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Ppi offer

[Deleted User]
[Deleted User] Posts: 0 Newbie
Eighth Anniversary Combo Breaker
in Reclaim PPI & other insurance
Help!!...I have had two offers on historic loan ppi's...one from 1994 for 4 years ppi paid monthly and the other from 2000 for 4 years premiums for ppi paid monthly...

Offer 1 1994 for 4 years
refund of premium 192.00
8% interest 279.82

Offer 2 2000 for 4 years
refund of premium 351.36
8% interest 358.18

My question is...do these look correct?....and should there not have been Compound Interest ..the bank say not that they only pay CI on CreditCard and Overdraft PPI....

Thanks In Advance...

Paul

Comments

  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You are so lucky to get these, 16 and 20 years old PPIs,


    Grab it with both hands and enjoy spending it.


    8% interest is brilliant, don't forget you will have to pay tax on it if you are a tax payer.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • Nasqueron
    Nasqueron Posts: 11,054 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    The normal PPI redress scheme is Simple interest, not Compound. If banks have said they do this, it's very generous but normally yes 8% interest is very generous even if simple.

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

This discussion has been closed.
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