Hi,
Here are the details from the FSCS:
Original Premium = £6975.50
Plus interest = £2608.31
Less Eligible Benefits = £6975.50
(This is the amount you have either already received from the insurer of the equivalent to one you are eligible to receive, for example, an amount you have claimed or a no claims bonus)
Less Rebate due upon cancellation = £0
(Whilst the lender has confirmed you are currently due a cancellation rebate, this has not been included in our quantification of loss process as you are potentially due a no claims bonus).
Plus A reasonable rate of return = £9.40
(this is the amount of interest on the monthly loan payments you have made in respect of the ppi premium)
Equals Compensation figure £2617.71
The bit i'm confused about is the 'Rebate due upon cancellation' ...... i.e. 'you are potentially due a no claims bonus' ..... can i still claims this ?
I guess the FCSC payment is a refund of the interest paid on the premiums i've paid to date, and that i can still claim after five years if i've not made a claim?
Thanks,
Andrew