Should I accept the banks calculations?

timb999

Hi all,

I am in the process of claiming PPI refunds on behalf of my late mother's estate. She was an NHS worker, and it seems to be accepted that most NHS employees don't need PPI.

I say this because I have started 5 claims, all on credit cards, and 3 of them have now conceded that the insurance was mis-sold, and have made offers.

This is where I am getting confused.

Bank A offered approx £2,250 (which I accepted)
Bank B offered approx £300 (not accepted yet)
Bank C offered approx £350 (not accepted yet)

I have some statements for each account, and have sent photocopies, so all offers are based on these.

There was more activity on Bank A account, but I am confused as to the huge difference in offers. The statements don't specify all the interest rates and they are not complete, some are missing.

Each bank has shown their calculations in slightly different ways as well, so I'm confused. The paper trail for the above has been going on for months, and I'm tempted to just accept them all, so my question is...

In your experience, once you have sent statements in...is it likely that the bank will miscalculate, or try to pull the wool over your eyes, or do their calculations tend to be correct once they have accepted responsibility?

Any comments would be helpful...I've read that it can be very complex to calculate credit card PPI, especially without complete statements, therefore any guidance is much appreciated!

Thanks in advance.

Cheers
Tim.

-taff

You only pay PPI on cards with an outstanding monthly balance so if the cards were lightly used or paid off every month, the PPI paiud will be much less. Interest is added if the account would have been in credit once the PPI payments have been taken off the amount owed.
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html#_Redress_for_mis-sold_