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BoS PPI claim upheld but 8% interest not given
Ems!
Posts: 855 Forumite
Hi
DH has just received a letter from Bank of Scotland upholding his PPI claim re creditcare cover on his preference card.
In January 2006 the account was passed to the collections department, subsequently I paid the card off for him in full .
They haven't given any interest because the account was passed to collections in jan 06, and therefore "any subsequent payments you have made to your account won't affect our calculations".
However, elsewhere in the letter, it states that the 8 % is to "compensate you for the loss of use of the money you used to pay for PPI". So , as the card is paid off and therefore the PPI has been paid off in full for years, I fail to understand why he isn't being compensated for loss of use of the money for the years between paying it off and now?
He has called them today and queried this and it has been passed to the "calculations department" but thought I should check on here that I'm not missing something and they have actually done it right?
Thanks!
DH has just received a letter from Bank of Scotland upholding his PPI claim re creditcare cover on his preference card.
In January 2006 the account was passed to the collections department, subsequently I paid the card off for him in full .
They haven't given any interest because the account was passed to collections in jan 06, and therefore "any subsequent payments you have made to your account won't affect our calculations".
However, elsewhere in the letter, it states that the 8 % is to "compensate you for the loss of use of the money you used to pay for PPI". So , as the card is paid off and therefore the PPI has been paid off in full for years, I fail to understand why he isn't being compensated for loss of use of the money for the years between paying it off and now?
He has called them today and queried this and it has been passed to the "calculations department" but thought I should check on here that I'm not missing something and they have actually done it right?
Thanks!
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Comments
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Does anyone have any idea re this please?0
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The 8% is only paid if the account would have been in credit without the PPI payments.Non me fac calcitrare tuum culi0
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But surely from the point the card is paid off, (some time in 2006) then it is the case that the account would have been in credit if there was no ppi?? I don't get it..??
If the card was paid off in full (I.e not a reduced settlement or anything of that nature) then yes, you are correct.0 -
Insider101 wrote: »If the card was paid off in full (I.e not a reduced settlement or anything of that nature) then yes, you are correct.
Great thanks I'm almost certain it was paid off in full but will get dh to double check0
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