PPI On Credit Card Calculation

pieman6

I recently received a final offer on my Debenhams credit card which i thought was ok. The card has been running from 2002 up until present with a balance on it most of the time ranging anywhere from £300 to £2000. They offered me my premiums back plus £1500 interest. The premiums over the last 15 years are well over double the interest. I thought that this was ok until i spoke with a friend. They had paid £38 PPI premiums and received £1400 in interest. They opened the card in the mid 80's but it was settled in full in the early 2000's. Should i challenge their decision with either them or the FOS and is there a way of calculating the interest payable myself. I do have the monthly premiums since 2006.

[Deleted User]

It's very unlikely they have miscalculated, but you could ask them.

Your friend appears to be pulling your leg.

robbedofmymoney

you are entitled to a full detailed breakdown of their calculation, ask them for a copy of this, if it looks right and makes sense then accept the offer, if not query with the bank where you think its wrong.


remember that if you go to the FOS it will delay everything by upto 6-9 months including any payments.