Query on PPI interest

scottyedin

Hi Folks

I am wondering if someone can clear the following question up for me;

When I have paid PPI insurance within my monthly repayments on loans now paid off, this has included interest on the PPI. The thing I am unsure about is does in the PPI interest I have paid also attract 8% statutory interest from the date I paid it or is it only the PPI premiun itself that has 8% calculated on it?

Any help appreciated!!

Derwent

You should get the 8% on everything you have paid. So if your monthly PPI premium was £40 and it attracted monthly interest of £10 then you would get the 8% on the full £50.

scottyedin

Derwent wrote: »

You should get the 8% on everything you have paid. So if your monthly PPI premium was £40 and it attracted monthly interest of £10 then you would get the 8% on the full £50.

Cheers Derwent. :T