My bank lied about my PPI and has now admitted it!

-taff

5770 less the rebate given when you paid it off early, plus 8% simple interest.
If your complaint is upheld.

FragG_2

But interest was charged on the PPI for the full term of the loan, would I not get that back also?

amersall

You will get the PPI and the interest that was associated with that, this will be included in the total interest for the loan, without knowing how much of that was PPI interest, you won't know the exact figure until you get the redress.
Just to let you know, if you are a taxpayer, the 8% is taxable, if the bank do not take it off at source, you have to let HMRC know.
Well done on sticking with this.

-taff

FragG wrote: »

But interest was charged on the PPI for the full term of the loan, would I not get that back also?

Yes. There's no indication in your figures whether that's in the 5770 or not, so if 5770 was the totla amount you were charged, that's what you get. If it was 5770 without the interest, you'll get the interest back too.
There'll be a hefty amount of interest on the capital you borrowed because it was over such a long time, so I wasn't sure.

FragG_2

The £5770 was just the cost of the PPI, interest was added over the term of the loan, I don't know how much of the £12230 interest to apply. So my loan was for £15000 plus PPI of £5770, can anyone work this out? thanks!

-taff

See what you said in post #6

FragG_2

In post 6 I just divided the interest by 4, for a rough figure as the PPI policy was roughly a quarter of the whole amount, I have no idea how accurate this is. Also, will I get the 8% for each of the years since the loan was taken out in 2000?

-taff

You will get 8% from when you borrowed the money for the PPI. It's simple interest though, not compound. Just wait and see what they come back with, they should include a breakdown of how they got it.
No-one can guess what you paid in interest.