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PPI / Commissions
PPI / Commissions
For all these reasons I would allow the appeal. In my view Norton must account to the Claimants for the additional commissions received in the sum of £4,360.25. That entitlement should also bear interest. We were asked to award it at the judgment rate, 8%, since the date of completion of the loan. The variable rate of interest under the loan agreement was 13.2% at the date of the agreement. Since 2008/9 interest rates have obviously been much lower, although we have been supplied with no information as to the likely rate of interest payable by consumers such as these Claimants borrowing a relatively small sum of this order. In all the circumstances an award of interest at 5% since the date of completion of the loan is I consider appropriate to reflect likely fluctuations in interest rates over the entire period.
Comment