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Calculating Credit Card PPI Refunds


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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 (APR divided by 12 - not an accurate way of calculating monthly interest, but close enough) to the monthly PPI payments and then add 8% statutory or contractual on top.

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...

------------------------------------------------------------

 

First Direct - Refund of Bank Charges...... **WON** (Offered full amount of £5200 2 days before court)

 

Amex - Refund of charges..... **WON** (£330 refunded without much fight)

 

First Plus PPI - **WON** (Full Refund of over £7000 + Interest)

Norton Finance - Owe me over £6000 for mis-sold PPI - Starting court action in the new year!

Barclaycard PPi - Ongoing (Being complete tos*ers!)

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i beleive from what i have read on a thread earlier andrew claim 28% + 8%

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

 

 

 

Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional

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i am just doing a claim for my daughter who is a student and i did not know she was being charged until she complained to me about ecces charges last week so i am beggining the claim tommorrow

patrickq1

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

 

 

 

Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional

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excess typo doh

http://www.consumeractiongroup.co.uk/forum/welcome-consumer-forums/107001-how-do-i-dummies.html

 

 

 

 

Advice & opinions given by patrickq1 are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional

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