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PPI Refund

  • 05-12-2013 10:30pm
    #1
    del_boy13
    Registered Users, Registered Users 2 Posts: 154 ✭✭


    Hi

    I have been offered a refund by BOI on mis-sold PPI on a credit card (this complicates the calculation of the interest due). They have offered to repay the premium and a small amount of interest. They have provided an explanation of the interest calculation and stated that it is in adherence to the Central Bank guidelines. Problem is I can't find any confirmation information online and I just don't trust the statement.

    The rate calculation is based on 3 months after the PPI charge was placed on the account at the standard credit card rate. There is then a fair value payment which is the cumulative interbank interest rate (this is a nominal amount which is calculated monthly).

    I am looking for confirmation from somewhere official and has been confirmed as fair by the Central Bank.

    Any help would be appreciated as I would prefer to confirm that the offer is correct before accepting.


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