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Letter from FOS
milkyshake68
Posts: 44 Forumite
Advice needed please
Put in a claim against Lloyds in December 2011 for cc, after 10 weeks I was turned down, forwarded case to fos and they said they would look into it. Had lots of update letters every few months saying I was still in a queue.on Friday they sent a letter saying 'pleased to say Lloyds would be making me an offer putting me back to the position before the ppi. My balance on the card was always near its limit around £2500 between 1999 and 2010. The current balance on the card is now £0 although it is used now and then but paid off straight away. I have to wait 8 weeks for their offer but am trying to assess roughly what I should be expecting. Confused about simple interest and compound interest so if anyone can help it would be great.
Put in a claim against Lloyds in December 2011 for cc, after 10 weeks I was turned down, forwarded case to fos and they said they would look into it. Had lots of update letters every few months saying I was still in a queue.on Friday they sent a letter saying 'pleased to say Lloyds would be making me an offer putting me back to the position before the ppi. My balance on the card was always near its limit around £2500 between 1999 and 2010. The current balance on the card is now £0 although it is used now and then but paid off straight away. I have to wait 8 weeks for their offer but am trying to assess roughly what I should be expecting. Confused about simple interest and compound interest so if anyone can help it would be great.
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Comments
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You will get your premiums back plus interest.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Unless there is some very generous finance bod, you get simple interest, compound is not used for these.
I believe also with CC debt, there is some rule about getting interest if, without the PPI payments, your account would have been in credit - maybe that's a different payment?Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Thanks, after looking back at a number of posts re cc claims, I think I'm getting associated interest and compound interest mixed up. Basically I should get premiums paid,associated interest and simple interest if any. Please correct me if I'm wrong or getting mixed up!0
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