I recently submitted a complaint to Clydesdale Bank Plc regarding a credit card I had dating from early 1997. The complaint was declined, and I subsequently complained to the Financial Ombudsman.
The good news is that the Ombudsman wrote saying that the Clydesdale were going to make me an "offer".
Of course, I'm still waiting, and so to pass the time, I've put together a spreadsheet based on a previous one that I've seen used that calculates the PPI amount plus paid CC interest and then adds on statutory simple 8% interest to both.
I guess I wanted to know if my assumptions are correct.
Depending on the APR that I used, my calculations indicate that I could be due a compensation payment of anywhere from around 8K to > 40K even as high as 76K potentially (depends on how the calc is done).
(As background, for a long time before my current job, I was stuck in the proverbial hole, card maxed out, paying interest by the bucketload and also paying late charges and the like - couldn't get out of it - mostly paid the minumum, or ran behind, it was a nightmare!).
Potential Claim : 76,484.31
PPI Paid: 4,328.45
CC Interest Paid : 31,759.29
8% Simple on Principle Plus Int : 40,396.57
1. Have I got the calcs right?
2. Can I claim 8% on the credit card interest that I've calculated to have paid as well (i.e. 8% on the 31K as per my calls, or just 8% on the PPI figure of 4.3K?)
Interested in your thoughts people!