Received an offer of compensation for mis-sold PPI from Clydesbank

Blandifon

I have received a letter from Clydesdale bank regarding a complaint I made (using the forms you make available) regarding ppi mis-selling on a credit card. They have offered a refund the PPI premiums paid, plus 8% interest.

I am not sure if the amount what they calculated as "know ppi premium paid" is correct so maybe all the others calculation also be wrong. Can I ask them for a double check and confirmation before signing the acceptance form? how? any template form available for this? (my english is not really fluent and I need traslator helps etc... for all this issues..)

Many thanks

societys_child

Why do you think it's wrong?
They calculate the premiums paid and repay this + interest (8% - 20% tax).

Any PPI you paid is itemised on your monthly statements, contact them if you have evidence proving you paid more than they are offering.

dunstonh

They have offered a refund the PPI premiums paid, plus 8% interest.

Which is the correct method they should be using.

I am not sure if the amount what they calculated as "know ppi premium paid" is correct so maybe all the others calculation also be wrong.

It is difficult to get refund of premiums plus interest wrong in terms of a calculation. It is possible to get the amount paid as premium wrong as records may not go back the full term of the policy. However, where that is the case, there is a different calculation method and they would describe that in the response.

Do you have any evidence which suggests the figure is wrong?

[Deleted User]

Blandifon wrote: »

Can I ask them for a double check and confirmation before signing the acceptance form?

Only if you have compelling evidence that it is wrong. You cannot request a "double check" simply because you suspect they are wrong. Any such request would be met with a simple reiteration of their original calculations.

A refund of the premiums paid plus 8% simple interest is the correct redress as defined by the regulator.

Blandifon

Thanks for your quick responses . Obviously I do not keep all bank letter from 10 years ago and I don't know the exact amount that was charged by ppi,
I suspect the amount the bank charged because it seems very low. as I am unable to prove it I will accept offer.
thanks a lot for your advice.

[Deleted User]

Blandifon wrote: »

Obviously I do not keep all bank letter from 10 years ago and I don't know the exact amount that was charged by ppi

Why "obviously"? Many people keep an archive of all their statements and finance.

Blandifon wrote: »

I suspect the amount the bank charged because it seems very low.

Since credit card PPI is only payable while your account has an outstanding balance and is a % of the balance amount, its reasonable to assume that you frequently paid off your Credit Card bill or left only a small balance.

Blandifon wrote: »

as I am unable to prove it I will accept offer.

I can't see you have any other alternative.
Enjoy your redress

brown1950

Moneyineptitude wrote: »

Only if you have compelling evidence that it is wrong. You cannot request a "double check" simply because you suspect they are wrong. Any such request would be met with a simple reiteration of their original calculations.

A refund of the premiums paid plus 8% simple interest is the correct redress as defined by the regulator.

What about the refund of 'associated interest' at the credit card rate ?

[Deleted User]

brown1950 wrote: »

What about the refund of 'associated interest' at the credit card rate ?

Should have added that to my response. My bad.

brown1950

Moneyineptitude wrote: »

Should have added that to my response. My bad.

Funny also 2 other posters with a collective tally of over 85,000 posts missed the same point ?

[Deleted User]

brown1950 wrote: »

Funny also 2 other posters with a collective tally of over 85,000 posts missed the same point ?

I didn't mention tax either..



Doesn't change anything for the OP.

Nasqueron

I'm sure there will be a lot of associated interest at the rate of 70p per £100 of debt lol