Interest on PPI

edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
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Robert_PeopRobert_Peop Forumite
1 Post
Hi
I've received an offer regarding PPI on a previous loan, The offer identifies that I had paid £930 in PPI, they have offered the statutory 8%compensation interest. What I would like to know should they also pay interest on the money they had held onto for all those years. I know when I paid the loan back they charged me interest.

Regards
Robert

Replies

  • dunstonhdunstonh Forumite
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    What I would like to know should they also pay interest on the money they had held onto for all those years.

    That is what the 8% interest is for.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • [Deleted User][Deleted User] Forumite
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    What I would like to know should they also pay interest on the money they had held onto for all those years.
    What money did they "hold on to"? Do you mean the interest on your loan? This won't ever be refunded I'm afraid.

    Your PPI complaint has been successful, this means that the £930 PPI policy will be refunded with the addition of 8% simple interest. This redress method is defined by the regulator and cannot be haggled. It is not an "offer" therefore, it's all you will ever receive.

    Just enjoy your windfall.
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