Received our letter of offer on redress this morning & called to request how the calculations were reached.
They said it'll take up to two weeks to send them. I commented how I thought it would have made common sense to include the figures & was told "Not everybody is requesting them".
So please, call up & request your figures as soon as you get your letter.
Brendan, had I read on a thread somewhere that the calculations are day by day rather than like the annual statement that we're used to?
If so, it will be a nightmare! For the minute though, my interest is in what rate they have applied from Jan 09 (when I came off fixed rate) to April 10 (when I should have come out).
Have they left me on the variable rates that had previously been applied for that period? So frustrated waiting to find out.
I agree and 17 pages seems extreme already but surely they could have outlined the actual interest charged v the revised interest on a monthly or annual basis with the letter.
A daily calculation over 5 years will have more than 1,800 lines on it.
About a year into this, I was speaking with someone wondering if they'd be open to doing some sort of deal & he said to me "Banks won't do anything to benefit you, that doesn't benefit them first". It's stuck with me ever since.
They could have surmised the calculations by month & provided that with some easy to follow charts (numbers aren't everyone's thing)