PPI breakdown - still confused.

Rev

Hoping someone can help.

Got a letter from MBNA about PPI, filled form in, sent it off. They called for more information then a few weeks later got a letter saying final response was they owed me £58. I called and asked for a breakdown letter which arrived today.

I wont lie, numbers in pretty much every form confuse the hell out of me. They just jumble in my head and I can't make sense of them. So even with the breakdown and figures in front of me I'm not sure how they have gotten to that sum.

What I mean is, is says I paid net PPI from Jan 09 to July 10. Then the PPI stops, or so it looks like to me.

I never asked for PPI on the account so never asked for it to be stopped because I didn't realise it was on there.

It's got other columns too such as net ppi, net interest, card redress, associated interest etc. And I have no idea what it all means.

Can anyone help clear this up for me?

societys_child

PPI is only paid where there is an outstanding balance on the card. If you usually paid the balance off every month, you would not pay any PPI.

Any PPI you did pay would have been itemised separately on each monthly statement.

Rev

There was always a balance of a few £100 on the card. Until I paid it off in full and closed the account.

I can't say 100% but I don't ever recall seeing PPI listed on the bill.

societys_child

Think PPI on a cc is usually in the region of 70p to 80p per £100.
So a balance on the card of (for example) £250 would probably cost around £1.85 for that month (if the balance remained at that level for 12 months you're looking at about £23 per year) Someone will tell me if I'm wrong . . .

dunstonh

You are not wrong. Your figures are in the typical ballpark