Finally got response from Bank of Scotland

SCO

I have reieved a letter from BOS in it they say blahdy blah we have had a lot of PPI complaits thats why there is a delay etc.

The main section is "to deal with your case more quickly we have decided to make you an ex-gratia offer to bring this matter to a speedy conclusion. We will ensure that you are put back to the same position you would have been in, had the single premium PPI not been included with your loan.

No figure mentioned in letter but on back is "The method we use to calculate your refund is as follows

A) We calculate a refund of the payments made towards the PPI to date; and
we calculate simple interest at 8% per annum on each of the payments made towards the PPI.

We calculate the refund of the payments that you have towards the PPI by considering all the payments that you have made towards the PPI on your loan acount from inception.

The 8% simple interest amount will then be calculated when I receive your signed acceptance. This will only be processed at this point to ensure the amount is accurate. The calculated simple interest at 8% will then be refunded into your bank account".

Has anyone had a similar letter? does it mean I am getting the whole PPI amount back or the difference if the accounts had been seperate?

Thanks for any help.

amersall

SCO wrote: »

I have reieved a letter from BOS in it they say blahdy blah we have had a lot of PPI complaits thats why there is a delay etc.

The main section is "to deal with your case more quickly we have decided to make you an ex-gratia offer to bring this matter to a speedy conclusion. We will ensure that you are put back to the same position you would have been in, had the single premium PPI not been included with your loan.

No figure mentioned in letter but on back is "The method we use to calculate your refund is as follows

A) We calculate a refund of the payments made towards the PPI to date; and
we calculate simple interest at 8% per annum on each of the payments made towards the PPI.

We calculate the refund of the payments that you have towards the PPI by considering all the payments that you have made towards the PPI on your loan acount from inception.

The 8% simple interest amount will then be calculated when I receive your signed acceptance. This will only be processed at this point to ensure the amount is accurate. The calculated simple interest at 8% will then be refunded into your bank account".

Has anyone had a similar letter? does it mean I am getting the whole PPI amount back or the difference if the accounts had been seperate?

Thanks for any help.

Well done on your win :beer::beer:
Is this just one loan, and is it settled?.

amersall

Hi sco, just read your original post from august. You will get the whole ppi amount back, less the rebate they gave you on early settlement. If you think the figures are wrong when you get them, just post on here and someone who can work these out will help you. If the figures are wrong, then you can contact the bank or fos and this will be rectified.They are redressing to fos rule so this is fine.

SCO

amersall wrote: »

Well done on your win :beer::beer:
Is this just one loan, and is it settled?.

thanks, yip just the one loan and settled earlier this year.

di3004

Wow, well done SCO, that is fantastic news, Congratulations!

:T:beer::j

SCO

Phoned BOS yesterday, the guy said i would get the premiums back i paid plus interest and plus 8% interest as compensation.

What i was thinking was i paid the loan off early so i paid roughly 36 premiums but in paying the loan off have i not effectively paid the 60 installments?

also i have to sign a form that says i accept there offer as full and final settlement without figures, the guy said they can only do the figures once they recieve my form due to the 8% interest. They will then send me figures, is it possible to challenge the figures once i have signed the form?

:xmastree::xmastree::xmassign::xmastree::xmastree:

di3004

SCO wrote: »

Phoned BOS yesterday, the guy said i would get the premiums back i paid plus interest and plus 8% interest as compensation.

What i was thinking was i paid the loan off early so i paid roughly 36 premiums but in paying the loan off have i not effectively paid the 60 installments?

also i have to sign a form that says i accept there offer as full and final settlement without figures, the guy said they can only do the figures once they recieve my form due to the 8% interest. They will then send me figures, is it possible to challenge the figures once i have signed the form?

:xmastree::xmastree::xmassign::xmastree::xmastree:

Hiya.

Well I did challenge one of mine and further on I received a further cheque payment, this was Lloyds though.

Well done on your success.:beer:

amersall

SCO wrote: »

Phoned BOS yesterday, the guy said i would get the premiums back i paid plus interest and plus 8% interest as compensation.

What i was thinking was i paid the loan off early so i paid roughly 36 premiums but in paying the loan off have i not effectively paid the 60 installments?

also i have to sign a form that says i accept there offer as full and final settlement without figures, the guy said they can only do the figures once they recieve my form due to the 8% interest. They will then send me figures, is it possible to challenge the figures once i have signed the form?

:xmastree::xmastree::xmassign::xmastree::xmastree:

Well done on your win :j:j
They will take the whole ppi amount, less the rebate they gave you when you settled back.If you think the calcs are wrong when you get them, then you can have these recalculated. So you can sign the form with no worries about the amount.