Help - PPI offer from Halifax, figures look odd to me

incontrolofdebt

I have had an offer from the Halifax for a Halifax Classic card and the numbers don't add up to me, can anyone take a look and see if you understand it.

Refund of premiums £310.13
Refund of Interest applied to the account because of the PPI £3029.68
Interest at 8% calculated up until the 27th Feb 2012 £45.28

The card was opened 2001 and by the time the PPI was cancelled in 2005 the balance was £10K and I was paying around £100 PCM in PPI, but the refund of premiums shows £310.13 and the interest applied is very large by comparison. I don't have any paperwork from 2005 now so I cant prove it but I'm wondering if there is a typo in there somewhere as I was expecting the amount to be much more. Can I approach Halifax with the maths and ask them to look again?

They called on Thursday and gave me the total they were refunding which would be paid back off the card, I queried the figure on the phone as it seemed low for such a high balance card, but he said it had been worked out exactly and was I happy to accept it? So I did and it was paid off the card. I've just got the paperwork this morning and I am now kicking myself as I should have said I'll wait for it to see the breakdown, but I was of course delighted to be reducing my account further and so agreed on the phone.

In comparison the same letter had the figures for PPI refund on a Bank of Scotland card, open for around the same amount of time but with a balance of no more than £4K and this is the breakdown of figures:


Refund of premiums £1190.74
Refund of Interest applied to the account because of the PPI £750.53
Interest at 8% calculated up until the 27th Feb 2012 £226.73

Which seems much more reasonable and was the amount expected by me.

I've tried to work it out, as in how they have worked out the interest based on the premiums they say have been taken, but I confess my maths isn't up to much so can anyone help and advise?

Thanks