PPI questions

Unhappy_Camper

I have had offers of 3 PPI settlements from my bank for 3 refinanced loans, is the 8% interest added from the date the first loan started until the date of the settlement is paid?
Also at the time I had the loans I had a credit card with the same bank, I could not afford to pay both and asked the bank to consolidate so I would have one loan payment, which they refused saying it was not their debt and the credit card was another company. The credit card debt ended with a debt collection company who hounded and hassled me constantly. If I hadn't been paying the mis sold PPI I would have had more than enough money to have paid off the credit card debt, where do I stand?

Thanks for any help and advice.

dunstonh

If I hadn't been paying the mis sold PPI I would have had more than enough money to have paid off the credit card debt, where do I stand?

Most people trying that argument fail as the amount of the PPI when put on a monthly payment basis is actually quite small and would not have prevented going to a collection agency. Typically you are looking at figures like £15-£25pm.

Unhappy_Camper

Thanks for the reply dunstonh, you may be right with that, I have sent a letter to the bank so will see what they say.

Can anyone confirm the following is the correct formula for working out interest on PPI payouts?

£Ppi total x 0.08% x amount of years total = £interest

Cheers