Calculating PPI interest

Alenamai

Hi, I was wondering if anyone could clear up a question for me?

HSBC have agreed to pay out my PPI claim but have come up with an interest figure but won't tell me how they have calculated it. I have been told that it is the 8% simple interest that the Financial Ombudsman have recommended they pay and I have looked on this website for how to calculate the interest but I'm a little confused as to how to work it out.

I paid 16 payments of £44.55 making a total of £712.80, which they agree with. However, I was led to believe that they needed to compensate me until the day a payment is settled. I started making the payments 153 months ago and stopped them 137 months ago. My question is basically am I owed simple interest until this month or just for the 16 months I paid the premiums?

Any help would be greatly appreciated.

Alena

Nearlyold

For your first payment you get 153 months interest @ 8% pa simple, your second payment you get 152 months interest @ 8% pa simple your third payment you get 151 months interest etc. etc.