FOS & Interest.

[wednesday1867]

I have just been through the FOS to settle a complaint with MBNA regarding wrongful PPI. FOS ruled in my favour and awarded me the premiums back and associated interest.

 

Now my problem is with the interest, no figure has ever been discussed, but when i received the cheque, the interest was roughly £30, even though the premiums are dated between 2003 and 2005, so how or what calculation have they used to get interest to £30? I have calculated 8% interest from the date of each charge and that equates to around £200. Even calculating 8% interest from the date of my complaint to today is £55.

 

Do i have to accept the interest paid as i signed an acceptance form, but the form stated the premiums and all associated interest, no figure was stated for interest.

 

How should i be calculating the interest, the account is now closed.

 

Thanks for offering any help.

[noomill060]

No, you dont have to accept it, but to take this further you will have to go to court to enforce the FOS decision. MBNA are taking the p!ss.

 

Go here and work out the interest on each premium individually, then add it all up.

 

12 "rests" per year

 

360 day year

 

rate of interest- as shown on your latest statement.

 

Compound interest calculator

 

Then come back for advice on how to start a small claim.

[wednesday1867]

Thanks for the reply.

 

Do i go from date of each charge to now or to when i settled my account?

 

The FOS guy told me to get back in touch if i had any problems with payment, ill give him a try first.