Cheque received but queries with the amount, help appreciated?

princess_vic

So I have come home today to find a cheque from the FSCS for my PPI claim against Bright Finance, I'm pleased with the amount because right now any extra cash is a bonus but I want to make sure I'm not just blinded by the numbers when I could/should be getting more.
The loan was taken out in early 2005 and was repaid early
The original PPI sum was £2413.76
I paid £694.46 in interest on the loan
Apparently I got £878.45 back when the policy was cancelled
all of which seem ok
The thing I'm not sure about is the sum of £131.07 which they have described as 'a reasonable rate of return, the amount to compensate me for the monthly premiums paid in respect of the PPI policy'
I presume this is like interest but I thought this should be 8%??

The cheque is for £2142.76 as they say they can only pay 90% of the loss calculated, I don't wanna seem ungrateful but they have had my money all this time and they do say they aim to put me back in the financial situation I would have been in had I not paid the premium and surely £131.07 doesn't cover being over £2000 out of pocket for 6 years?

Are the rules different becuase I had to go through FSCS?

Any advise would be much appreciated, as much as I can't wait to get the cheque in the bank I don't want to just assume it is right!

Thanks in advance

di3004

Hi there

Well done to you!:beer:

That is probably about right, its a little extra of the interest owed to you when this was paid off, something along those lines, but you could contact them to make sure.

princess_vic

Thanks Di,
I thought I'd read on here about 8% statutory interest being due and that would have been far more than £131 but maybe I was just getting greedy!
I will call them to double check just in case and I also can't see any reference to the rebate on the paperwork I have but I guess I should just be grateful with what I get and that it only took 3 months!