Confusing settlement from NRAM

Money81

I received a letter yesterday from NRAM saying that they agree to uphold my complaint of mis sold PPI :j

However, the figures are more than a little confusing and I wonderd if anyone could help?

I have to sign a letter that says:

I understand that;
You will refund me PPI premiums of £1283.80
You will refund me £227.97 representing 8% simple interest on the premiums.
The remaining cost of PPI will be removed from the balance and a new account reference will be provided for the remaining value of £1416.69.

This is fine and makes perfect sense to me. Page 2 then goes on to say:

You have paid £1283.80 in PPI premiums and interest which we will refund. We will also refun 8% simple interest on the premiums paid totalling £227.97. The total refund being offered is £856.66.

How is the total refund being offered less than what they outline on the page I sign and send back to them?!

They then go on to say:

After removing the PPI the loan balance will be £3436.66

Again-this does not make sense-my balance on the loan in April 2011 was £2169.86!

Do you think I've got someone elses figures within the letter and it's just a mistake?

Thanks in advance for any advice!

mj12_2

It sounds like some sort of mistake, i just tried a few quick sums to see if their adding and subtracting had gone wrong ie (1283.8-227.97) but whatever i tried i couldnt come up with £856.66. I would give them a call or send a letter querying the calculations, perhaps include your own calculations and propose an alternative settlement?

Make sure you dont agree to anything over the phone if you ring them have them put what they say in writing.

Money81

Thanks mj12. I'll call them tomorrow and see what they say.

Money81

Just in case anyone was interested, I spoke to the guy that did my calculations from NRAM this morning and it was a mistake. I had to push to get him to send me an amended letter though!

amersall

That is good news.
And we are always interested in the outcome of claims,especially when they are wins.