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Credit Card PPI Refund Amount - Sensible?

AngryfromManchester
Posts: 2 Newbie
I wonder if anyone can help me out here?
Almost four years after originally complaining, I recently won a claim for miss sold credit card PPI when the Financial Ombudsman ruled in my favour. Luckily, no claims firm was involved, and just before the regulation eight weeks had expired, my card provider sent me a cheque for just over £6,000. Before I bank this, and probably lose any right of appeal, I want to make sure that I am not being sold short. On one hand, £6,000 is good money, exceeds the average PPI payout and I don't want to be greedy. On the other, after the amount of time I spent waiting for my case to be resolved I want to make sure that I get the settlement right.
I contacted my card provider for details of my refund calculation (which were not provided in the offer letter), which are as follows:
Total PPI Premiums - c. £2,900
Associated Interest - c. 1,700 (this includes c. £150 over limit fees and c. £3 associated interest)
Compensatory interest at 8% - c. £1,800
They then netted of income tax to get to just over £6,000.
I had the PPI on my card for almost exactly 10 years up to 2011 and don't dispute the actual amount of premiums paid in the period. During the later years of the policy, my credit card was pretty much maxed out with a balance of c. £5,000, which I was paying around 29% APR on. Had I not had the PPI my drawings would have been under half that and the interest paid proportionally lower, which makes me question the "Associated Interest" figure.
Have I missed something, or are they understating my refund? I know that it is nigh on impossible to calculate an exact figure, but want to know whether the £6,000 appears reasonable. If it is I will happily bank my cheque and consider myself grateful, if it isn't I would kick myself for not asking this question.
Can anyone help?
Almost four years after originally complaining, I recently won a claim for miss sold credit card PPI when the Financial Ombudsman ruled in my favour. Luckily, no claims firm was involved, and just before the regulation eight weeks had expired, my card provider sent me a cheque for just over £6,000. Before I bank this, and probably lose any right of appeal, I want to make sure that I am not being sold short. On one hand, £6,000 is good money, exceeds the average PPI payout and I don't want to be greedy. On the other, after the amount of time I spent waiting for my case to be resolved I want to make sure that I get the settlement right.
I contacted my card provider for details of my refund calculation (which were not provided in the offer letter), which are as follows:
Total PPI Premiums - c. £2,900
Associated Interest - c. 1,700 (this includes c. £150 over limit fees and c. £3 associated interest)
Compensatory interest at 8% - c. £1,800
They then netted of income tax to get to just over £6,000.
I had the PPI on my card for almost exactly 10 years up to 2011 and don't dispute the actual amount of premiums paid in the period. During the later years of the policy, my credit card was pretty much maxed out with a balance of c. £5,000, which I was paying around 29% APR on. Had I not had the PPI my drawings would have been under half that and the interest paid proportionally lower, which makes me question the "Associated Interest" figure.
Have I missed something, or are they understating my refund? I know that it is nigh on impossible to calculate an exact figure, but want to know whether the £6,000 appears reasonable. If it is I will happily bank my cheque and consider myself grateful, if it isn't I would kick myself for not asking this question.
Can anyone help?
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Comments
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Thanks brown1950. After reading the BBC link I suspect that I'm not going to get much sympathy from the Ombudsman if I delve any deeper on this, and I don't want to wait for another 3 years.
I'll check out the other links over a hot cup of Horlicks tonight ;-)0
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