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Very old ppi claim
Comments
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Thanks you all your help guys, is not possible to prove from the amount of payments (that we have proof of in the form of bank statements) that the amount borrowed over the period of time taking into consideration the interest rate at the time!!!8217; that something else must have been added to the loan/ repayments.uncle buck0
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40,000 loan, 500-600 pounds a month isn't unexpected - BoE interest rates in 1991 were 10-13% depending on when he took it out so commercial loan rates would have been higher. A very quick and dirty calculation of £40,000 over 10 years at only 11.6% would be £551.58 a month let alone adding on bank profits etc
BoE base rates:
Wed, 04 Sep 1991 10.3750
Fri, 12 Jul 1991 10.8750
Fri, 24 May 1991 11.3750
Fri, 12 Apr 1991 11.8750
Fri, 22 Mar 1991 12.3750
Wed, 27 Feb 1991 12.8750
Wed, 13 Feb 1991 13.3750Sam 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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You really are grasping at straws now.swinterton wrote: »is it not possible to prove from the amount of payments that something else must have been added to the loan/ repayments.
It's really not possible for you to prove anything about your loan without detailed documentation which, not surprisingly, neither you nor the Bank have after three decades.
You need to realise also that if you had PPI, you'd have to show that it was somehow mis-sold to you if you hoped to get a refund.
Your complaint has fallen at the first hurdle I'm afraid.0
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