📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Cheque received but queries with the amount, help appreciated?

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

Comments

  • di3004
    di3004 Posts: 42,579 Forumite
    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.
    The one and only "Dizzy Di" :D
  • 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!
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.4K Banking & Borrowing
  • 253.3K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.4K Work, Benefits & Business
  • 599.7K Mortgages, Homes & Bills
  • 177.2K Life & Family
  • 258K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.