Credit card PPI refund calculation query from Clydesdale Bank

[kazziekitty]

Hi everybody ...

 

Apologies for the new thread - this is my first posting but I have been reading with interest the threads on here concerning PPI. I hope you don't mind the intrusion but I hope someone more familiar with PPI refund calculations will be able to ease my confusion!

 

After a stressful and lengthy 3 year dispute with Clydesdale Bank,

I have heard this month from the FOS that they have upheld my complaint concerning the missale of PPI on a Yorkshire Bank Visa card

which was taken out in 1992 and closed in 2007.

 

I'm relieved to have finally won my case but working out the possible compensation is giving me a headache so I was wondering if anybody could offer me any help?

 

Bearing in mind that I only have statements provided to me by Clydesdale as a result of a SAR

(another nightmare getting them to even respond to that but that's another story!)

 

which date from October 2000 to the closure of my account,

 

I have been using the FOSRunningPPIv102 spreadsheet which someone kindly posted on here to calculate my refund.

This works well up to the August 2001 statement

 

HOWEVER from September 2001 onwards, the APR purchase rate on my statement changes.

 

From October 2000 to August 2001 the purchase rate interest is listed as 1.75% per month (which I have worked out to be 21% per year

which I have entered in the interest rate on the spreadsheet).

 

From September 2001 to February 2002, the purchase rate interest is listed as 1.456% per month

(which I have worked out to be 17.47% per year)

 

and from March 2002 to November 2003, the purchase rate interest is listed as 1.385% per month

(which I have worked out to be 16.62% per year. Up until that point, the monthly purchase interest rate

and monthly cash interest rate were the same

 

(I know, I was young and silly and used my credit card for cash

- I have since learnt not to do this!) However,

 

on the December 2003 statement there is also a different interest rate for cash of 1.552% per month.

 

This is as far as I have got up to now as my brain is hurting!

 

My question is

 

how do I work out the award calculation on the spreadsheet when different APR rates have been used?

 

Do I have to use a different spreadsheet for each rate and somehow add the total figures together?

 

I tried to do this but I did not know how to start on a new spreadsheet when the rate first changed from September 2001 onwards.

 

As I have not had a zero balance on any of these statements,

do I start off with the balance as a whole plus the new monthly expenditure for September 2001 in Column C

of this new spreadsheet instead of just putting in my monthly expenditure?

 

I have no idea how the compound interest calulation will work out if I have to use different spreadsheets??

 

I apologise if my explanation is rambling but maths is not my strongest subject at the best of times

- I assure you, as much as my head is aching with all this

- it is not my intention to confuse everybody reading this as well!

 

I am not expecting to get an exact figure for the refund but would just like to have a rough idea as after

how this claim has gone so far, I do not trust Clydesdale Bank one bit!

 

At the end of the day though, I am still very very happy to have finally got my complaint upheld!! :whoo:

 

Any help would be very very gratefully received xx

[dx100uk]

i'd use an average figure for the whole term

 

dx

[kazziekitty]

Thanks for your reply. I'll see how I get on with it now my brain's had a rest! Still happy to have FOS uphold my complaint - I thought Clydesdale Bank were going to drag it out forever even though the miss-sale was clear-cut!! Will update later