Statutory Interest

Vin2300

Does anybody know how this would be calculated in respect of a PPI refund?

The letter templates request that 8% statutory interest be added. But is this 8% on top of the sum you are due ( ie payments refunded + interest incurred becuase of those payments) or is it 8% per annum?

Im asking because i was paying PPI for around 30 months and would like to make a rough estimate of what i might be able to get back.

di3004

Vin2300 wrote: »

Does anybody know how this would be calculated in respect of a PPI refund?

The letter templates request that 8% statutory interest be added. But is this 8% on top of the sum you are due ( ie payments refunded + interest incurred becuase of those payments) or is it 8% per annum?

Im asking because i was paying PPI for around 30 months and would like to make a rough estimate of what i might be able to get back.

Hello there

Maybe this would explain more here on the link on how the FOS calculates refunds, just to give you an idea.;)
http://forums.moneysavingexpert.com/showthread.html?t=1596473

Hope this helps.
Not everyone receives the extra 8% but I believe its annum.;)

Good luck

Vin2300

Ah i did read that earlier but must have missed the point.

I get it now, thanks.

Looks likes its 8% pa for any period i would have been in credit during that period but for the PPI. Dont think thats any for me sadly.

marshallka

Vin2300 wrote: »

Ah i did read that earlier but must have missed the point.

I get it now, thanks.

Looks likes its 8% pa for any period i would have been in credit during that period but for the PPI. Dont think thats any for me sadly.

Hi Vin, if your PPI was on a loan then you would get back the 30 months of the repayment that went towards repaying your PPI (which is the PPI and interest on the PPI) and they should actually pay you 8% interest on each repayment you made and from the date of each repayment too to todays date. If this was a credit card the same applies. I had my redress though for old bank loans and they just added 8% statutory interest onto the total amount of my redress from the date my loans were paid up to the date they paid out. Wasn't worth arguing it though but some do.

good luck

sexandthecity

I just had some info from FOS about my refund of my PPI from my loan with nationwide and it was 8% per year in interest, it was hard to understand their terminology. I only had the loan for just over a year