Halifax CC PPI - refused complaint. Complained to FOS, now Halifax make full offer. My interest entitlement?

[monkey_uk]

So, I complained to Halifax a few weeks ago, they 'refused' my complaint. I wrote to the FOS, who contacted Halifax on my behalf. Halifax told them that they were going to make me an offer within eight weeks (eight weeks is tomorrow).

 

I can see in my Credit Card account (being handled by Capquest, but still visible in my Halifax online banking) that they have credited a sum to my account. I don't have a breakdown of what this sum is, but it was ever-so-slightly more than I was expecting.

 

My question is; given that I had to take this to the FOS and their intervention resulted in Halifax paying up, what am I entitled to in terms of interest?

 

As an aside, I see this as deliberate delaying tactics on Halifax's part, and fully intend making a formal complaint about this - again involving the FOS if needs be.

[ims21]

Regardless of whether this has been to fos or not, the redress should be the same.

 

You should get....

 

1 -> All of the premiums paid.

 

2 -> Any contractual interest applied to the account on those premiums.

 

3 -> The account should be reconstructed with the above removed. If that reconstruction shows that for any month the account would have been in credit, you should get 8% simple interest on that balance for that month.

 

You should get a letter from the lender showing you how their offer is made up between premiums paid, the contractual interest and the 8% interest. If you haven't got that then get the lender to send it to you.

 

You won't be able to do an accurate check unless you have all of the statements of account.

[monkey_uk]

I have the statements of account from back when I successfully sued them for the unlawful bank charges back in early 2007 (wow, over five years ago?!) but these don't show the interest rate that I was paying each month, only the actual interest (£ and p).

 

I've received their letter today, and the sum is broken down thus:

 

Difference between the actual and revised balance: £6xx.xx

Interest at 8%, calculated up until 17 July 2009*: £x.xx

Basic rate tax deduction on 8% interest: £0.xx

 

Total £6xx.xx

 

*The account was "passed to recoveries" as of this date.

 

This figure is really quite different (in my favour) and I'm confused as to why (I have completed the spreadsheets from CAG, and still don't understand why the figure is so much more than I was expecting.

[ims21]

Which spreadsheet did you use?

[monkey_uk]

I can't remember...one from the stickies in this sub.

 

I input the balance, new spend, ppi amount, and it calculates other stuff. It came out at about £300 something iirc - massive difference (in my favour)

[ims21]

This is the one that should ideally be used for cards and if completed correctly should give the correct figure.

 

FosRunningPPI v102.xls

 

I guess the bottom line is whether a claimant is happy with what they are getting offered.

[monkey_uk]

Yep, that's the3 form I used.

 

Oh well, it's a nice surprise I guess!