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PPI Offers from Bank
John228
Posts: 1 Newbie
Hello,
Following MSE advice I have claimed for PPI refunds from my bank of many years Nat West.
I first phoned the bank about the 1 loan I had paperwork for, the rest having been shredded years ago. The nice lady at Nat West told me about the loan I had paperwork for and then told me I had 3 other loans going back to 1991. So I made a claim on all of them.
I got the offers back today and I'm puzzled. What basis are they using to calculate the ammount. If it is simple interest on the PPI charges their offer is too high; if it is compound interest it's far too low. The offer identifies "Statutory Interest" in one section and states the "Gross interest at 8% added to each PPI Premium payment from the date of each payment". Where does the 8% come from.
Any chance of some advice here please.
Regards
John
Following MSE advice I have claimed for PPI refunds from my bank of many years Nat West.
I first phoned the bank about the 1 loan I had paperwork for, the rest having been shredded years ago. The nice lady at Nat West told me about the loan I had paperwork for and then told me I had 3 other loans going back to 1991. So I made a claim on all of them.
I got the offers back today and I'm puzzled. What basis are they using to calculate the ammount. If it is simple interest on the PPI charges their offer is too high; if it is compound interest it's far too low. The offer identifies "Statutory Interest" in one section and states the "Gross interest at 8% added to each PPI Premium payment from the date of each payment". Where does the 8% come from.
Any chance of some advice here please.
Regards
John
0
Comments
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it's simple nterest on the amount refunded.
You also get the amount you originally paid in interest on the loans back.Non me fac calcitrare tuum culi0
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