Hello

[mcchaz]

Hi everyone
I'm new to the site but have been very impressed by the advice given on previous threads.
i think I posted this is the wrong place earlier. Any advice would be much appreciated.
Sorry if this has been explained in a previous thread.
I just received a letter from Bank of Scotland upholding my PPI complaint. They are refunding my PPI payments which comes to around £850, and they are refunding the interest that I paid on those payment which comes to around £15 (the credit card was closed in 2009).
All of the other PPI I have reclaimed (barclays and tesco) have paid interest up until the day that they have refunded the PPI to me, to put me in the position that i would have been had i not had the ppi in the beginning. BOS have not done this. When I queried this with them they said they are following FSA guidelines. When I asked him to explain the FSA guidelines to me, he could not.
Does anyone know what the FSA guidelines say about interest.
Sorry if this is unclear, happy to explain further if needed.
Thanks in advance
Charles

[labman]

Re: Hello

Mi mcchaz and welcome to Legal Beagles.

I'm moving this to an area where you should get an answer to your query. :beagle:

[mcchaz]

Re: Hello

Hi - I'd really appreciate some help with this. Essentially, what I'm asking is ; do they FSA guidelines or regulations (not sure of the correct term), explicitly state that a PPI refund should include an 8% interest payment up to and including the date refund is given?
Any advice on this would be much appreciated (i'm currently in the process of disputing this with Bank of Scotland).
thanks again
Charles

[di30]

Re: Hello

Hi and welcome to LB

I have posted a link below from the Financial Ombudsman Service (FOS) website on how you should be compensated PPI.

It can vary in the interest from a loan to credit card etc.
Hope this helps.

http://www.financial-ombudsman.org.u...i/redress.html

[mcchaz]

Re: Hello

Hi Di
That is helpful thanks. Do you know if the FOS have the same regulations or guidelines as the FSA? I cannot seem to find the FSA guidance anywhere (and this is what my bank says they are following).
All the best and thanks again.
Charles