Correct refund of ppi?

millser

After reapplying for a reclaim of PPI payments on my credit card my bank has now decided in my favour and are offering a refund of £4276.21 , which is a good result but I am wondering g if they have calculated my payments properly.

My account balance at the time of claim was + £1 and I have had my credit card 21 years


The refund is made of 2 amounts

The first is what they call 'difference in payments made' and totals £2711.55.

It states.

" in addition to any difference in account balance, I've also included in our refund any difference in the actual payments you made towards your credit card when it had PPI and the amount we have assumed you would have made had you not taken PPI"

Are the banks allowed to 'assume' any money I would of made and take it off the balance of total payment or should I be refunded the total payments without any deductions?

The second part if the refund was for compensatory interest of £1995.82

I also paid 391.16 in tax

Can anyone enlighten me if these payments are correct especially the refund of payments made?

-taff

No idea, but credit card redress is different to loan redress and what they say looks to be in order.
Check the redress page on the FOS website and you will see they have applied your redress correctly.

amersall

If you are a non taxpayer you can claim the tax back from HMRC.

with a credit card redress you only pay PPI if you are in debit with it.
They reset the card balance to zero and recalculate forward from there

" in addition to any difference in account balance, I've also included in our refund any difference in the actual payments you made towards your credit card when it had PPI and the amount we have assumed you would have made had you not taken PPI"

You have had the difference paid to you for actual PPI and what you "may" have paid had you not had it, they gave you the difference.

Dazed_and_confused

If you are a non taxpayer you can claim the tax back from HMRC.

Even if you are a taxpayer you may be able to claim some or all of the tax back.

If you can make use of the savings starter rate of tax (0%) then you may get it all back.

If you can't use the savings starter rate then you will probably be able to use the £1,000 savings nil rate (also 0%) and, depending on what other interest you receive in the same tax year, get some of it back.