ppi interest

[012341]

hi

 

recently asked for ppi back on a loan back in 1998 ppi was paid in one lump sum at the time loan was taken out

there reply is they will refund the full ppi in the next month and no interest

 

just asking should i push for interest as well if so how do i work interest out?

 

 

 

thanks

[alanalana]

Hello 012341,

 

recently asked for ppi back on a loan back in 1998 ppi was paid in one lump sum at the time loan was taken out

there reply is they will refund the full ppi in the next month and no interest

 

just asking should i push for interest as well if so how do i work interest out?

 

You should ask for the interest and also ask for the 8% statutory interest on top. If they refuse and you have a solid case for the PPI being mis-sold (most people do) You could submit a complaint to the Financial Ombudsman Service. This will take months but could be to your benefit.

 

http://www.consumerforums.com/resour...eadsheets.html

 

I turned down the first offer from RBS £2.6k went to the FOS and after 4 months got a revised offer £3.8k.

 

Have a good read through the stickies at the top of the forum.

 

Only you can make the final decision though on the way to go.

[012341]

Hi

Alanalana

 

Thanks for the reply so say i am owed 4000 pounds and also owed for 10 years interest would i add interest at 8%

 

Regards me

[alanalana]

Hi

Alanalana

 

Thanks for the reply so say i am owed 4000 pounds and also owed for 10 years interest would i add interest at 8%

 

Regards me

 

IMO yes if the PPI is judged as mis-sold then you should receive the premiums paid and the interest on the premiums plus 8% which is the statutory interest the courts would add and indeed the FOS do add and the 85 would be applicable from the date the loan started until the day you sign the acceptance form for settlement.

 

aa