BOS CC Result Question re interest....

The_Aquapanther

Bank of Scotland Credit Card have agreed to pay me back all PPI (:beer:), plus 8% interest for any time the account was in credit!

It's a CC..it's hardly ever going to be in credit!!! :mad:

Are they at it? Should I refuse the offer?


Cheers.

dilus

The_Aquapanther wrote: »

Bank of Scotland Credit Card have agreed to pay me back all PPI (:beer:), plus 8% interest for any time the account was in credit!

It's a CC..it's hardly ever going to be in credit!!! :mad:

Are they at it? Should I refuse the offer?


Cheers.

Yes you should accept the redress, they are paying you back exactly what you are entitled to. You only get 8% interest on a CC when it is in credit.
If you had paid off your balance religiously every month, that is when the 8% kicks in big time. The 8% interest is paid as though you had invested any credit in a savings account, because you had outstanding balance on the card all the time you in effect had no spare cash to put in a savings account so you can't expect them to give you interest, hope this explains the situation.

amersall

Looks ok to me,they redo your card to work out the ppi and 8%,if they are giving you the ppi back and you dont think it is right,ask for a breakdown,just be careful if you refuse this offer as you will have to go to FOS and this will take months to resolve,they only do 8% on a credit balance so i would think the FOS will agree with the bank.