RBS PPI Calculation Steps

[Kholoshian]

Hi,

 

Can anyone enlighten me as to the correct way to calculate PPI redress for a credit card?

I complained after the calculation they sent was wrong - so i complained, only to be told there'll be no revised offer.

I've now had a letter from RBS stating that they only pay stat int (8% & 15% pre April 1993) on accounts where the balance is positive after PPI payments are refunded.

 

So, simply put (and this is just an example), 12 months of £10 PPI payments, refunded (-£120) against a balance of say £240 would leave the account with an outstanding balance of £120. RBS say that the account has to go into credit before statutory interest is paid.

 

I thought, and i may be completely wrong, that the statutory interest awarded was as recompense for being 'deprived' of those funds over time, irrespective of what the balance of the account might be at the time.

 

Someone set me straight please as i'm not sure I have the fight in me to go back to RBS AGAIN and argue if I don't have the absolute truth of it. The 4 page letter they've sent to explain is enough to finish me off after waiting the best part of 5 months for a decision.

 

Many thanks

 

Edited September 19, 2019 by Kholoshian

[dx100uk]

is the card still active?

if not, when did they cease their int?

 

cisheet on every PPI charges till their int stopped [=claim to date] [d15 = their avg int rate]

statint sheet on that whole figure from the day after till settlement if it did.