Ready, steady… save!
You don’t need a chart to join in. Here are 2 ways to record your savings:
1. Cross it off
Pop a chart into your first post. Saved an amount? Cross it out! Read more »
£0.01 £0.02 £0.03
2. Write it down
Skip the chart and add updates to your first post. Read more »
“Another +£3 saved today. Go me!”
Use +£ before each new saving so it counts towards your total.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Compensation interest
Aboroghene
Posts: 2 Newbie
An offer has been received for PPI going back to October 1992 for a loan. Previously I was advised that despite the Exchange Rate fiasco that year interest for compensation was set at 15%. My bank says that they are complying with Financial Services. Can anyone definitively confirm precisely what it should be I have spent hours looking?
0
Comments
-
They're correct. You get the higher rate due to the age of the loan (prior to April 1993), rather than the usual 8%.1
-
15% is actually very generous, BoE base rate wasn't that high even at the peak in 1989 (14.875) and by 1992 it was 6.875% so even allowing for company charges it's still a good return.Remember too the FOS rule is 15% for each year before 1/4/93, 8% after that
0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.9K Banking & Borrowing
- 255K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.4K Work, Benefits & Business
- 606.1K Mortgages, Homes & Bills
- 179.1K Life & Family
- 264K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards