Interest on PPI

Robert_Peop

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

dunstonh

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.

[Deleted User]

Robert_Peop wrote: »

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.