PPI- Do you get back what you put in?

Titch16

Hi

I had a loan about 8 years ago. I was mis sold PPI and realised a few months in to the loan, I then spent the next few months getting the money together to pay the loan off as I was so angry. I was too naive even once I'd realised to anything about it apart from pay the whole loan off.

Halifax have sent me very lengthy detailed forms. My question is how much would I get back? Just the amount that I paid in? which wasn't very long or do you get compensation on top? because of all the under hand sales tactics.

DKLS

Halifax paid me back all of the premiums, and 8% interest on top of that calculated over the term.

dunstonh

If your complaint is upheld, you get back the premiums paid plus interest. (minus any amount rebated or paid out on a claim). If you are in arrears, defaulted or had amounts written off or been subject to bankruptcy, then you may not get the proceeds cash in hand.

There is no compensation. You havent lost a leg or an arm or suffered in some way. However, the interest rate is very favourable and that could be viewed as compensation.

-taff

Titch16 wrote: »

My question is how much would I get back? Just the amount that I paid in?

Yes, just the amount you actually paid, plus 8% simple interest which IS your compensation.