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Hi
After a lengthy wait, an initial declined PPI claim from Capital One was turned around by the FOS.
Capital one then said that they would offer me a settlement in line with the FOS pay-outs.
After receiving the initial redress letter I was told the total of the PPI Payments was £783.91. This seemed low to me i then requested the statements from Capital One detailing the balance every month the card and PPI was active. May 2002 to Apr 2008.
When calculating the PPI owed every month from the balance (0.89p / £100) I got a total of £931. This was a bit higher than they “calculated”.
Also I was wondering how they got to the associated interest value of £71.13 and additional interest of 8% (£578.85)
I think I have worked out that every month I was charged an interest of 2.11% (after the interest free period finished), this means the credit card had an APR of 25.32%.
As the first amount of PPI was wrong, I am not confident the other values are correct either.
Could anyone shed some light on the associated interest and then the 8% statutory interest they are going to pay me?
Thanks
A.
After a lengthy wait, an initial declined PPI claim from Capital One was turned around by the FOS.
Capital one then said that they would offer me a settlement in line with the FOS pay-outs.
After receiving the initial redress letter I was told the total of the PPI Payments was £783.91. This seemed low to me i then requested the statements from Capital One detailing the balance every month the card and PPI was active. May 2002 to Apr 2008.
When calculating the PPI owed every month from the balance (0.89p / £100) I got a total of £931. This was a bit higher than they “calculated”.
Also I was wondering how they got to the associated interest value of £71.13 and additional interest of 8% (£578.85)
I think I have worked out that every month I was charged an interest of 2.11% (after the interest free period finished), this means the credit card had an APR of 25.32%.
As the first amount of PPI was wrong, I am not confident the other values are correct either.
Could anyone shed some light on the associated interest and then the 8% statutory interest they are going to pay me?
Thanks
A.
