Egg PPI - Should I claim compensation??

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I recently wrote to Egg to investigate my PPI. I had an Egg credit card around 10 years ago and seem to remember only having it for a year or so and never having more than £1k on it.
Will i received a letter back from them yesterday outlining that I had paid around £55 of premiums during the time I had the card and they are willing to refund this an a statuary 8% interest over the time, totaling £98.

My wife recently done the same with Halifax and they compensated her for not having that money for a length of time, and this was quite a nice sum.

My question is, should i go back and request that they compensate me for not have this money for the last ten years??

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  • societys_child
    societys_child Posts: 7,110 Forumite
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    The 8% interest is your 'compensation', where else could you get that rate?
  • deanogtv
    deanogtv Posts: 16 Forumite
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    I see the 8% as the pay back of interest which Halifax paid to my wife plus compensation for not having this money in the first place
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    deanogtv wrote: »
    My question is, should i go back and request that they compensate me for not have this money for the last ten years??
    They already have. The total of interest is almost double the amount of your PPI refund.

    Do remember that your wife's redress is based on the amount she actually paid, so the refund she received is irrelevant to the circumstances of your complaint.

    Basically, the greater your original outlay, the greater your refund and corresponding interest.

    You will get no more.
  • dunstonh
    dunstonh Posts: 116,669 Forumite
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    deanogtv wrote: »
    I see the 8% as the pay back of interest which Halifax paid to my wife plus compensation for not having this money in the first place

    Isnt that the same thing as what you are asking?

    The redress method is defined by the regulator. Refund plus 8% is the defined method.
    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.
  • societys_child
    societys_child Posts: 7,110 Forumite
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    deanogtv wrote: »
    I see the 8% as the pay back of interest which Halifax paid to my wife plus compensation for not having this money in the first place
    Can you break that down? ie: total interest / total compensation?
  • brown1950
    brown1950 Posts: 264 Forumite
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    deanogtv wrote: »
    I recently wrote to Egg to investigate my PPI. I had an Egg credit card around 10 years ago and seem to remember only having it for a year or so and never having more than £1k on it.
    Will i received a letter back from them yesterday outlining that I had paid around £55 of premiums during the time I had the card and they are willing to refund this an a statuary 8% interest over the time, totaling £98.

    My wife recently done the same with Halifax and they compensated her for not having that money for a length of time, and this was quite a nice sum.

    My question is, should i go back and request that they compensate me for not have this money for the last ten years??

    From the FOS Website and i quote

    '' Because you haven’t had that money since you closed your account, we’ll add interest to that amount at 8% per year simple from the date you closed your account up to the date of settlement''

    Would suggest you ask for a breakdown/calculation of the 10 years 8% simple interest.
  • Nearlyold
    Nearlyold Posts: 2,302 Forumite
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    brown1950 wrote: »
    From the FOS Website and i quote

    '' Because you haven’t had that money since you closed your account, we’ll add interest to that amount at 8% per year simple from the date you closed your account up to the date of settlement''

    Would suggest you ask for a breakdown/calculation of the 10 years 8% simple interest.
    OP paid around £55 in PPI approx. 10 years ago, so £55 @ 8% over 10 years = £44.
    £98 total figure seems correct - actually not sure though if the OP's original question is serious with the date in mind
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