FOS has, today, uphold my brother's complaint for irresponsible lending back in 1998 with Bank of Scotland - due to a special circumstances as he is profoundly deaf with limited English.
I dont know how to work out the redress/8% simple interest works out..
He borrowed £11,000 plus £4180 "credit care" and £5180 interest at 12.8% in July 1998 (Luckily he still has the original loan agreement) for 62 months but he has only made 23 monthly payments and paid it off using his aunt's inheritance 2 years later, in July 2000. The monthly payments were £346.10 per month.
FOS has stated:-
To settle Mr M’s complaint Bank of Scotland should do the following:
To add up the total amount of money Mr M received as a result of having
been given the loan. The repayments Mr M made should be deducted from
If this results in Mr M having paid more than he received, then any
overpayments should be refunded along with 8% simple interest (calculated from the
date the overpayments were made until the date of settlement
How does the redress refund worked out? I think he is in for a big payout ?