Interest on ppi

michelle45_2

Hi
when you claim back your ppi does the 8% cover for the years when the loan finished up until you claim ie. the loan finished 2004 and Im claiming 2010 or is the interest just for the 5 years the loan was running.

Thanks

Michelle

di3004

michelle45 wrote: »

Hi
when you claim back your ppi does the 8% cover for the years when the loan finished up until you claim ie. the loan finished 2004 and Im claiming 2010 or is the interest just for the 5 years the loan was running.

Thanks

Michelle

Hi Michelle, I assumed so but if you check on how the FOS calculates ppi refunds on Maxdp's thread, and if the bank upholds in your favour the bank/company should calculate the same way, so check this thread out here to give you an idea.
http://forums.moneysavingexpert.com/showthread.html?t=1596473

Hope this helps X

Di

michelle45_2

I havent got enough toes to work this one out. (lol).

di3004

michelle45 wrote: »

I havent got enough toes to work this one out. (lol).

I am flipping useless with calcs :D lol X

michelle45_2

Tell me about it!!!!

So I think I will wait to hear back from Lloyds

Michelle

maxdp

Hi Michelle it is up to date.

Andrew_Thomas

yes so if the balance of the loan was paid off including the ppi you are due 8% on the ppi from that date

michelle45_2

way to go....... so that means I get another 6 years interest if the loan was finished early in 2004.

Michelle

(wheres my calculator, oops forgot still cant add up on one of them either):eek: