PPI payment query

Helenrosie

I've been told by Ombudsman/bank that my complaint on Bank of Scotland credit card will be upheld. When using on-line calculator to see what I'll roughly get back, it says they make "assumptions", one of them being that I haven't used my card for cash withdrawals.... which I foolishly did.

Can anyone tell my why this would have an effect on my claim please?

Nasqueron

If they don't have any PROOF of the transactions they have to estimate / assume based on your past behaviour. Do you have records from the period showing what you paid? Cash withdrawal will be on your statement and you'd get charged PPI on this

Helenrosie

My spending was atrocious - and I shredded most of the evidence as it came through the door... burying my head in the sand -like so many others on here. I have now totally paid off all debt I owe.:D
I'm really relying on the bank having records/making assumptions on my account - the balance varied from £700 till at one point it was £9000 - shocking I know, but at least its paid now.
They originally rejected my claim, but did refund commission due to Plevin (£1924), but I took it to the Ombudsman who upheld my case.

dunstonh

When using on-line calculator to see what I'll roughly get back, it says they make "assumptions"

And most of these so called calculators are useless and only exist as they were created by claims companies trying to give you big figures to encourage you to make a complaint via them.

They are as about as useful as pension statements (which are typically understating retirement income by around half nowadays). For similar reasons. The assumptions used are set on a bias. CMCs want you to get a bigger figure (pensions are set to project a lower figure so you get more in reality than you were expecting rather than the other way around).

Helenrosie

Thank you! I'll just have to be patient and see what comes through the post.

Helenrosie

Hoping a financial expert can help now... I've requested a full breakdown which they've provided as follows:

From June 99 to Jan 18, I paid £3767.22
But they seem to be paying on a column at the end of the spreadsheet saying "Difference Between Payments", which is £4363.86
Compensatory Interest is £2717.44... less tax

While I realise this is a huge amount of money, I don't know if it's right.

I had another small refund from MBNA for £347.63, and the 8% gross interest on it is another £417.59 - i.e. the interest is more than the PPI premiums.


Do you think I should query the Bank of Scotland Refund or should I just be grateful for what I've got?

-taff

Is it a credit card or a loan?

Helenrosie

Credit card

freddie2

I have just had a successful claim for a credit card from 1994-2007.
Figures were;
Refund of premiums 4863.90
Contractural interest. 7987.27
Credit interest 4944.17
Less tax of 988.83
Due to me. 16847.51

-taff

Helenrosie wrote: »

Credit card

It could be the interest that was added as a result of the PPI being added to the total figure.

Nasqueron

The resource below might help but realistically the refund process is defined and the bank would have nothing to gain by short changing you

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html#redresscc