BOS Irresponsible Lending Complaint *UPHELD*

[Benjamin70]

FOS has, today, has uphold my complaint for irresponsible lending with Bank of Scotland . I dont know how to work out the redress/8% simple interest work out..

I borrowed £11,000 plus £4180 "credit care" and £5180 interest at 12.8% in July for 62 months but I only made 23 monthly payments and paid it off using my aunt's inheritance 2 years later. The monthly payments were £346.10 per month.

FOS has stated:-

To settle Mr M’s complaint Bank of Scotland should do the following:

To add up the total amount of money Mr M received as a result of having
been given the loan. The repayments Mr M made should be deducted from
this amount.

If this results in Mr M having paid more than he received, then any
overpayments should be refunded along with 8% simple interest (calculated from the
date the overpayments were made until the date of settlement

How does the redress refund worked out?

Please help?

Thanks

[Benjamin70]

Can someone help please ?

Thank you!

[Onestepatatime]

Add up your payments, work out at what date you paid off the original borrowing £11000 (ex interest and care plan). From that date forth to the date of that you finished paying, they have to pay you back the remainder of your payments + 8% interest.
this is my understanding from reading your post.

[Benjamin70]

Bank of Scotland has offered £2144.00 plus 8% simple interest. This is from 1998 to 2000.

Is the amount correct ?

Thanks