PPI who calclate whats owed

ianstoys

Daft one I know but on winning a reclaim of miss sold aPPI who regulates and then calculates what's owed, is there a set interest rate set by the OFT or such?
Just asking as im trying to confirm what im owed from one particular shower!

Niggly_2

ianstoys wrote: »

Daft one I know but on winning a reclaim of miss sold aPPI who regulates and then calculates what's owed, is there a set interest rate set by the OFT or such?
Just asking as im trying to confirm what im owed from one particular shower!

The FOS set the guidelines on calculating refunds (redress). They stipulate to the firms on what they should do depending on the type of ppi, the loan or credit card and whether it is still going, been consolidated into another loan, early settlement or paid off completely at the end of its term.

The general rule of thumb is that the firm calculates the redress to ensure that you are back in a position as if the PPI wasnt sold.

This is usually a refund of the premiums paid towards the PPI plus 8 % simple interets on each payment made from its payment date to the date they settle the redress.

N:beer: