got my calculation but I am not happy with it

[Mrkakaka]

not happy with my calculation and have told loans.co.uk is this what she says is this true or is she wrong: The offer that was calculated by loans.co.uk included all information that was provided by the lender and insurer.
We can only use the figures that they have provided.
With regards to your query about compensation, this is covered within
the additional 8% interest we add to every calculation to ensure you
are not out of pocket.

If you are unhappy with the figure that has been calculated, I would
suggest you speak to your insurer as the information used came directly
from themselves. Failing that your are perfectly within your rights to
go to the Financial Ombudsman.
I got my upheld decision back in June 2 of this year my claim was put in nov 2009 help vv much appreciated.

[Turboman]

Re: got my calculation but I am not happy with it

Post up all your info + the Calculation Letter and I'll check it--Do you know how much they are taking as their cut?

If you got decision in June--why the delay ?---have you accepted the offer?

not happy with my calculation and have told loans.co.uk is this what she says is this true or is she wrong: The offer that was calculated by loans.co.uk included all information that was provided by the lender and insurer.
We can only use the figures that they have provided.
With regards to your query about compensation, this is covered within
the additional 8% interest we add to every calculation to ensure you
are not out of pocket.

If you are unhappy with the figure that has been calculated, I would
suggest you speak to your insurer as the information used came directly
from themselves. Failing that your are perfectly within your rights to
go to the Financial Ombudsman.
I got my upheld decision back in June 2 of this year my claim was put in nov 2009 help vv much appreciated.

[Mrkakaka]

Re: got my calculation but I am not happy with it

they have offered me £950 the insurance cost £1200 back in 2004 the insurance ended in aug 2010 they took off £1034 for a claim I made for unemployment between sept 2009 to Feb 2010 but they would not pay out for a ear operation where i had 2 days in hospital + 10 days off sick to recover then also I was off work in 2005 for a 2-3 months after taking redundancy but was singled out as I was in financial hardship but it wasn't a good idea as it was all used up with these debts I then had another month off later on when I was let go after 2 months and was out of work for 2 months again then for some mad reason i went back to the firm that made me redundant and was with them 2 years to when they unfairly ended my contract which I won at tribunal but this was all used up with my debts I have also been redundant after 4 months work from feb 2010 to July 2010 then made redundant and unemployed from 2010 to November 2011 but the insurance ran out in August 2010 hope this enough to go on I have sent the ombudsman details off my hospital visit and an inland revenue letter of details of when I payed tax as believe this shows when I was in work and not this shows details of 2004-2010 when it ran out I also gave this to cardiff pinnacle the insurer. to make this all worse my house was nearly repossessed in 2008 but judge was leaneant on me. thanks for reply. not sure why it took so long did chase them several times have not accepted offer.
but wife is on at me as we badly could do with this money as it is christmas.

[Mrkakaka]

Re: got my calculation but I am not happy with it

the calculation say it is a full refund of ppi premium £1200 plus the interest paid on the premium to date 253.13 minus my claim £1034.20 we have also included interest of 8% on the payments made towards the ppi £536.62. this does not say anything about the interest being compensation for the time taken. thanks for any help you can give.

[Turboman]

Re: got my calculation but I am not happy with it

Soooooo

Summarise below if you will for me:-so we can have all the info in one place

Original Cash Loan Amount
Original PPI Single Premium Amount
Original Mthly amount for Cash Advance + current if its gone up
Original Mthly Amount for PPI Premium + current if its gone up
Date of First Payment
Number of Payments made
Number of missed payments
Date of First Payment
Date of last payment
Settlement Amount if settled in Aug 2010
PPI amount refunded if any
Date Calculated by CMC company (needed to calculate the 8% on each payment)
Amount Claimed on policy
Amount of fees your loan.uk are taking- or have taken upfront

[Mrkakaka]

Re: got my calculation but I am not happy with it

hi these are the figures.
Original Cash Loan Amount 9200
Original PPI Single Premium Amount 1200
Original Mthly amount for Cash Advance + current if its gone up- not gone up £206.84
Original Mthly Amount for PPI Premium + current if its gone up 1200
Date of First Payment 28/08/05
Number of Payments made 21
Number of missed payments 3
Date of First Payment 28/08/05
Date of last payment 28/09/2007
Settlement Amount if settled in Aug 2010 settled 15/09/07 £7350.00 apparently it was £350 for a solicitor who was taking reposession proceedings but wasn’t followed through
as I payed a settlement figure
PPI amount refunded if any 0
Date Calculated by CMC company (needed to calculate the 8% on each payment)
Amount Claimed on policy £1030
Amount of fees your loan.uk are taking- or have taken upfront not sure
will find out.
Help much appreciated

[Turboman]

Re: got my calculation but I am not happy with it

Well done Mrkakaka---we nearly got all we need

Just bear with me in the following clarifications

"Settlement Letters" are the most important info I need as that is where the big sums are

hi these are the figures.
Original Cash Loan Amount 9200
Original PPI Single Premium Amount 1200
Original Mthly amount for Cash Advance + current if its gone up- not gone up £206.84
Original Mthly Amount for PPI Premium + current if its gone up 1200(what figure is this please)-£12.00 or £120
Date of First Payment 28/08/05
Number of Payments made 21
Number of missed payments 3
Date of First Payment 28/08/05
Date of last payment 28/09/2007
Settlement Amount if settled in Aug 2010 settled 15/09/07 £7350.00 apparently it was £350 for a solicitor who was taking reposession proceedings but wasn’t followed through
as I payed a settlement figure(was there a PPI Refund mentioned in the settlement letter ?) (What was the outstanding balance when you settled for £7350?)
PPI amount refunded if any 0
Date Calculated by CMC company (needed to calculate the 8% on each payment)
Amount Claimed on policy £1030
Amount of fees your loan.uk are taking- or have taken upfront not sure
will find out.
Help much appreciated

[Turboman]

Re: got my calculation but I am not happy with it

Right--I'll explain theory to you-but we still need to know the monthly PPI premium-(I've reverse engineered it to £26.98-please confirm to me)

We also need to know if the £950 offer was inclusive of the 8%

First of all-you need to understand that in practice there are 2 separate loans in parallel

Step 1

Cash Advance was £9200 & PPI SPI was £1200

So---The ratio of your PPI SPI Loan to the Total Loans is 1200/10,400 which is 11.5835%

So--all premiums paid in total,settlement figures, balances are always split in this ratio

11.5385% to PPI SPI Loan
88.4615% to Cash Advance Loan

Step 2

21 monthly PPI payments of £26.98 is £566.54 with added 8% interest to 2/6/11 of £177.23

( to be really accurate I would need the dates re missed payments-but won't affect the 8% figure much)

Step 3

Considering the settlement figure of £7350 --you paid 11.5385% to the PPI Account-ie £848.08 with extra added 8% interest from 15-9/07 to 2/6/11 of £184.21

Step 4

£566.54+£177.23+£848.08+£184.21 = £1,776.06

Step 5

Now subtract the £1,034.20 which you claimed giving £741.86

Sooooo--I calculate you got far more than I would have done

Please review my questions ---and I will ask Bill to recheck my sums too

Turbs

[Bill-K]

Re: got my calculation but I am not happy with it

Well analysed & summarised, if I may say so, Turbo.

Assuming Turbo's 'reverse-engineered' PPI repayment is correct, then I agree with his result. I think this may be worth checking, still, as the PPI ratio seems a bit lower than the norm to me.

Regarding the compensation for 'loss of use' of the moneys involved - this is generally accepted as being the purpose of the 8% 'Compensatory Interest, which is added to the total amount being reclaimed. It's not a lot, I know, but it's what the FSA and FOS consider as fair recompense. That's another argument, though !!!

So...on the info we have here, I would concur with Turbo and say "Take the money and run."

[Mrkakaka]

Re: got my calculation but I am not happy with it

thanks for your help what has got to me is the fact they took off £1030 for my 8 months unemployment but couldn't get anything for my 12 days of sick in hospital then the unemployment in 2005 - 2006 of at least 2 months in 2 spells then in 2009 - 2010 in 2009 Sept - feb then again july - nov 2011 although I know the insurance ended in aug 2010 so only about a month for that thanks again for your help much
appreciated. oh and why it from june to dec to get calculated