Calculating fee to claim company

BobIsaac

I had a PPI claim company run some PPI enquiries for me and one came back from Bank of Scotland / Halifax that was positive.

The letter from BoS on page one stated:

“My decision is summarised below:

Total amount you will receive for each loan: £8980.54”

Page 3 states:

“I’d like to offer you a payment of £8980.54. A full explanation can be found in Appendix B.

This represents a refund of all the PPI premiums you have paid including interest. I have also applied additional compensatory interest to put you back in the position you would have been in had you not purchased the policy”.

Appendix B shows the calculations and conclude like this:

Total redress after deductions: £10,108.21

Overall refund due with compensatory interest: £10,108.21
Tax withheld: £1,127.67
Total payment due: £8,980.54

The claims company are basing their fee on the £10,108.21 as they say this is the “Total compensation”.

Is this correct or is the total compensation the amount I have been paid, ie, £8,980.54? Otherwise I am paying a fee on the bit that was never mine – the tax.

Thanks for any help you can give.

dunstonh

The CMC should use the total figure. £10,108.21

Nice earner for for them for about 10 minutes work and the cost of a stamp.

BobIsaac

Thanks for your prompt reply. Not the answer I really wanted but hey-ho, I still get some of the cake.

lisawood78

That's a lot of cake the CMC are getting, wow