PPI on MBNA Virgin CC

sazzer

Hi, wondering if anyone can help me please? I have successfully complained to MBNA regarding my Virgin credit card and have received a letter confirming figures as follows:

Total amount of PPI premiums charged since sale date: £4109.92
Total amount of interest associated with the PPI premiums £5599.82
Total amount of 8% interest £99.38

I don't get the third figure? It's clearly not 8% of anything but why is it detailed separately?

Any advice woud be very much appreciated

Many thanks

dunstonh

Total guess... is it the difference between the interest associated with the PPI premiums and 8%?

sazzer

Hi

Thanks for responding, I'm really not sure, I guess I should hope to assume they are honest and giving me correct figures, my nationwide response was much clearer, 'x' amount paid in PPI and 'x' amount is the 8% interest

Thanks again

jen245

The 8% figure is interest on any PPI amount, that if it hadn't been added, your account would have been in a positive balance, for example, if you paid your bill in full each month, once the PPI premium is removed it creates a positive balance on the account. It's 8% interest on that positive balance, so I'm guessing that the majority of the time you had the account, it was carrying a balance, hence why the 8% figure is low. Hope that makes sense!