Is My Offer Right

cypru

Hi, I have had a complaint with the ombudsman for 18 months. They contacted me yesterday to say RBS have made me an offer and I have until Fri to accept or not (what happens if I dont Im not sure?) But anyway can anyone please help me check the calculation. It was a Credit Card.

The first premium date is 26 July 2001.
The last premium date is 3 June 2009.

The business have calculated the premiums you have paid as £856.52., and have added an interest of £ 308.82. A further 8% simple interest in line with our guidelines has been added which is £382.22.

This means the gross offer totals an amount of £1720.05. The NET offer is £1643.61, which is the amount you would receive.

Im confused with how they come to this and about compounded interest etc.

Is my offer right and should I accept?

Thanks Guys

-taff

If you paid 856 in PPI then yes it's right.

There is no compound interest, there is only interest applied to any amount your account would have been in credit, and then the 8% simle interest on that.