How FOS Calculate Refunds

marineli5141

Highly informative.Good job!!!

the2hepburns

Hi Natwest have now agreed that they missold me PPI on my credit card back in March 1992, I have been paying ever since and have spent a lot on this card. Reckon have spent at least £75k on it, APR 17.9%. Sometimes it has been empty or a low balance thus low PPI sometime maxed out and paying a lot of PPI. (say £5 a month thru to £75 a month!) Have a few statements and they all show very differing amounts - also more often than not have had a balance on the account each month and not paid in full! Balances around the 1998-2005 would have been the highest. Reckon realistic PPI payment average is £30 to £35 a month , every month since March 1992 to August 2012. 20 years and 5 months.Any ideas on payout (getting rather confused!)...? Reading a lot of differing ways of how to calculate.... and how a bank calculates interest on PPI from that far back. Natwest say that they will look at whole account and payments from 1992. thanks for helping with this calculation MSE'ers!

amersall

When you win with a CC, they reset the card to zero and calculate the payments of PPI that you made, any month you had a zero balance you do not get the 8%.
No one can tell you the exact amount for your card, you will have to wait and see what the bank offer.

madmartha

83Nicm wrote: »

Hi
I have just had my decision overturned by the fos and i'm waiting to hear from lloyds:D

Could anyone give me a rough idea of how much I will receive with the information I have....

Credit card with a balance of £2000 for the best part of 4 years, paid it off in 2005 and the ombudsman said I paid £0.77P ppi for every £100???

I'm not even sure if that's enough info to work it out

Thanks

Hi 83Nicm
can I ask how you got on with your claim? have lloyds tsb paid you yet, also how did they work out what you were owed
many thanks

[Deleted User]

madmartha wrote: »

Hi 83Nicm
can I ask how you got on with your claim? have lloyds tsb paid you yet, also how did they work out what you were owed
many thanks

83Nicm last logged on here in March
http://forums.moneysavingexpert.com/member.php?u=1872407

axiana

Hiya

I just recieved a decision from fos in my favour regarding ppi of £4840 which was included on my 84 month loan that I took out in June 2008 and am still paying. My loan statement says I pay 14.23% apr. Does anyone know if I will recieve that interest rate back or will it be 8%. I can't figure it out.

Thanks in advance.

[Deleted User]

axiana wrote: »

My loan statement says I pay 14.23% apr.

That's the interest payable on your loan, not the interest payable in addition to your PPI redress. You should receive 8% simple interest.

axiana

I don't understand what that means, does it work itself out to be similar to what I have paid then?

Thanks for your quick response by he way.

-taff

You borrowed two lots of money. One was the loan amount, one was the insurance amount. Both of these were added together and interest charged on them both.
You will get back the amount you borrowed in insurance, plus the interest that was added to it, then 8% interest on top of that which is in effect, your compensation.

axiana

Ah thanks for clearing that up for me!