LLoyds Credit Card PPI Offer

Wrighty83uk

Hi. I have been in the process of reclaiming PPI on my credit card which I've had for 12 years or so. Most of that time I have had a balance on 2000 - 3000. Its now been paid off.
The offer from LLOYDS today was £3463.30 which was very well received.
My question is reference the interest calculation? I was under the impression it should be 8% per annum, max 6 years?
Figures:
£3338.17 - Premium Refund Amount
£96.00 - Indirect Losses
£156.41 - Interest???
-£31.28 tax
= £3463.30


Is that interest calculation right?


I would have thought it would be £3338.17 x 8% x 6 years = £1869.91???


Any advice would be greatly appreciated.


Thanks Ian

Nasqueron

Wrighty83uk wrote: »

Hi. I have been in the process of reclaiming PPI on my credit card which I've had for 12 years or so. Most of that time I have had a balance on 2000 - 3000. Its now been paid off.
The offer from LLOYDS today was £3463.30 which was very well received.
My question is reference the interest calculation? I was under the impression it should be 8% per annum, max 6 years?
Figures:
£3338.17 - Premium Refund Amount
£96.00 - Indirect Losses
£156.41 - Interest???
-£31.28 tax
= £3463.30


Is that interest calculation right?


I would have thought it would be £3338.17 x 8% x 6 years = £1869.91???


Any advice would be greatly appreciated.


Thanks Ian

It's simple interest, not compound