We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
What interest should I receive for store card PPI? DP/Genworth
GLB_2
Posts: 2 Newbie
Hi - I wonder if anyone can help answer my question. This is the first time I've posted so hopefully this wll work!
I am in the process of claiming back PPI on behalf of my Mum and, after writing to Santander then FOS then Genworth, we finally received an offer for a reimbursement of the premiums paid plus 8% simple interest.
However, these premiums were added to the total balance of the store card each month and there was a very high interest rate being paid on this balance. Therefore should we not receive this interest back too (i.e. the additional interest that was paid as a result of the premiums?) Or do store cards only calculate interest on purchases and not on the total balance?
I would be really grateful of any thoughts/answers.
Many Thanks!
I am in the process of claiming back PPI on behalf of my Mum and, after writing to Santander then FOS then Genworth, we finally received an offer for a reimbursement of the premiums paid plus 8% simple interest.
However, these premiums were added to the total balance of the store card each month and there was a very high interest rate being paid on this balance. Therefore should we not receive this interest back too (i.e. the additional interest that was paid as a result of the premiums?) Or do store cards only calculate interest on purchases and not on the total balance?
I would be really grateful of any thoughts/answers.
Many Thanks!
0
Comments
-
Sounds correct, you get back the PPI paid plus 8%0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards