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BOS Irresponsible lending Case - with FOS


Angus70
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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
this amount.
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 ?

 

Thanks!

Edited by Angus70
Wrong amount entered
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 Work out the annual interest: take the amount you’re claiming and multiply it by 0.08
(i.e. 8%).
 Work out the daily interest: divide the yearly interest from step 1 by 365 (the number of
days in a year).
 Work out the total amount of interest: multiply the daily interest from step 2 by the
number of days the debt has been overdue.


For example, if you were owed £1,000:
 the annual interest would be £80 (1000 x 0.08 = 80)
 divide £80 by 365 to get the daily interest: about 22p a day (80 / 365 = 0.22)
 after 25 days this would be £5.50 (25 x 0.22 = 5.50)

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please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Simply enter the date/amount of EACH overpayment individually

the sheet does the rest

do not touch claim to date box!

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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