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PPI approved by FOS but how much?
vivek_3
Posts: 12 Forumite
After being refused by Lloyds TSB I've just had a letter from FOS saying that my case has been approved and to wait to hear from the bank re compensation offer. I know that I could have a long wait ahead of me but I'm trying to work out how much my compensation will be. The info on here has always been useful - used your templates for my claim - but I'm getting stuck in trying to work out what the interest would be so can't move forward with my sums! Is there a kind soul out there that would be able to work out what I may be looking at?! Thank you.
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If you receive full redress it's a refund of all the PPI you paid plus 8% simple interest.0
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Mine was a single payment so wouldn't I also have been paying interest on the PPI over the 60 months of the loan too? Don't I get back the single payment, the interest paid and the 8%? But I can't work out how much interest I paid on it!0
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Just making sure I know what to expect. I read a post on here where the bank offered a figure but had failed to add on the 8%.
A £4000 loan + £958.19 single payment PPI over 60 months from July 2001 - June 2006. Paying £117.64 per month with an interest rate of 14.88%. The loan was paid off in full.
I know I would get back the £958.19 but don't know how to work out what the monthly interest on it was. Also would the 8% start from June 2006 or July 2001? Thank you.0 -
I think l've cracked it! Reread the advice on the website.0
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Was the PPI payment you gave above with interest on?.
If the total PPI with interest is the total figure you gave then the PPI total is what you get back, this included the interest, the 8% is on a decreasing scale for each monthly PPI payment from start of loan to redress date, the nearer you get to the redress date, the lower the 8% amount is, does this help?0
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