BOS CC Result Question re interest....

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
2 replies 583 views
The_AquapantherThe_Aquapanther Forumite
120 Posts
edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
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.

Replies

  • dilusdilus Forumite
    1K Posts
    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.
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  • amersallamersall Forumite
    17K Posts
    Part of the Furniture 10,000 Posts Combo Breaker
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    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.

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