Settlement Figure was so high - but you definitely ain't due a PPI Refund lump sum.
Late Edit--do you have the "small print"?
Comment