NOSIA refund Santander

Cazzaroo

nufc87kaz said:

Im hoping that maybe the calculation just missed off the balances owing on the credit cards. I still have a balance on my Santander credit card and this was not included on the letter. 

It's possible but doesn't explain why some people might get more.

Cazzaroo

For those of you that may not know: if you do online banking; select e-documents then credit cards it gives you some history of NOSIA letters and if you compare it to your letter, you will (hopefully) see a NOSIA letter missing, which presumably means you are entitled to a refund.  I can see 1 missing but it only goes back so far.

nufc87kaz

Cazzaroo said:

nufc87kaz said:

Im hoping that maybe the calculation just missed off the balances owing on the credit cards. I still have a balance on my Santander credit card and this was not included on the letter. 

It's possible but doesn't explain why some people might get more.

From the letter I have the interest calculation seems too low too

Cazzaroo

My interest payment is too high, if it's 8% simple interest of main refund amount.

nufc87kaz

Cazzaroo said:

My interest payment is too high, if it's 8% simple interest of main refund amount.

If I'm working mine out correctly it should be 8 percent of the interest calculated x 14.5 years roughly (Oct 06 - June 21). On the letter it looks about half as much as it should be. 

Wraya

I am not sure that you are supposed to get the 8% interest as compensation. Looking at other payouts made by other banks, only the actual interest we (the debtors) have paid plus charges made have been refunded. Maybe that's part of the error. 

Cazzaroo

I think the 8% is to compensate for the loss in interest you would have gained had it stayed in your bank account.

Wraya

nufc87kaz said:

Cazzaroo said:

My interest payment is too high, if it's 8% simple interest of main refund amount.

If I'm working mine out correctly it should be 8 percent of the interest calculated x 14.5 years roughly (Oct 06 - June 21). On the letter it looks about half as much as it should be. 

If we are eligible for 8% compensation, you would need to work out the interest you paid each year and add on the 8% compensation annually. It would not be the total interest x number of years x 8%. I am not trying to be clever , I just don't want anyone raising their expectations.

Let's hope we all get some refund soon. 

STG1972

What a surprise- 10 working days, no payment, no communication from Santander, nothing!!!

Cazzaroo

Try ringing them at 9.  They must have the letter on the system by now.

I am travelling today so not in a position to ring myself, unfortunately.

I will keep updating if anything arises.

Please would anyone else do the same so we can support each other.
Thanks!