thestatman
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Clarification on 8% interest entitlement
thestatman replied to thestatman's topic in Payment Protection Insurance (PPI)
Thanks for the response ims21. I didn't think they'd be telling lies but thought it worth checking! I cancelled it during the phone call yesterday and i'm awaiting a letter to confirm this.- 2 replies
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Hi guys was just looking for some clarification on the 8% interest payments. I have just received an offer from Barclaycard for a PPI claim of just under £2100. The amount comes from a credit card (initially with Goldfish). When I received the offer the break down of the payments indicated that I am not due any interest at 8%. When I rang to query this I was told that because the PPI was still active as it hadn't been cancelled and as such I was not due any interest at 8% as this interest only begins to accrue from the point at which the policy is cancelled. Just wanted to know if this is correct and standard procedure?
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