PPI Accumulative interest

thelonerangers

Sorry if this is covered elsewhere however the search has thrown nothing up.

I've had some success with Kays, who have refunded my PPI but interest looks like it has been stuck on the sum owed rather them calculating interest on a accumulative basis

Is it worth pursuing this? Has anyone else tried this? It seems greedy to try but if the money was in a bank account for the same period then interest would have been paid on a yearly basis.

Many thank

Debbie

-taff

Interest isn't given on an accumulative basis, it's 8% simple interest that reduces the nearer the date you got redress.
Have they upheld your complaint or given you a goodwill gesture? Do you know how much you paid over the life of the catalogue?

thelonerangers

Taff

The statement indicated that Kays has calculated the total PPI paid, then added 10% To the payment amount iro interest. I'm going to ask them how they have calculated the original PPI sum as they haven't provided a breakdown (more to satisfy my own curiosity) and take it from there.

Thanks

Debbie