Thread: Drew v Cahoot PPI

Originally Posted by andyford2000

what are peoples thoughts on claiming back interest from cahoot on PPI claims, is the best way 8% or contractual interest, if contractual what rate please. i have held back for a couple of months on pursuing this through the court stages.

Hello Andy,

It would depend what the interest rate on the loan was. This is not the apr. If you know how much interested they charged all the better, but if you don't know, Here is an example to calculate the true interest rate they charged

Use your own figures, etc.

Annual interest rate = 16%
Term of agreement = 4 years
Therefore total interest charge = 16% x 4 = 64% (or 0.64)

Total amount of credit = £5195 = £5195 x 0.64 = £3324.16

If the contractual rate is higher than the 8% stat interest go for that one possibly:grin:

Originally Posted by andyford2000

its actually a credit card i have, they have already turned my claim down. i have now cancelled the PPI insurance and am doing an updated schedule. just need to know which is the best interest to claim and whether they are likely to payout at all

Hello Andy,

Sorry I don't know why I jumped to the conclusion it was a loan, The first interest to ask for is their contractual rate and then if that does not work ask for the 8% stat interest. If they will not concede to your request, are you going the fos or court route

Good luck