RBS, Capquest, Wescott Credit - all about to pay by the Ombudsman?

[openwater]

Hi Guys (Dx!),

 

Just to keep you all in the loop regarding the final stages of my settlement.

 

I received an Email from FOS today which I've cut-and-paste below. I'm not entirely sure how to interpret what this will mean in terms of the monetary value of my claim. If anyone (Dx?...) can enlighten me I'd be grateful.

 

The Email:

 

'Mr XXXXX

 

I thought you’d want to know that I emailed RBS before Christmas to let them know by error I’d not included an obligation on them to pay you £630 plus 8% simple interest on that amount.

 

When a customer overpays or doesn’t have use of money they should have, it’s normal practice to ask the bank to pay 8% on that amount. I’d not included that in the provisional decision because I’d forgotten but did write to RBS to confirm I believed the obligation still existed. They left a phone message, then emailed me, last week to confirm they agreed with that outcome so that additional money will be added to what you receive from them.

 

I’m not sure what it’ll work out at but since it’s being backdated from when you started repaying, it may be a nice additional amount on top of what you’re expecting. It also means that RBS is still working out what this will all be so want to make sure you know they are sorting this out.

 

Kind regards,

 

XXXXXXX'

 

From what is stated, it isn't a simple case of '8% of £630' - can anyone enlighten me?

[tezza1234]

its 8% per year, so how long has this £630 been unpaid but theoretically due

[dx100uk]

it will be 8% on each overpayment from the date each part was paid by you

not from when the total was realised.

 

 

dx