lloyds Credit card PPI - success

after considerable thought I have decided to refer this to the FOS as the "notional account" is based on assumptions.
basically the bank have made their assumptions, and if I make alternative assumptions, and make higher payments on the notional account like I did on my original account (which the bank has not done) then this comes up with a different number.


in fact you can play with the numbers all day long and increase/decrease payments to suit how you want the account to end up looking. the variation based on what I actually paid (in the months I paid them) and still keeping the account with an outstanding balance all the way through the calculation varies drastically from just below the amount paid to me and upto 5k more. so who is right, me, the bank, or somewhere in between.


I have struggled to get it lower than what the bank has got so they have applied lower payments than I made to keep the interest figure higher.


I am only able to do this as I have all my records going back to 1998, the bank records go back to 2000.

Thanks

They paid the money Into my account the day their respinse is dated, as they have stated that this claim has been closed as far as they are concerned so luckily I won't be waiting for the money while the complaint is with the fos aboit their calculation assumptions

They didnt ask me whether or not i agreed to their offer, merely stated they have put the account into a position it could have been in had ppi not been on the account

They are adamant they are correct in their assumptions so I think it will be down to the fos to decide in terms of how i woulld have spent my extra money, me or the bank.

The notional account balance can vary drastically using various assumptions, no e of tye assumptions involve higher payments than i have actually made but the redress value can vary by many thousands of pounds

The main difference being the compound interest applied to tye account

another update


I have discussed in detail with the FOS redress team who seem a little naïve in their knowledge and are happy that Lloyds method is suitable, (even though Lloyds have not applied my payments against the account in their entirety). I still believe it is wrong and does not follow the guidance and example in PS10/12 which is still relevant, an alternative method or calculation should produce a similar figure, otherwise why show a guidance example and produce a detailed spreadsheet.


The contact within the redress teams written response doesn't cover the points I have raised with them, its more of a general response with very little detail.


There is one part where they mention detail to do with the Cards terms and conditions which is contradictory in that Lloyds are saying that a credit card account can't go into credit, but if it does go into credit the credit will be used against future spend.


the latter is exactly what i'm asking them to do!!!!