Calculating on a Credit Card PPI refund

[djitpt]

Hi everyone,
There's lot of great information on this site.... thanks to all who have posted here with information about PPI. I used it to complain about mis-sold PPI on an MBNA credit card. My complaint has been upheld (I got the original application form after a SAR which clearly showed that I had checked no in the PPI box and yet they added the product to my account anyway). Now I am waiting for them to get back in touch with me with details of the refund/compensation.
That said, I'd like to work it out myself to make sure I get what is fair and correct.
Am I correct in thinking that I will be getting back not only the premiums paid but also all the interest I've paid on them?
Between 2000 and 2004 I paid monthly ppi premiums of between £25 and £45 until I called MBNA in 2004 and canceled the ppi. However, since then, my card balance has not gone down as due to some difficult circumstances I've only been able to make the minimum monthly payments.
So - my question is, leaving aside the 8% statutory interest issue, will I be entitled to receive all the compounded interest at the credit card rate (which is now very high - 27.9%) for all ppi premiums, given that my card balance has not really gone down over the years? Obviously that would be very nice, but I don't want to get my hopes up and would appreciate very much it if one of the very clever folks here could answer that for me!
A thousand thanks!
Darren.

[di30]

Re: Calculating on a Credit Card PPI refund

Hi and Welcome Darren.

Right, I'm not exactly the one for calculations and sure the guys who work within this field will be along at some point.
Meanwhile check the link below, posted by our Billk, it may be of some help for you. Our Turbo and Bilk are the stars of this type of thing, where I can help on how to make a reclaim etc.....

The best of luck, here is the link.
http://www.legalbeagles.info/forums/...lator-programs

[Medboys]

Re: Calculating on a Credit Card PPI refund

Hi bit new to all of this but here goes I had a ppi with marbles credit card wich was sold to bank of Scotland so have two credit card no but same account closed the credit card account in 2009 and then wrote to them in march2012 telling them I had been misold ppi as I work for the nhs and didn't no anything about it anyway I received a letter back within 5 working days that they were investigating this after the eight weeks I phoned them to be told by an American lady that they were still investigating it now I've been ringing them periodocley every few weeks for an update but getting no were just that there still investigating and they can only see whats o n the screen in front of them its nearly a year now then 6 weeks ago a rang again and was pushed from one line to another I tried to keep as calm as I could considering this has been a long running thing and was told by a chap that Halifax are now dealing with it but gave me another telephone no well rang the no and spoke to someone who is customer service for marbles and new all about my case said paperwork had been lost and would have to go through eight week process again I was so angry but tried to be calm as this would not help the situation feel there making a fool out of me as I need them to say yes upheld or no before I can take it to the next step finally excepted that would go through process again received letter after 2 days saying would be dealt with in eight weeks if needed to speak to anyone to phone this no well rang it yesterday rang once cut me off I rang it 6 times and every time it cut off after one ring this 7weeks after they have one more week to respond heeeeeeeeelp medboy

[Mysrerio]

Re: Calculating on a Credit Card PPI refund

Hi everyone,
There's lot of great information on this site.... thanks to all who have posted here with information about PPI. I used it to complain about mis-sold PPI on an MBNA credit card. My complaint has been upheld (I got the original application form after a SAR which clearly showed that I had checked no in the PPI box and yet they added the product to my account anyway). Now I am waiting for them to get back in touch with me with details of the refund/compensation.
That said, I'd like to work it out myself to make sure I get what is fair and correct.
Am I correct in thinking that I will be getting back not only the premiums paid but also all the interest I've paid on them?
Between 2000 and 2004 I paid monthly ppi premiums of between £25 and £45 until I called MBNA in 2004 and canceled the ppi. However, since then, my card balance has not gone down as due to some difficult circumstances I've only been able to make the minimum monthly payments.
So - my question is, leaving aside the 8% statutory interest issue, will I be entitled to receive all the compounded interest at the credit card rate (which is now very high - 27.9%) for all ppi premiums, given that my card balance has not really gone down over the years? Obviously that would be very nice, but I don't want to get my hopes up and would appreciate very much it if one of the very clever folks here could answer that for me!
A thousand thanks!
Darren.

Interesting, to be honest, I'm in a similar position myself although in my case I committed what seems to be fast becoming a Cardinal sin and used a claims management company, as I mentioned in other posts I seemed to have got some sort of auto-refund of premium and rebate from my bank directly into my credit card account which looks to be the standard 8% but nothing in writing so I too was wondering about compound interest and whether my bank is trying to pull a sneaky one, interest on interest does make working out credit card PPI refunds more complex and I would imagine that if a bank was going to try to short change on a PPI refund then it's the compound interest that would be the easiest for them to do it on because it's difficult to work out, as a ball park guess, compound interest would perhaps add an extra few £100 give or take on any redress, so if you roughly work out the total of all premiums, add 8% simple then add say another £50 -£200 on top maybe that might give you an idea, as you say though, no building up hopes, I won't be either as I think I've had all I'm going to get but without something in writing I won't know for sure either.