BOS - Mastercard

KIMY

I am writing if anyone can give me some advice, l recently contacted Halifax BOS for my husband with regards PPI & unfair charges. My husband took this card out in 1997 and this was done by application, he remembered receiving a call because he did not tick box for there credit care policy and received a call saying it may not be approved unless he took out insurance he then gave advisor permission to tick on his behalf. To shorten story l applied for a SAR and it revealed that although we are still paying card of through a debt agency due to high amounts of PPI and £25 charges and then compound interest we still owe approx £3500. Today HBOS called and told my husband they are going to refund all PPI and calculate all unfair charges and advise him of both settlement figures.
I have calculated since 1997 to 2003 he has paid £1933 PPI + £460 charges for (late payments and over limit):) but these are not including compound interest charged monthly which would been charged on PPI and charges and 8 % statutory interest. Can anyone tell me how to calculate what l should get before they offer so got rough guide.
Thankyou

di3004

Hi KIMY

That is great news, well done to you and your hubby.:beer:

Now hopefully our Robbedofmymoney will check this out for you, and no doubt will be here later.
Good luck.;)

KIMY

Many thanks, hope Robbedofmymoney can help me calculate as l am useless at maths
:beer::j

robbedofmymoney

KIMY wrote: »

Many thanks, hope Robbedofmymoney can help me calculate as l am useless at maths
:beer::j

hi,

i have just sent a spreadsheet, (i think you were the Kimy from before)

you need to enter your monthly premiums into the sheet in the column, then change the monthly interest rate in the column to suit yours at the time, add your additional charges on in the month with the ppi premium that is applicable, then you just add up the interest column (sorry forgot to put the autoadd on it)

this will work out the interest in line with the fos guidelines,

in terms of the 8% this is not as easy at it is applied if and when your account becomes in credit after they take this account away from your account on a month by month basis.

i hope this helps

cheers

KIMY

Many thanks Robbedformoney ,received spreadsheet

:beer:

KIMY

Many thanks Robbedformoney for the spreadsheet have had a go but maths l struggle with.
Received a letter stating they are going to refund my husband and put him back in position he was in if he had not taken out PPI.
Does this mean they will not only refund PPI from 1997 to 2003 but also compound interest + 8 %.
They also state another department are investigate the charges and they will be in touch shortly.
I will let you know when l get there calculation of what is owed.
Thanks for all your help you are a STAR.
:j

KIMY

My husband received letter yesterday from the calculations dept and l just dont understand, in previous letter it stated they would pay amount back which will put us back in the position we would have been in had we not taken out the insurance.
The letter from the calculations dept states:
The decision was to uphold the complaint and offer to settle in a way recommended by the FOS. The only fair and reasonable way of addressing your complaint is to offer a refund of the premiums plus any applicable interest incurred. If, by reapplying this to the account in each month that you had the policy, a credit balance is produced for any period, we will pay interest on that balance for that period of 8% simple per year.
I am pleased to confirm that the redress calculation has now been completed and details of redress below
Refund of premiums paid to date = £1817.69
Interest charged on premiums = £4.49
Compensatory interest at 8 % = 0
Total = £182218
I have shocked this PPI was paid from 1997-2003 and interest monthly on debt including PPI was 1.167% or 14.9% a year.
Surely if they state they will put me back in a position l would have been in this means all interest paid on this money and 8% up until now.
Robbedformoney has been so helpful, can you or anyone else please give me advice before my husband contacts them.
Thanks

KIMY

Can anyone give me advice on the above
Thanks

di3004

Hi KIMY

I am hopeless at calculations, not sure if Robbedofmymoney is away this week, but hopefully he or someone else will take a look and post up with some help soon, all the best.;)

KIMY

Many thanks, would be grateful if someone could give me some advice.

robbedofmymoney

KIMY wrote: »

My husband received letter yesterday from the calculations dept and l just dont understand, in previous letter it stated they would pay amount back which will put us back in the position we would have been in had we not taken out the insurance.
The letter from the calculations dept states:
The decision was to uphold the complaint and offer to settle in a way recommended by the FOS. The only fair and reasonable way of addressing your complaint is to offer a refund of the premiums plus any applicable interest incurred. If, by reapplying this to the account in each month that you had the policy, a credit balance is produced for any period, we will pay interest on that balance for that period of 8% simple per year.
I am pleased to confirm that the redress calculation has now been completed and details of redress below
Refund of premiums paid to date = £1817.69
Interest charged on premiums = £4.49
Compensatory interest at 8 % = 0
Total = £182218
I have shocked this PPI was paid from 1997-2003 and interest monthly on debt including PPI was 1.167% or 14.9% a year.
Surely if they state they will put me back in a position l would have been in this means all interest paid on this money and 8% up until now.
Robbedformoney has been so helpful, can you or anyone else please give me advice before my husband contacts them.
Thanks

have they given you a full breakdown month by month or just the totals,

i must admit, the interest charged on premiums seems very low.

i would ask them for a full month on month breakdown.

cheers