How FOS Calculate Refunds

Marta_R

Hi,

I have received an offer from RBS just 4 weeks after they had received my complaint - I wondered if you could have a look and tell me whether that is what I should expect, I can not get my head around calculating it at all any advice would be much appreciated, thanks x

Loan amount: 3000
Insurance premium: 505
Full amount to be paid back: 4514.40 (I believe it was 20.9%)
Loan taken in June 2006 for 36 months, but we paid it earlier, after 16 months - October 2007
Loan rebate: 445.46

This is what we've been offered:
refund of PPI Premium and associated interest paid to date: 483.50
Gross Interest at statutory rate added to each overpayment from the date of payment to date plus additional interest for delay from when they informed me the complaint was put on hold: 207.10
less tax 20% -41.42
Net Interest: 165.68

Total Offer: 649.18

marksummy

Good evening everyone,

I have been going through the PPI reclaim process as described on this site, and I am awaiting my offer letter after my compaint was upheld!:T

What I don't yet know is how much I will be receiving so I was hoping someone could give me a hand in working it out. I should point out that the claim is for PPI front-loaded onto 2 loans, but I only have the figures for one (Lloyds TSB informed me that I had another loan with PPI on and investigated that too!)

Here's the figures:

Loan Amount: £10,000
PPI: £2,166.67
APR 10.9%

Monthly Loan repayment: £214.61
Monthly PPI repayment: £46.51

First payment: 01 Jun 2003

I payed the loan off on 20 Feb 2005, and had to pay a balance of £5,904.75, and the bank payed a rebate of PPI to the tune of £422.07

Can anyone give me a steer as to what figure to expect?

Many thanks in advance

Mark

amersall

You should get the whole PPI back, less the rebate amount plus the 8%, the 8% is on a decreasing scale so the nearer you get to the redress date the less the 8% is.

amersall

Marta_R wrote: »

Hi,

I have received an offer from RBS just 4 weeks after they had received my complaint - I wondered if you could have a look and tell me whether that is what I should expect, I can not get my head around calculating it at all any advice would be much appreciated, thanks x

Loan amount: 3000
Insurance premium: 505
Full amount to be paid back: 4514.40 (I believe it was 20.9%)
Loan taken in June 2006 for 36 months, but we paid it earlier, after 16 months - October 2007
Loan rebate: 445.46

This is what we've been offered:
refund of PPI Premium and associated interest paid to date: 483.50
Gross Interest at statutory rate added to each overpayment from the date of payment to date plus additional interest for delay from when they informed me the complaint was put on hold: 207.10
less tax 20% -41.42
Net Interest: 165.68

Total Offer: 649.18

This looks like full redress to me as the loan PPI only ran 16 months.
If you are a non taxpayer, contact HMRC and ask for the tax back on the 8%.

funlovingprincess

Santander have informed me that I paid £99.90 in PPI on my Dorothy Perkins card over 3 years & 3 months, does anyone know how much my refund might be??

Thanks in advance!

[Deleted User]

funlovingprincess wrote: »

Santander have informed me that I paid £99.90 in PPI on my Dorothy Perkins card over 3 years & 3 months, does anyone know how much my refund might be??

£99.90 plus interest.

funlovingprincess

Moneyineptitude wrote: »

£99.90 plus interest.

Thanks!
Any idea how much this would be?

[Deleted User]

funlovingprincess wrote: »

Thanks!
Any idea how much this would be?

8% of £99.90 is about £8, but you've given no detail of when the PPI was taken out.

funlovingprincess

Moneyineptitude wrote: »

8% of £99.90 is about £8, but you've given no detail of when the PPI was taken out.

It was taken out in July 2000 and cancelled in October 2003

wbzuk

Hiya All,

I was wondering how PPI is worked out on a credit card? I contacted HSBC last week who confirmed that I have been paying PPI since 2003 but am not sure how this is calculated given that the balance on a credit card varies per month/year.

All in all I reckon I have spent around £25,000 on my credit card since 2003 but am not sure if the PPI is one set figure per month or whether it increases depending on the amounts used on the credit card, also if the credit card limit is at say £10,000 then would any PPI be the percentage of the £10,000 or the amounts spent? (e.g. if I spend say £10,000 per year on the card).

HSBC said something along the lines that its 79p per £1 spent but have no idea how any of this works.

Any help would be appreciated.