Ppi

morganscott46

Hello everyone - my very first forum thingy ever!

I am wondering if I calculate the compound interest on PPI from when I took out the loan to when it was finally repaid or do I calculate it to the time I send in the claim - ie asap now

My thoughts are:

PPI was 4500 + 8% straight interest from then to now (+ 18.7% from when to when?)

I have the paperwork with amounts, APR etc.

Please advise if possible, thank you

-taff

its what you paid for the PPI, the interest associated with it, then 8% simple [not compound] interest on top.
You don't have to calculate it, they can.

morganscott46

-taff wrote: »

its what you paid for the PPI, the interest associated with it, then 8% simple [not compound] interest on top.
You don't have to calculate it, they can.

Hi Taff

Thank you for replying to me :-)

I have the calculators and figures so was just going to send in the amount myself with a copy of the paperwork?

Just to clarify (in case I'm being thick)

The PPI is £4500, the APR is 18.7% - I do the 18.7 first?

Thank you again x

societys_child

If the loan company agree with your complaint, they will offer redress which is calculated using a defined method agreed with FOS. Your reasons for complaint are more important than trying to work out how much you may get back.

meer53

Don't forget to deduct the 20% tax on the 8% interest too. Whoever is paying the interest has to deduct this from the payment when it's made.

You don't tell them what they owe you, they tell you.