Thread: Help! How much interest on PPI?

I am reclaiming the PPI back. How much interest do I add to the total? Is it 8% or the amount barclay charged me? The total ppi works out to be £800.

If it's the latter, how do I work it out?

If this is on a credit card it isn't that straightforward.

Have a look for a thread by Emmtay re Barclaycard. Pompeyfaith explains how to work it out on there.

If its a loan, not a credit card, there is a spreadsheet/calculator in a sticky at top of PPI section by Bog.

Do you have all your statements? You'll need them to work it out properly.


Good luck.
Jan

Thanks Jan4a. I have all the statements and it is for a credit card. Do you have a link for the thread you mentioned?

Or I could search for it. Would it be in the Braclays section?

Sorry, can't do links!! hold on a min and I'll cut & paste what PF said.

Right, here it is in PF's words. I would however read the whole thread as it will help you. Just stick Emmtay in the search box and the Barclaycard thread will come up. Plus links will work then.



There is no spreadsheet for monthly PPI, but having said that it is easy to do although time consuming.

Right this is what you have to do, firstly grab a cup of tea lol

Got that cuppa ? right then we will start

Get a sheet of A4 go though your statements writing down every PPI payment along with the date it was applied.

at this point make a note of the APR and chect this APR on every statement as it can change

Got all that down now go here:

Compound interest calculator

Insure the rest days is set to compound monthly

Now just imput the dates and each amount and APR that applied to that payment.

Click calculate and the figure will appear below the total figure is the ine you want

Write this down in another column and do the same for the rest.

Now we have a column of figures with the compound interest allied next we need to add on the s69 statutory interest at 8%

So next we need to go here

Blake Lapthorn - simple interest calculator

Again do each one entering the rate of 8% the principal sum which is the colum where you have just added compound and the dates.

Write down each figure as you go in another column

Now you have done this Well Done just use the windows calculator to total up.

That total will be your claim.

Regards

PF Are you letting your bank keep your money Are you giving away thousands of pounds??

Many people aren't claiming all of the money they are entitled to when they make their bank charges claims.

You have been forced to pay unfair bank charges.
Have you forgotten that your bank has charged you inteest on those charges?
If you are overdrawn and the bank owes you charges - then your overdraft is made up of charges - money which you bank owes you.
Yet you are paying interest to the bank - on your own money!!! - a nice little earner for your bank.

Follow this link to see the discussions on this.
You might even double the size of your claim.

Oh wow that looks difficult.

Thank you again Jan4a!!!! I will try and work it out.

Good luck! From what I've seen on here though (and I've been watching the Barclaycard threads as I'm about to start a reclaim) you'll have a battle on your hands.

Thanks for the warning.