Calculating Credit Card PPI Refunds
This may be obvious, but I just want to check my assumptions......
When calculating a refund figure for Credit Card PPI, do you add contractual interest
My logic being that the lender would have charged compound contractual interest on the balance, which includes the PPI at the end of the month and so on, so we should be able to get that back. Then we should be able to claim additional interest on top for being deprived of that money due to mis-selling.
I suppose the only issue is what APR you apply, as it may have varied during the time you had the account. Would you use the initial advertised rate or the lenders current advertised rate?
I welcome your thoughts...
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