Credit Card PPI Redress

[billyboy01]

Hi all, very new to this very helpful site - well done everyone for your help and advice
Now to my question FOS have upheld my complaint on my Lloyds credit card and i would like to have a rough guide of how much i will receive before i get the offer from Lloyds as i am worried they will offer me a low figure.
I have tried to use one of the spreadsheets on this site, but after inputting about 12 lines of info it all goes haywire on me - the word value seems to appear everywhere. im not very good with computers so its more than likely my fault, but have tried with the same results a few times.
So could anyone give me a rough guestimate based on these figures
PPI of £4000 paid between the years May 1999 to Jan 2013
Thanks in advance for any comments I receive

[di30]

Re: Credit Card PPI Redress

Hi and welcome

I do not usually work on the calculation side but have put in some details below, so hope this will be of some help to you, good luck.

CREDIT CARDS

1. Where card account and the PPI are still in force.

If the consumer agrees to cancellation of the PPI the financial business should:

a) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
b) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year; and
c) send the customer a statement showing the resulting balance on the account (with details of how it was calculated).

2. Where the card account is still open but the PPI has been cancelled.

The financial business should:

a) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
b) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year; and
c) send the customer a statement showing the resulting balance on the account (with details of how it was calculated.)

3. Where the card account has been cleared and closed and the PPI has been cancelled:

The financial business should:

a) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
b) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year;
c) pay the customer the difference between the revised closing balance and the original closing balance;
d) pay the customer interest on that difference at 8% simple per year from the date of closure to the date of payment; and
e) send the customer details of how the revised balance, the difference and the interest were calculated.