ppi offer

Sparky51

Hi there could any1 help me out with whether the ppi offer looks about right? Here goes loan taken out in dec 2006 over 5 years finished paying it off 5 months early

premium £3240.70
Contactual interest £1628.46
Total amount pyable £4868.16
Rebate £50.66
Basic compensation £4818.50
Interest £486.75

The fos states that that i should get 8% simple on each monthly amount a year from the date each payment was made to the date of redress.
Also calculating the amount I would of paid to settle the loan without ppi ans subtracting that from the amount from what was actually needed to settle the loan and paying the difference and adding interest on the difference at 8% a year from when the loan was settled to the date of redress.

I just dont want to be fobbed off by carcraft thats all.

thanks in advance

[Deleted User]

Sparky51 wrote: »

The fos states that that i should get 8% simple on each monthly amount a year from the date each payment was made to the date of redress….

What you describe is the calculation for compound interest, the interest payable is simple interest.
The figures being offered look fine to me.

Sparky51

Right I just wrote it word for word off my fos redress paperwork thats why I was questioning it to the people who have more knowledge in this area than me

thanks