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Advice on card PPI offer
beermcfc
Posts: 1 Newbie
HI am new to posting but wondering if anyone can advise (roughly) on a card PPI offer I've had from Egg.
I paid 56 PPI fees from 2002 of about £16 a month totalling £900. However the card balance was transferred in 2011 and is still being paid off, although interest is frozen.
The offer is a refund of £900 for the PPI payments, with interest of £250. There is also £200 at the 8% compensation rate after tax.
This is all most welcome, but the £250 interest seems to be much lower than my own calculations across a period of 9 years.
My question is whether PPI interest is charged at the same rate, or is the case that when you make a minimum monthly payment to the card, that the PPI is paid as part of this (before any of the balance).
I am only looking for a rough answer on this, so any help appreciated as I can't find a calculation tool that answers the question, before I speak to the lender.
I paid 56 PPI fees from 2002 of about £16 a month totalling £900. However the card balance was transferred in 2011 and is still being paid off, although interest is frozen.
The offer is a refund of £900 for the PPI payments, with interest of £250. There is also £200 at the 8% compensation rate after tax.
This is all most welcome, but the £250 interest seems to be much lower than my own calculations across a period of 9 years.
My question is whether PPI interest is charged at the same rate, or is the case that when you make a minimum monthly payment to the card, that the PPI is paid as part of this (before any of the balance).
I am only looking for a rough answer on this, so any help appreciated as I can't find a calculation tool that answers the question, before I speak to the lender.
0
Comments
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8% interest is only paid if the card wouldhave been in credit without the PPI payments.
Looks like yours wouldn't have been.Non me fac calcitrare tuum culi0
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