Need some help please

[citybloke]

Hi
I'm a bit confused about what I can claim back for mis-selling of PPI from Egg on a loan.

It was a single premium PPI added at the start of the loan.

I am self-employed so it would have been useless to me is my reason for mis-selling.

When I send my claim letter, do I charge interest at the loan rate which was 7.9% and also 8% statuory interest? or is it just the loan rate of 7.9%

Would really appreciate some help as i'm confused!

I had a look at the CAG PPI interest calculator spreadsheet and that confuses me is there a tutorial for this anywhere?

Many thanks

Citybloke

[citybloke]

Bump

[Bosund]

Hi Citybloke,

Going by my own experience, I didn't put a specific amount in my initial claim letter, just that I believed the PPI miss-sold and requested a refund of the payments made, including interest, plus 8%.

This was with MBNA but then it's only a bank with a different name.

They paid up but minus the 8% restitutionary, so now I'm either going to the fos, who will require the details from the bank, or court which is when I'll be doing the calculations myself.

Hope this helps you get the ball rolling. Would suggest having a look at threads which pompeyfaith has subscribed to. Lots of info there.

Regards,

Bosun.

[Bosund]

Hi,

Have a look at this thread, entry 33.

http://www.consumeractiongroup.co.uk...ppi-claim.html

Bosun.

[citybloke]

Originally Posted by Bosund

Hi,

Have a look at this thread, entry 33.

http://www.consumeractiongroup.co.uk...ppi-claim.html

Bosun.

Many thanks Bosund.

[dx100uk]

is the loan completed or still running?

dx

[citybloke]

Originally Posted by dx100uk

is the loan completed or still running?

dx

Hi dx100uk

There are only 2 payments remaining - It was a 5 yr loan.

Does it make a difference?

I think like many self-employed people, PPI was purcahsed in good faith, when in reality it's unlikely they would pay out if I didn't have any work for a period of time.

[dx100uk]

quite right!!

it makes it easier if it completed as such!

anyhow.

all you have to do is workout what PPI + {its interest} they charged you each month.

then use a simple compound calc and charge them that figure from month they did it , to the date of you claim at 8% stat int.

dx

[citybloke]

Originally Posted by dx100uk

quite right!!

it makes it easier if it completed as such!

anyhow.

all you have to do is workout what PPI + {its interest} they charged you each month.

then use a simple compound calc and charge them that figure from month they did it , to the date of you claim at 8% stat int.

dx

Cheers dx - Letter going off today recorded delivery....sit back and wait now...

[dx100uk]

just remember you have to do it for EACH monthly payment, not the whole ammount at the start of the load?

you understand what i mean?

you will need to do a spreadsheet.

dx