How FOS Calculate Refunds

Bagdog

Hi
Thanks for the reply.
Maybe just an idea what to expect then would be nice?

amersall

Are they going back the full 12 years? as some don't.
No one can give you even an estimate as we don't know what year they are paying you from.

With a Credit Card,they reset the account to zero and work it out from there to the date of redress,be aware that they may refund to the card,if they do, DO NOT WITHDRAW IT as they will raise a cheque for you and take it back from the card .

Bagdog

sorry, how do i get my hands on the money without it going straight into my card?

amersall

You don't,they may,they may not,credit the card.
The cheque should follow not longer after.

Nasqueron

As above, it's difficult to tell without your monthly payments for every year they are refunding, with credit card PPI beyond the PPI premiums, if you were charged interest from the PPI premium being on the bill the next month you are meant to get that back as well and the 8% on the refund, the figures will vary as well depending on how much of a balance you carried. They should issue a break down on the calculation - post that figure and someone will be able to suggest if it's right or not

moneywise_mum

Does anyone know roughly how to work out what might be paid for mis-sold PPI for a credit card. I'm really looking for a calculator. The ones that the claims companies go from the sublime to the ridiculous. I'd just like a ball-park figure - any ideas?

dunstonh

Does anyone know roughly how to work out what might be paid for mis-sold PPI for a credit card.

your premiums minus any amount paid out on claims plus interest.

I'd just like a ball-park figure - any ideas?

How would a calculator on the internet know how much you have paid?

[Deleted User]

moneywise_mum wrote: »

Does anyone know roughly how to work out what might be paid for mis-sold PPI for a credit card.

You'll only ever receive back the amount you actually paid (plus interest).

However, with credit cards , the monthly repayment will have varied depending on the amount outstanding on the card.
In months when your account had a zero balance, for instance, you wouldn't have paid PPI.

In other words, you won't be able to work anything out accurately unless you have all your old statements.

Instead of "counting your chickens", I recommend you concentrate on constructing a valid and solid mis-selling complaint.

Remember, you'll get nothing at all if you are rejected.


EDIT
Didn't you already receive a refund of credit card PPI in March 2016?