reclaiming ppi

[mash1466]

Hi
can any one help my friend took out lone in 1/1/2006 of £23000.00 with interest £34559.44 plus ppi £7900.00 with interest £11870.38 total lone is £46429,82 monthly payment was £483.64 after making 24 payment the bank call him one day and said that he is paying to much for this lone that they are going to give him another lone with out a ppi and he is going to save lots of money by taking another lone so the settlement amount was £26552.13 plus refund from ppi £4342.30 balance £22330.00 that the amount they give him all these years he didn't realize what he has don can any one advise me what is the amount of ppi he can clime

[Bill-K]

Re: reclaiming ppi

Hi Mash, and welcome to you. I have put the info you have provided into a spreadsheet/calculator program, and it looks as though your friend could claim approx. £4400 in PPI and interest from the original loan.

As that loan was settled by consolidation into a subsequent loan, then a portion of the settlement amount was also PPI - 25.5663% of it, to be precise - which is £6788.40. However, as £4342.30 PPI was refunded upon settlement, then this must be deducted, leaving £2446.10 in PPI which was effectively 'carried forward' to the new loan.

So, in addition to the original £4400 (approx.), you can consider the second loan as effectively having £2446.10 in PPI contained within it - and your friend can reclaim this as well. If you can post up details for the second loan, then I will try and calculate the PPI reclaim from that as well.

Meanwhile, I have attached the Excel spreadsheet I have used to calculate the claim so far, which I hope you can use.

[mash1466]

Re: reclaiming ppi

Hi Bill
thank you for that bill so they added ppi in to his second lone that way he only paid £670.00 capital from his first lone after paying all most £12000.00 in repayment here is his second lone detail lone £22330.00 with interest £30113.89 for 72 month interest rate at 10.9% monthly payment £418.24 i really appreciate your advice

thank you

mash

[Bill-K]

Re: reclaiming ppi

I'm glad I'm able to help, Mash. Bear in mind that the dates may not be correct, but I have assumed that 61 payments have been made to Loan 2. If that is the case, then £2795.02 of the total repayments made to date is attributable to PPI (plus apportioned account interest), and is refundable, along with an additional £573.20 interest, totalling £3368.22.

ALSO - the remaining 11 repayments due should be reduced to £372.42, as they will no longer contain an element of PPI.