16 years ppi x 8% int = £1.60 ?

bonzo820235

i have had my credit card 16 years up to now,i requested my agreement which was ticked for no ppi, so i made a claim
the complaint was upheld, ppi premiums plus associated interest
£3,206.00 plus 8% interest £1.60 ?
this has been applied to my account already, it was not an offer

of course i am happy to recieve the money, but,i am sure i paid more ppi premiums over 16 years, i am not sure how they worked out the £1.60 8% interest either, i have not been asked to sign a disclaimer which i know others have, also i thought they would give me a breakdown of my ppi payments over the years, but they now say they will not enter into any further correspondence unless instucted by the fos.

it sounds to me they want me to take this further with the fos
am i right or wrong to think this

any advice or suggestions would be much appreciated
thanks

suehippo

I am no expert on the matter but you should have your premium payments returned plus they have to refund you all the associated interest on the premiums and the the 8% on top of that so your figure does seem low.

Financial institutions only have to keep records for 6 years so are they only refunding you for the last 6 years? Have they refunded you for the whole period but taken an average premium for the past 6 years and then applied that to previous years.

At the very least you should have a breakdown statement of how the refund was calculated.

bonzo820235

i shall ring the fso tomorrow i cant believe the 8% interest figure was a mistake it does not add up, this card is still running and they sent me the copy of my agreement within 8 days of requesting it so they must have more information, i have 10 months statements from 6 years ago and i paid over £420 during those months alone

thanks for your help

scrub

I've had a card for 14 years and Tesco's are paying me back to Oct 2003 (ppi was added later) My 8% interest is £32.85 and my premium payments were only £600 so something definitely doesn't sound right!

magpiecottage

I suspect you are all overlooking the fact that they only pay interest for the periods when the refund results in the account going into credit. If it is merely reducing the debt owed, then the redress is a reversal of the interest charged. This will be more valuable than a flat 8%.