cookstar

iTrader: (6)

yes, yes I know..... But,

The missus received a letter from her bank basically offering her the PPi back that she paid many years ago.

Now, just one of the PPI amounts paid on a loan is £3535, and that was 13 years ago. Am I right in saying she can claim that back plus 8% interest compounded. (roughly £9950) I only ask as this just seems bonkers.

This is one of four loans they have contacted her about, so would really like to get this right before contacting the bank.

Any advice would be great guys.

Ant

they should send you a letter further on saying exactly how much and all broken down including interest and such

ScoobyWon't

You'd be better off asking on MoneySavingExpert. The people over there seem to know the ins and outs.

DYK

When I did mine they sent a letter saying what I would receive and they automatically included 8% in with claim.
It can take months though,think mine was about 4 months.
Send the claim form into whoever you had the loan from,they usually send a letter saying they are reviewing your PPI claim,then a second letter saying if your PPI claim has been successful or not.

Osimabu

iTrader: (2)

All the advice above is good. Just don't go to one of these supposed PPI Claims management firms. They're all crooks, and it's so easy to do, there's no need for them in any case.

The bank or loan firm will sort it all out for you. We've had several dealings with them for my step-son. RBS/Direct Line and Santander (who rejected that claim - fair enough) took a few weeks, but with Barclays, we claimed by e-mail on Friday and the cheque arrived the following Tuesday!

The Trooper 1815

iTrader: (31)

Don't forget that any loan payment PPI is taxable and should be declared, credit cards are exempt.

DYK

Don't even understand why anyone would want to bother with these PPI firms,so easy to do it yourself.
I went onto the bank website and filled in the form,taken me about 40 mins to do it.

cookstar

iTrader: (6)

Thanks guys, I just couldn't get my head around how much interest is due.

mart360

Only the interest added if any is taxable, the original amount paid has been subject to tax at point of source


Mart