8% interest question

devon-tony

sorry for what may be a dumb question

had refund from Barclaycard, I dont doubt they have done things right, but just thought I ask the question

is the 8% interest from opening of the card until it was closed, or until the claim date?

thanks in advance

edit to add details

ppi policy was in place from 10 april 2003 to 18 december 2006

43 payments made totalling £1467.88

interest paid on the premiums £415.53

8% statutory compensation plus 45 days simple interest £696.86

Mersey_2

The 8% pa statutory interest on civil debts is paid right up until the settlement date (ie the present day when you accept/receive the offer) and all banks etc should do this.

devon-tony

Ok thanks. Im not very bright but i kept adding 8% and think its only roughly 4 years?

[Deleted User]

Simple interest, not compound.

devon-tony

Ok thanks.

devon-tony

I didnt fully understand the difference.

Ok so my lil brain was thinking 8% of 1467 is 117.36
That for 13 years since end of policy would be 1525.68

I dont want to stir up trouble with the complaint. But i would like to know if im calculating it right.

Have 3 other complaints and be nice to fully understand how it works

[Deleted User]

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html