help needed understanding offer

keanfl

I have received a letter from Nationwide with an offer today (thanks to all those who helped me get this far) but to me i can't understand what they are offering!

"The difference (overpayment) amount to £884.25. We will refund this sum and pay an additional 8% simple interest on this amount from repayment of the loan to date."

"In addition, we have calculated you paid a total of £4083.65 in payments (67 payments between dec 2005 and June 2011 @ £60.95) and we will pay an additional 8% simple interest on each Loancare premium paid."

I have 28 days to sign the offer and return but why do they not write it simply what they are offering?

Any ideas??

Many thanks

J_i_m

Not exactly in laymans terms perhapps but a tidy sum all the same.

I'd take a shufty at your original paperwork to see the cost of the ppi on it's own and the break down of it, might help you better understand your offer.

keanfl

so without sounding silly, any idea how much i am being offered here?

dilus

keanfl wrote: »

so without sounding silly, any idea how much i am being offered here?

Hi keanfl
They are offering you full redress of £4,967.90 + 8% standard interest :T:) Happy Days

A rough guess without doing a full calculation, the 8% standard interest could be touching £900 which you would have to pay tax on IF it is paid GROSS