Signing agreement before settlement figure given?

kates08

Hi all,

We've just received a letter from Bank of Scotland telling us that our PPI claim has been successful and that they will offer us the full amount of PPI payment including the interest paid + 8% simple interest. We're very happy with that and plan to accept, but there's something that has me a little worried.

The letter states that we will need to sign the form to say we agree accept the offer, and only then will they give us a calculation of how much we are owed. Does this sound fairly standard? We have it in writing how much we paid for the loan, including the interest.

Also - how do I calculate simple interest on £1532 (including interest paid) over a 4 year loan starting in 09/2006?

Thanks!

DrSqueeze

It's quite normal for some lenders, I've had one of mine upheld by Bank Of Scotland and it's the same. However, when the figures come through, if you're not happy with them, you can challenge them. At this stage, you're only accepting how the complaint will be resolved.

roonaldo

You should know how much the PPI premium was so you could try and work it out yourself, there are websites that can help you do this.

They are doing this as they are swamped, so they are just banging out these letters to clear backlog. If its a full refund and 8% then its a correct refund.

Derwent

kates08 wrote: »

Hi all,

We've just received a letter from Bank of Scotland telling us that our PPI claim has been successful and that they will offer us the full amount of PPI payment including the interest paid + 8% simple interest. We're very happy with that and plan to accept, but there's something that has me a little worried.

The letter states that we will need to sign the form to say we agree accept the offer, and only then will they give us a calculation of how much we are owed. Does this sound fairly standard? We have it in writing how much we paid for the loan, including the interest.

Also - how do I calculate simple interest on £1532 (including interest paid) over a 4 year loan starting in 09/2006?

Thanks!

That would work at around £410 at today's date.