What Is

[TWR]

The interest rate on £2400? I hope I have put that in the right context, It's something to do with PPI / PPP / over 24years. tia

[buildersmate]

I'm afraid your question doesn't make sense.
You could tell us what total payments you made to pay off the loan in given period of time, and someone will be able to work out the interest rate you paid.
Or you could tell us the interest rate applied and we'll tell you the payment

[TWR]

Sorry about that, Total £14.250 taken out in 1998, End 2008, Interest rate not shown, but the own us £2400.?? any Ideas tia

[Baldric]

Depends where you invested it, who with and what kind of investment, as usual not enough information!

[Baldric]

///but the own us £2400///

does not help

[TWR]

Over 25 years, N&P Mortgage, It's been estimated that PPI has been taken over that period totaling £2400.

[Baldric]

Your 15:06 post says ///taken out in 1998, End 2008/// that's 10 years, 15 years makes a LOT of difference.

[dasherman]

You took out a loan for £14,250 in 2008?
The loan company now owe you £2,400 in mis-sold Payment Protection Insurance?
£2,400 as a percentage of £14,250 is 16.84%.
Is that what you wanted to know?

[TWR]

Never get things right do I, 1988, not 1998.

[TWR]

Yes Dasher, that's about right.

[Baldric]

Ok, that's 20 years, so about the other 5? it all makes a difference.

[TWR]

1988 to 2008 thats when the Mortgage ended, Yes 20 years not as said 25.

[TWR]

Just rechecked now, will I ever get things right?

[bednobs]

ppi isn't an interest rate - they should give you back what you paid them PLUS interest

[bednobs]

hi TWR - what are you actually trying to find out? Is it whether the £2400 is the right amount, or something else

[shoota]

I think that TWR is asking how much interest is due to him on his PPI payments of £2400?

[factor-fiction]

Well you get interest at a rate of 8% I recall. I'll find a link after I've had my tea. But unless you desperately need to know now, why not wait until they tell you- they have to use a set formula and interest rate in working out what to pay you

[buildersmate]

Well, things are slightly clearer than earlier this afternoon, but not by much.

If N&P are acklowledging they owe you £2400 in mis-sold PPI, it will be made up using the approach shown in this article by the Financial Ombudsman
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html
Suggest you look at the 'single premium PPI' bit, which is most likely what you had.

The organisation should give you a breakdown of what it is made-up of, however the calculation should address:
treating the money you paid for the PPI as if it had instead gone towards paying off the loan
calculating how much extra you ended up paying, because you kept paying them money when the loan would have been paid-off, had it gone towards the loan and not the PPI
interest at 8% on the extra you paid
something about 'distress and inconvenience' payments.

Does that come somewhere close?
interest at 8% on the money you've paid and shouldn't

[buildersmate]

It seems I have my tea a little later than you, F30.

[factor-fiction]

Thanks buildersmate- enjoy your tea.

[TWR]

Thanks all,I've got the just of it now, It's not a matter of life & death just an Interest, If I've confused a few, Sorry, I confuse myself at times but we cant all be born with brains can we!! Beds, Its what they owe me +£2400, yes Shoota, that's correct. has anyone seen any brain's for sale on eBay?