how to calculate?

-SDW-

morning all...FOS has upheld my claim against HBOS mis-sale of ppi on credit card ,full refund plus interest ... had card for 9 years and ppi is £50 per month,the balance was 5k until recently when i was refunded late payment charges of nearly £1,500...sooooo do you just add up the 9 years of £50 ppi plus 8% ? ...cheers Dave

di3004

-SDW- wrote: »

morning all...FOS has upheld my claim against HBOS mis-sale of ppi on credit card ,full refund plus interest ... had card for 9 years and ppi is £50 per month,the balance was 5k until recently when i was refunded late payment charges of nearly £1,500...sooooo do you just add up the 9 years of £50 ppi plus 8% ? ...cheers Dave

Wow, well done, that is great!:beer:

I am sure Robbedofmymoney will check this one out for you, he may require a few more details but will work them out for you.
I am not good at calculations......sorry:o;)

Bordersman

SDW - well done:beer:

How long did Egg go back for you? They have refunded 6 years for me but I've been with them ten years!!

-SDW-

i only had egg card 5 years....if HBOS try on thier nonsense of only refunding my ppi for 6 years , they obviously dont understand what they are doing.. ie they missold me the card 9 years ago so they will be paying 9 years back...or it will cost them another £500 for the FOS to investigate them again

robbedofmymoney

credit card ppi is calculated differently to loan ppi refunds.

when they refun d the ppi on your credit card they add up all of the premiums you have paid on a cumulative basis, then add the interest to this amount each month that was charged against these premiums.

so if it was £50 per month

for month 1 it would be £50 + interest that was charged.
for month 2 it would be 50 + 50 + interest that was charged,
and so on. as these premiums were paid in future months the cumulative total may reduce slightly, but this is the principal.

then they run this statement alng side your current statement, and for any months that the account woul dhave been in credit had the ppi and interest not been added they will give you 8% simple on the credit balance.

i hope htis helps explain how its calculated.

cheers, and well done on getting the right decision.