PPI before 2002

Sidekick_2

Hi all

I have just received a letter back from the FOS about PPI on loans I complained about before to 2002, which Barclays said were time barred.

FOS said due to their involvement Barclays have agreed to settle my claim based on the FOS general approach to mis-sold PPI polices.

Please could anyone advise me on the 8% interest, is it based on the total or per year from when paid ? The loans i claimed go from 1991 to 2002.

di3004

Sidekick wrote: »

Hi all

I have just received a letter back from the FOS about PPI on loans I complained about before to 2002, which Barclays said were time barred.

FOS said due to their involvement Barclays have agreed to settle my claim based on the FOS general approach to mis-sold PPI polices.

Please could anyone advise me on the 8% interest, is it based on the total or per year from when paid ? The loans i claimed go from 1991 to 2002.

Hi there

Well done and Congratulations.:beer:

8% interest is normally added as this is what a court would award because you have been deprived of your money.

Check here on how the FOS calculates refunds, maybe this will give you a better idea:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

hope this helps.;)

Sidekick_2

di3004 wrote: »

Hi there

Well done and Congratulations.:beer:

8% interest is normally added as this is what a court would award because you have been deprived of your money.

Check here on how the FOS calculates refunds, maybe this will give you a better idea:
http://forums.moneysavingexpert.com/showthread.html?t=1596473

hope this helps.;)

Thanks for imfo. and reply

If 8% per year from payment, would that mean if the loan was 2002 it would be 8 x 8% ?

marshallka

Sidekick wrote: »

Thanks for imfo. and reply

If 8% per year from payment, would that mean if the loan was 2002 it would be 8 x 8% ?

Hi, banks calculate it in two ways. One is to add 8% to each repayment you made from the date it was made to todays date and add it all up and then whatever you paid for the PPI when you settled the loan is from that date to todays date.

ANother way would be to total up your PPI redress (the whole amount of PPI and interest you paid that you should not have paid if it was missold) and then calculate 8% on it from the date you settled the loan. This method is a little bit less but FOS seems to accept it though although I think you can argue it.

Sidekick_2

marshallka wrote: »

Hi, banks calculate it in two ways. One is to add 8% to each repayment you made from the date it was made to todays date and add it all up and then whatever you paid for the PPI when you settled the loan is from that date to todays date.

ANother way would be to total up your PPI redress (the whole amount of PPI and interest you paid that you should not have paid if it was missold) and then calculate 8% on it from the date you settled the loan. This method is a little bit less but FOS seems to accept it though although I think you can argue it.

Thanks for that

So, if my PPI claims are from 1991 to 2002 for £4254 plus i should get alot more with interest ?

robbiewilliams

Congrats Sidekick what great news. Sorry no idea on interest calcualtions. Just wondered did you still have your details from these old loans or did you have to do an SAR?