Do I need to calculate PPI?

mpeel68

Hi,

I have a credit card which I have had since the year 2000 which has had PPI on it that I have been paying (about £100 a month) ever since that date. It's with Nat West. The trouble is it's not exactly £100 a month, its variable ie a percentage, sometimes it's £80/90 and sometimes it's £100/110. I may be able to request all my old bank statements, but I don't relish the job of calculating the PPI and interest. (The interest would be hard to calculate since the changing amounts would mean each month would have to be calculated separately to get a precise amount).

What is actaully needed to make the claim? Can you just request the PPI+Interest without giving the amount and the bank will calculate it? Or do you have to work it out yourself? I saw the "official complaint" form on the web site but that doesn't offer a space to put in the amount you want to claim back.

Thanks!

-taff

The bank will calculate it based on what you have actually paid. If you are paying PPI on your credit card, it will actually say on your statements that it's PPI or some kind of 'payment protection'.

mpeel68

Thanks for the reply. And just to confirm they will calculate it inclusive of the 8% compounded interest? Or will they try and get off the hook by calculating just the amount paid.

Thanks!

-taff

https://forums.moneysavingexpert.com/discussion/1596473

amersall

The 8% on a Credit card is not paid for any month the card was in credit when they do the calculation for redress.