Ppi & fos

exemploducemus

I need a little advice re Martins PPI calculation. I have made a claim using the calculation in example 2 but the FOS think I am calculating the interest twice.
After working out the total monthly interest payments the total interest due on the premiums is:
1) Up to the date of the last premium paid, plus
2) So many months interest at 8% simple.
The FOS seems to think that I am calculating the interest twice.
Can anyone give me a simple explanation that will satisfy the FOS.
As far as I can see from Martins calculation, I am doing things correct.
I should point out that I am not a mathematician.

-taff

Is it a credit card or loan?

[Deleted User]

exemploducemus wrote: »

The FOS seems to think that I am calculating the interest twice.
Can anyone give me a simple explanation that will satisfy the FOS.

Why not let FOS do the calculation and let them explain their methodology to you?
I very much doubt the Financial Ombudsman Service is going to calculate your redress wrongly and if you've referred your complaint to them based on thinking the Bank's redress calculation is wrong then it's very apparent that you've very likely wasted your time.

You will never receive more than a refund of the PPI you paid, plus attendant interest plus 8% simple interest.