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Co Op Credit Card Offer - Is this right?

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  • Co Op Credit Card Offer - Is this right?

    Hi folks, I used to be on here and used LB successfully to fight a parking invoice. Couldn't remember details so re registered.
    Hope someone can help. I only have 7 more days to reply and accept or not now as been trying to work it out and decide this week. Posted in a sub forum but moved up here as thought may get more replies.

    I had a few credit cards from 2000 to 2012/3. In October 2013 engaged Stepchange to freeze the interest on the overdrafts and cards as years of self employment and agency work and a couple of ops took it's toll.

    I paid everything off in October 2016. The total figure I owed was frightening.
    I have since received back £700 on a consolidation loan from Natwest I didn't know I had using ismart for the donkey work then applied myself. The figure seemed fair.

    The other one they found was the Co Op credit card.

    I took out in December 2002.
    The balance of my card was between £3000 to £5000
    over let's assume 10 years rather than the full period of 2002 to 2016 as of course the balance of £3000 probably did not grow until 2 years in at least.
    So between 2004 to 2013 the average balance was around say £4000 for ease of estimating.


    The Co Op confirmed I did have PPi.
    The balance the Co Op calculated that I was owed PPi up to July 2016 though card stopped 3 years earlier and not used and interest was frozen in 2013.

    Now all the online calculators I've found don't all add up giving vastly different amounts - but I can't make sense of their (the Co Op's figures either).
    Some late payment charges included and then some other figures.

    Now if most sites list PPi on cards to be 1% of balance plus 20% at end of year I'm confused.
    Is the 1% every month or at year end?
    If it is annually then this still seems like a very lowball offer. If it's say £30 per year as 1% of 3000 then over 10 to 12 years it surely is more than this? My balance was rarely if ever below £3k and stayed at max limit of £5K for years.

    The breakdown is below and it just seems very low compared to other people's I've read.

    Can anybody help please?
    - I have some statements but not lots having moved I got rid of a lot of paper. This is the only breakdown I got from them.

    refund of charges £68.00
    debit interest £9.54
    8% simple interest £21.44
    Total £98.98
    the figure above is from refunded late payment charges I believe.

    The other costings are below.
    Total CCPPi accrued to 14-Jul-16 £92.37
    CC Interest accrued to on above to 14-Jul-16 £12.85
    8% Interest on any notional credit card balances £48.81
    Closed without arrears Yes
    Post Closure Balance liable for 8% £105.02
    Post Closure Interest @ 8% simple to 05-Mar-17
    Total Redress Due £159.21
    Total Untaxed 8% Interest payment £54.19
    Less Tax Calculated -£10.83
    net total 8% £43.36
    Net Redress Payable £148.38

    Tags: None

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