Urgent advice needed as they are ringing me tomorrow 12/03/2014

sdoherty1000

I took out a credit card with tsb back in May 2002. I requested my statements and I got a few dating back to 02/03 but no more after that. Any way the statements clearly show ppi was involved on the account and tsb have just rang me and offered me £700. The statement I have show charges that amount to £568.67 from July 02- Dec 03 which monthly payments averaging around £35-£40 a month. I have no statements from May 02-July 02 or after Dec 03. The credit card in question fell into arrears with a balance of £5000 and to date I am still paying it off with a balance of around £800- Mostly due to late fees and them adding on the ppi payments per month at £35-£40. So I have no clue how much was actually added to the credit card in ppi or fees but £700 seems too low as I read you can add on interest from when the payments were charged.

What do I do?

Ebe_Scrooge

Why did the card fall into arrears ? Is PPI not supposed to pay out if you're unable to meet your obligations ? It almost sounds to me like this is one of the instances when PPI would be useful.

sdoherty1000

To be honest, 4 kids and over indulgent on the card and not really knowing how credit cards worked back then ie 0% interest etc. Paid off a store card with a balance of £900 and bought a few things then xmas etc, it just went out of control. Ill hold me hand up and say it was fault

-taff

Credit card redress is not handled the same way as loan redress.

You are entitled to the amount you paid in PPI, plus the extra payments caused in interest by those payments, plus 8% for any amount your account would have been in credit at the time.

So it sounds about right.