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Dear Legal Beagles,
I really need help with my PPI redress.
I have had a NATWEST credit card since 1992. It is still open with a balance.
I started paying PPI since the beginning of 1992 and I stopped in 2009. I continued using the card after I stopped the PPI and I am still using it.
After more than 3 years, including almost 2 years with the ombudsman, I received an offer from NATWEST. My calculations are that the offer is far too low, but I would like some reassurance that my calculations are correct.
NATWEST was able to go back with the statements to 2001. What I have done has been to calculate the average of all the values of my PPI payments available, from 2001 (when the data started to be available from NATWEST) to 2009 (when I stopped paying my PPI). It is £30 per month. I also calculated the average of my monthly statement balances, from 2001 (when they started being available from NATWEST) until today's date. Unfortunately over the years I have been very indisciplined and for the great majority of the months I had a large balance (on average £7,000).
I then started calculating from 1992, when I started paying the PPI. I used the average PPI payment of £30 per month as the average payment for the period 1992 until 2001, when statements were not available.
For the first year I calculated that I paid £360 in PPI (£30 per month) and I added 20% interest (£72) for the year, because very rarely I paid my balance as demonstrated by the statements over the last 15 years. I therefore calculated a total of £432 for the first year. On the second year I added again the PPI payments (£360) to the amount rolled over from the first year (£432). The sum is £792 and then I added 20% on the total (£158), and so on for the following years.
I proceeded in this way until I reached the figure equivalent to the the average outstanding balance (£7,000) I had over the years. At that point I calculated every year 20% interest (£1,400) on the average balance (£7,000) for every year and 8% for any amount in excess of it. For instance, in the year when the figure reaches £10,000, the interest would be £1,400 for the 7,000 and £240 for the remaining £3,000. I continued in this way until today's date.
I hope I have not been too confused. I am a complete amateur and I can see that many people in this site are very competent.
I am really grateful for any help.
I really need help with my PPI redress.
I have had a NATWEST credit card since 1992. It is still open with a balance.
I started paying PPI since the beginning of 1992 and I stopped in 2009. I continued using the card after I stopped the PPI and I am still using it.
After more than 3 years, including almost 2 years with the ombudsman, I received an offer from NATWEST. My calculations are that the offer is far too low, but I would like some reassurance that my calculations are correct.
NATWEST was able to go back with the statements to 2001. What I have done has been to calculate the average of all the values of my PPI payments available, from 2001 (when the data started to be available from NATWEST) to 2009 (when I stopped paying my PPI). It is £30 per month. I also calculated the average of my monthly statement balances, from 2001 (when they started being available from NATWEST) until today's date. Unfortunately over the years I have been very indisciplined and for the great majority of the months I had a large balance (on average £7,000).
I then started calculating from 1992, when I started paying the PPI. I used the average PPI payment of £30 per month as the average payment for the period 1992 until 2001, when statements were not available.
For the first year I calculated that I paid £360 in PPI (£30 per month) and I added 20% interest (£72) for the year, because very rarely I paid my balance as demonstrated by the statements over the last 15 years. I therefore calculated a total of £432 for the first year. On the second year I added again the PPI payments (£360) to the amount rolled over from the first year (£432). The sum is £792 and then I added 20% on the total (£158), and so on for the following years.
I proceeded in this way until I reached the figure equivalent to the the average outstanding balance (£7,000) I had over the years. At that point I calculated every year 20% interest (£1,400) on the average balance (£7,000) for every year and 8% for any amount in excess of it. For instance, in the year when the figure reaches £10,000, the interest would be £1,400 for the 7,000 and £240 for the remaining £3,000. I continued in this way until today's date.
I hope I have not been too confused. I am a complete amateur and I can see that many people in this site are very competent.
I am really grateful for any help.
