Letter from Ombudsman - calculating possible settlement fee?

scamander

Hi all,

My wife has gone through the process and today we received a letter from the ombudsman which was a copy of a letter they have sent to the bank supporting her claim.

There seems to be 101 different ways to work out what the settlement might be. I can give the details here:

Loan was for £2,500. PPI policy cost £622.

This was taken out in 2002 and completely paid off by 2004.

Anyone able to work out an approx figure?

many thanks if you can!

[Deleted User]

scamander wrote: »

My wife has gone through the process and today we received a letter from the ombudsman which was a copy of a letter they have sent to the bank supporting her claim.

You'll receive a refund of the £622, plus attendant interest, plus 8% simple interest.

Do remember that the Bank can still appeal this decision, so don't be counting any pennies just yet...

-taff

622 minus any refund from an early settlement, plus the associated interest, plus 8% simple interest.
You might get about 1,000 plus or minus a couple of hundred...

[Deleted User]

-taff wrote: »

622 minus any refund from an early settlement,

Good point, the original early settlement figure would have included a rebate on the PPI figure.

scamander

Thanks guys, I guess we'll just have to wait and see whether the bank upholds the decision and then go from there :-)