bank of scotland redress

gtgiggs

hi, i recieved a cheque for £589 from bank of scotland today regarding the ppi reclaim on a preference account i had with them.

i paid £360 in premiums and with the interest added its just 589???

does this make sense considering the card had a 28.8% apr on it??

the preference card is NOT a credit card so does this mean i am not allowed to claim compound interest as well as the 8% simple??

i was being charged 28.8% on the card and the ppi was added to the balance so i would say that i am entitled to the refund of that interest in full.

and why would i be paying ppi on a card that is not classed by hbos as a credit card??
the mind boggles

melorablack

You are entitled to the refund of premiums and 8%. Because of the type of account it is (as you say - it's not a credit card) there is no "interest charged because of PPI". I can't remember the exact reason why but if you call the number on your letter they should be able to explain further.

melorablack

gtgiggs wrote: »

and why would i be paying ppi on a card that is not classed by hbos as a credit card??
the mind boggles

Preference accounts are not credit cards but a sort of inbetween of a loan and a credit card. They are generally pretty old accounts sold in conjuction with a loan and I don't think you can get them anymore.

gtgiggs

well the ppi of £8.06 per month was added to the balance of the card. which in turn i paid interest of 28.8% on that balance.

i cant see why i would not be entiltled to that back as they have put the interest in their pockets.
thats why they put you back in a position as if i never taken the ppi bla bla bla they put on the letters??

gtgiggs

so its not regulated by the consumer credit act because its not a credit card??
but at the top of the agreement which is on the same page as the loan it states it is.
ill have to have it out with them on the phone tommorow and see what they come up with

melorablack

gtgiggs wrote: »

well the ppi of £8.06 per month was added to the balance of the card. which in turn i paid interest of 28.8% on that balance.

i cant see why i would not be entiltled to that back as they have put the interest in their pockets.
thats why they put you back in a position as if i never taken the ppi bla bla bla they put on the letters??

I know what you mean but trust me there is a reason for it..i'm racking my brains trying to remember what it is sorry

gtgiggs

the lady i spoke to from card services said there was the refund of the premiums and then there was two interest payments. both of which were different amounts, so they are up to something.

ill hassle the guy that done the calculations tommorow when customer relations are open.

melorablack

gtgiggs wrote: »

ill hassle the guy that done the calculations tommorow when customer relations are open.

aww be nice to the guy on the phone lol he might be extra nice to you because of it :cool: let us know what happens :beer:

gtgiggs

yeah ill be nice, ill have to make some notes for my argument but im not holding my breath lol.