PPI Interest - do you get to keep it?

ellifain29

tamiami wrote: »

I'm with Grant Thornton and they told me I would get the 8% interest. Think it is calculated after they have taken their fees from it. Not received anything yet though.

Just curious, how long has it been since the ppi was given? If I do get anything I am not expecting it anytime soon.

legoman

Hi there,

I had a settlement form Barclaycard to which I was in line to receive 8% from my amount agreed. This 8% as others have said is depending on which company you use.

Barclaycard have now paid all the settlement into my IVA which is fine by me because I owe it . I won't be seeing any 8% by the looks of it. They are now reproving the IVA so assume is all gone in.

There was a glimmer of hope that I may receive a small amount but looks like Barclaycard, or whoever anyone's creditor may be, can do as they wish with the money.

My only qualm was this though...

Statutory interest at 8% - this is in effect the money they have made in having your money in their bank (this would be your entitlement).

Seems like I earned the money for them from the money they took from me illegally, but then they did write off a load of money I owed them so I'll call it even...

FiatFan_2

That is a good way to put it legoman. I have read several threads where the money is paid direct to the IP and the IP refunds the client, but wholly depends on your IP.

legoman

FiatFan wrote: »

That is a good way to put it legoman. I have read several threads where the money is paid direct to the IP and the IP refunds the client, but wholly depends on your IP.

Yes I think that is the general way it works. If the IP decide to pay out the 8% then they will so everyone benefits a little from the refunded money Yourself, IP and creditor. Mine equates to about £250, although a nice amount I think I'm gonna leave it as I am only 6 months from completing the IVA and do not wish for anything to hold it up. In the grand scheme of things, £250 is not worth chasing and as far as I am concerned it looks good if I pay it all into the IVA.

If the IP do send a cheque then this is purely a bonus!

Curlybing

Debtfree direct told me I couldn't have the 8% interest on my PPI ��. I asked them if I could use it to pay towards a college £500 course. Instead they offered me a repayment holiday...

meer53

HMRC now ask lenders to deduct the tax from the 8% interest paid before it's sent out.

This was brought in in October.

ellifain29

Hi there. I have finally heard back from my IP and they have said I will be getting the interest back providing there are no arrears on my account, which there isn't. Still not getting my hopes up too much until I see it. £1100 they say.