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Does anyone please know the answer to my question ???
**chele**
Posts: 4 Newbie
If my complaint is upheld and I suitable "redress" then how will the bank work it out? As I defaulted on my loan account in 2003 then it got transferred to the banks internal collection agency. The orginal loan would of been paid off in aug 2005 but under the payment plan this was extended to march 2008.
The ppi was front loaded with interest of 12.7%....So hopefully I would get back the £2762.10 ppi payments ... Then the interest of £933.00... but how will the 8 % be worked out? :j
The ppi was front loaded with interest of 12.7%....So hopefully I would get back the £2762.10 ppi payments ... Then the interest of £933.00... but how will the 8 % be worked out? :j
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Comments
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The whole ppi amount includes the interest in the monthly payment over the term, the 8% is on a decreasing scale from the date of the first monthly ppi payment, as each month goes by this 8% gets less to the date of redress, the 8% is taxable and you have to inform the inland revenue to pay this.0
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