is this amount correct

[kirstycobie]

hi,

been offered a payment for my lloyds ppi refund on two different loans, but when checking i think i have paid too much to settle both loans early. could someone have a look and see if its correct?

Loan 1

amount of laon £2500 78.91pm
ppi £426.31 13.46pm
total per month 92.37
over months 42
apr 16%

paid loan off after paying 8 payments
total i paid off was £2557.30 (is this too much)
ppi i have been offered is £405.23


Loan 2

amount of loan £3150 77.64pm
ppi £783.83 19.32pm
total per month 96.96
over months 60
apr 16%

paid loan off after 2 months payments
total i paid off was 3978.69 (is this too much)
ppi i have been offered is 353.81

thanks a lot for looking and any input would be grateful thanks

[di30]

Re: is this amount correct

Hi and welcome

I do not work with the calculation side of it, but first of all well done on your success!

Did the letter state they calculated on the guidelines also used by the Financial Ombudsman Service (FOS)?

Basically what you should receive is all monthly ppi you paid to the settlement date, and you should receive the relevant interest and 8% of what a court would award.

Also on the letter does it give a detailed breakdown on how they came to the figures?

Meanwhile, maybe Turbo will be along soon to check this for you, otherwise I shall pm him later for you.