Help with a chq received from santander cards

Bcus

Ive just received a letter from santander cards with a chq for £12, the letter says,
Important notice about your dfs credit agreement
We are writing to let you know that from the wording on the back on your statement confirming your early settlement rights was incorrect. We are sorry for any inconvenience this error may have caused. As a result of the error we were not entitled to charge interest on you loan or apply default fees to your agreement for the period annual statement was incorrect. Therefore we enclose a cheque for £12 which is equivalent to all the default fees and loan interest we charged during this time.

Now i did have a missed payment on this which i was charged £12 for so thats what i understand there refunding. My main thing is that this agreement ended approx 2years ago which means they have had my £12 for over 2 years. Should i be offered compensation on top of my £12 or at least interest on it. I know its only pence in interest just dont want them fobbing me off with you've accepted our appologies once ive cashed chq.
Any help would be appreciated.
Thanks

Caladan

Is it really worth the effort? But yes, in theory you may be entitled to 8% a year

Gaz83

How much is your time worth is what you should be asking yourself.

As you acknowledge, it's only pence in interest you're talking about. How much time would you be willing to spend to receive, say, 50p?

Bcus

Tbh if it is just interest i wouldn't be bothering. I was just interested to know whether they were legally obliged to pay this aswell

Caladan

Bcus wrote: »

Tbh if it is just interest i wouldn't be bothering. I was just interested to know whether they were legally obliged to pay this aswell

If it's a legitimate failure to comply with regulations than yes, I would say they are. If they've just decided they're on shaky ground and decided to refund as a precaution I'd say probably not, unless it could be proved they actually did something wrong.