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PPI Interest Calculation
Joe66
Posts: 27 Forumite
Not sure if anyone can help with a definitive answer/guide here.
Interest paid on PPI claim is set at 8% pa but what I am trying to find out is whether the interest is calculated for the term of the loan/credit card or if it is up to the point of successful claim payouts?
In other words if original loan/credit card was 2008-2011 does the 8% interest just cover these years OR from conception/end of agreement up until 2017 when payout was awarded?
Does anyone know?
Appreciate any feedback on this
Thanks
Interest paid on PPI claim is set at 8% pa but what I am trying to find out is whether the interest is calculated for the term of the loan/credit card or if it is up to the point of successful claim payouts?
In other words if original loan/credit card was 2008-2011 does the 8% interest just cover these years OR from conception/end of agreement up until 2017 when payout was awarded?
Does anyone know?
Appreciate any feedback on this
Thanks
0
Comments
-
It's 8% simple interest calculated up to the day the redress is awarded.
Don't be counting any chickens, though...0 -
That's great. Thanks for the quick response..0
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