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Was PPI only charged on outstanding debt
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Alan_Beard
Posts: 7 Forumite
Hi
I am trying to confirm if it's worth spending time to see if I am owed any PPI.
Throughout my life I have used credit cards a lot but nearly always paid the balance in full, exceptions would be no more than 5 months and less than £500 total in interest.
I have never had a personal loan, only debt I have ever had has been a mortgage.
My assumption at the moment is that even if I have unknowingly paid PPI the amount I have paid would be very small and not worth spending the time on a reclaim.
Please confirm
Thanks
Alan
I am trying to confirm if it's worth spending time to see if I am owed any PPI.
Throughout my life I have used credit cards a lot but nearly always paid the balance in full, exceptions would be no more than 5 months and less than £500 total in interest.
I have never had a personal loan, only debt I have ever had has been a mortgage.
My assumption at the moment is that even if I have unknowingly paid PPI the amount I have paid would be very small and not worth spending the time on a reclaim.
Please confirm
Thanks
Alan
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Comments
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Correct. On cards, you paid PPI, if you had it at all, only if you borrowed outside of the interest free period.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.0
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You could also look on every bank statement where you had a balance and it would tell you if you had PPI
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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