We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Is my PPI offer worng? HELP!
simmo2002
Posts: 17 Forumite
Hi, Sorry if you have seen this before, but I posted on the worng board originally!!
I have just had a letter from RBS for my NatWest Creditcard. I recently claimed for Plevin commission. However I think the statutory interest is wrong: the calculation is..
Refund of commission over 50% charged on your premiums paid between 06 Nov 1993 to 06 Jul 2006 £892.21
Refund of erroneous over limit fees paid between 06 Nov 1993 to 06 Jul 2006 £156.00
Compound interest on commission over 50% and erroneous over limit fees, based on interest rate charged on credit card £1,937.95.
TOTAL: £2,987.16
Gross statutory interest (8%) £99.54
Less income tax (20%) -£10.91
Net statutory interest £79.63
Total offer £3065.79
Am I wrong in thinking that the statutory interest should be 8% per year on £2,986.16 since July 2006? If so then should it not be ~£3800 interest? Making the offer about £6800?
Or am I completely wrong?
You help is appreciated.
Thank you in advance!
I have just had a letter from RBS for my NatWest Creditcard. I recently claimed for Plevin commission. However I think the statutory interest is wrong: the calculation is..
Refund of commission over 50% charged on your premiums paid between 06 Nov 1993 to 06 Jul 2006 £892.21
Refund of erroneous over limit fees paid between 06 Nov 1993 to 06 Jul 2006 £156.00
Compound interest on commission over 50% and erroneous over limit fees, based on interest rate charged on credit card £1,937.95.
TOTAL: £2,987.16
Gross statutory interest (8%) £99.54
Less income tax (20%) -£10.91
Net statutory interest £79.63
Total offer £3065.79
Am I wrong in thinking that the statutory interest should be 8% per year on £2,986.16 since July 2006? If so then should it not be ~£3800 interest? Making the offer about £6800?
Or am I completely wrong?
You help is appreciated.
Thank you in advance!
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards