HELP ppi CALCULATION

[conqueror80]

I took a loan with HFC. Total amount plus ppi 10552.31 at 27.9% APR over 72 months. Total amount payable after 72 months would have been almost 20000. I have challenged the PPI and put in a claim. By the way the account is now in dispute over some technicalities. They cannot issue a copy of the executed agreement and those they've tried to send me all have wrong figures! In response to my PPI claim they wrote and said; I am prepared to offer you an ex-gratia payment of 2536.77 in full and final settlement of your complaint against HFC. This amount includes the 8% interest. Please help me discover if this offer right. They're also going to deduct it from the loan balance.
Please any ideas.

[alanalana]

Originally Posted by conqueror80

I took a loan with HFC. Total amount plus ppi 10552.31 at 27.9% APR over 72 months. Total amount payable after 72 months would have been almost 20000. I have challenged the PPI and put in a claim. By the way the account is now in dispute over some technicalities. They cannot issue a copy of the executed agreement and those they've tried to send me all have wrong figures! In response to my PPI claim they wrote and said; I am prepared to offer you an ex-gratia payment of 2536.77 in full and final settlement of your complaint against HFC. This amount includes the 8% interest. Please help me discover if this offer right. They're also going to deduct it from the loan balance.
Please any ideas.

You have not supplied sufficient information to make a calculation. BUT

You should claim however many monthly PPI payments you made from date of payment 1 to settlement date of complaint and add 8% statutory interest then same for payment 2 from the date of payment to settlement date plus 8% etc etc for all further payments.

Also have a look at this as HFC have already been fined by the FSA and if your loan comes in to the same timescale you should quote it in any claim you have against them.

FSA fines HFC Bank £1.085 million for PPI failings

Good luck

aa

[conqueror80]

Thanks Alanalan,
Sorry for not coming back earlier. Just wondering which specific information is still required for a calculation? And what is payment 1 and payment2?