Barclays PPI redress paid without 8% simple interest??

eclipse3085

I wonder if anyone has had a similar problem?

I received my redress amount in November 2011 of approximately 4k, which was great! However, some weeks later, the breakdown letter turned up and I noticed that the line that showed "8% simple interest paid" was ZERO!, so basically they hadn't paid all that was due.

I contacted them and they agreed that is was an error on their part, and re-opened my case and sent it back to the payments team for investigation, after numerous phone calls, i'm still waiting an update!

My redress was refunded from a loan back in 2000, so am I right in thinking it will be 8% covering the 12 year period, or just 8% of what they paid out which is about £300?

Thanks

amersall

You will get 8% on the monthly ppi amount you paid to the date of redress,this decreases as each month gets nearer to the redress date.

Look here.http://www.moneysavingexpert.com/reclaim/bank-charges#step2

Put each monthly ppi amount that you paid from loan start date to redress date,this will keep a total of ppi you get back and the 8%.

Hope this helps.

eclipse3085

Thanks for the response