Assistance in preparing me for amount
Q: I had a financial agreement in 2004, which ended in 2007. I was told that I had to take PPI as a condition for obtaining financing (GE Money Lending). The PPI was paid as a lump sum of ￡ 364.47 at the beginning of the contract. The APR is 21.6%. I worked I paid the funding – and thus the interest on the PPI – more than 3 years and 184 days. I want to reclaim PPI, including the interest I paid. I do not know how to work out how much due to my total all – hope someone here can help me please. I have all the paperwork and am willing to send my letter but I need exact numbers – they will not blow this out of the water only because my math is terrible!
A:sorry i made a mistake .. transposed two of the numbers
so 158 is about right
there is no simple formula but use a online loan calculator like
www.whatsthecost.com (http://www.whatsthecost.com)
I used the calculator and entered the PPI amount of 364.47 at the 21.6% apr they charged me and worked it out over the 43 months they had the benefit of my money and it totalled 526.25.
A:They cannot justify that.
What was your monthly payment?
£60 for the same breach could be 50% of the monthly payment perhaps?
I would be wanting £40 of that back
You cannot charge 3 times for the same breach
My monthly payment was £62.50. The charges were for late payments.
A:I really don't understand anything of how to work out all the interest and suchlike – all I know is that they sold me PPI by force and now I would like my money back. The original amount of credit was ￡2950.00 so with them tacking the PPI on as a lump sum it made the credit ￡3314.47. I worked out all the charges and the PPI on the bank interest calculator thingy elsewhere on the forum but I fervently believe I am entitled to the interest I paid them which was 21.6% and not 8%.
sorry i made a mistake .. transposed two of the numbers
so 158 is about right
there is no simple formula but use a online loan calculator like
www.whatsthecost.com (http://www.whatsthecost.com)
A:They cannot justify that.
What was your monthly payment?
￡60 for the same breach could be 50% of the monthly payment perhaps?
I would be wanting ￡40 of that back
You cannot charge 3 times for the same breach
A:Regarding the charges you need to go through each one and take a view of what was reasonable and what you consider to be unfair.
It depends what the charges were for in each case and whether that amount is considered reasonable.
The charges should be detailed on your agreement and you would need to make sure they have not charged in excess of these amounts.
If you are going to claim back some or all of the charges the point you will need to be coming from is whether the amount of charge was fair and reasonable.
"treating customers fairly" – this is such an important term as far as the FSA is concerned and I would urge you to use this phrase in your letter.
Charges are a big debating point and you should incur some charge if you have breached the agreement that you signed – the issue is the amount of the charge and whether it was reasonable and commensurate with the breach
I personally think their charges are exorbitant and didn't realise how much until I SARred them to get all documentation – They have charged me for late payments 3 times on some months – totalling ￡60.00! I really don't see how they can justify charging me 3 times for one penalty.
A:Regarding the charges you need to go through each one and take a view of what was reasonable and what you consider to be unfair.
It depends what the charges were for in each case and whether that amount is considered reasonable.
The charges should be detailed on your agreement and you would need to make sure they have not charged in excess of these amounts.
If you are going to claim back some or all of the charges the point you will need to be coming from is whether the amount of charge was fair and reasonable.
"treating customers fairly" – this is such an important term as far as the FSA is concerned and I would urge you to use this phrase in your letter.
Charges are a big debating point and you should incur some charge if you have breached the agreement that you signed – the issue is the amount of the charge and whether it was reasonable and commensurate with the breach
A:presumably you were paying the amount monthly so the amount outstanding was declining month on month. so the interest would work out about ￡124.
I really don't understand anything of how to work out all the interest and suchlike – all I know is that they sold me PPI by force and now I would like my money back. The original amount of credit was ￡2950.00 so with them tacking the PPI on as a lump sum it made the credit ￡3314.47. I worked out all the charges and the PPI on the bank interest calculator thingy elsewhere on the forum but I fervently believe I am entitled to the interest I paid them which was 21.6% and not 8%.
A:Thank you for that – had no idea how to do the calculation and still don't. There were loads of charges on this finance agreement aswell for late payments at anything from ￡30 – ￡50 a time! I also want to claim those back aswell – is there a formula you could perhaps explain to me in simple terms so I can work out all these charges myself? I would greatly appreciate it. There are about 2 sheets of charges altogether. :confused:
A:presumably you were paying the amount monthly so the amount outstanding was declining month on month. so the interest would work out about ￡124.
A:364.47 x 21.6apr x 3.5 years = ￡158.09 interest charges
so ￡364.47 premium + ￡158.09 interest = ￡522.56