PPI claim, interest rate

[Pingman]

I am writing to a lender to request my PPI to be refunded on a loan that I previously took out as I believe I was mis-sold the PPI policy.

My question is, at what rate of interest on the money owed should I ask for?

I read somewhere that up to 9% is fair!

Any advice appreciated

[di30]

Re: PPI claim, interest rate

Hi and welcome to Legal Beagles.

Wishing you luck on your reclaiming.

What you should get back if successful is what you paid of the PPI, so each monthly payment, plus the relevent loan interest, and the standard 8% int of what a court would normally award.
They should send you a breakdown once resolved, but you do not actually require the figures on making a reclaim complaint.

Below links you should find useful, posted by Turbo from this site, this should give you an idea of what to expect, hope this helps, please keep us posted and fingers crossed.

http://www.legalbeagles.info/forums/...I-Calculations

[Pingman]

Re: PPI claim, interest rate

Thanks for the info, that's great.

Going to get the letter in the post today

[Turboman]

Re: PPI claim, interest rate

Post back if any clarification needed

But

As Di has said

• PPI Monthly Premiums (which include the loan APR interest btw)
• 8% on each premium monthly pymnt from when paid to today

We can calculate it for you---but we dont claim an amount at outset--when you get an offer-we will check it then-ok?

[di30]

Re: PPI claim, interest rate

Cheers for explaining that in better detail Turbo.

[jonnyash1]

Re: PPI claim, interest rate

Cheers for explaining that in better detail Turbo.

good luck within 2 weeks nram have settled mine and i am very happy with the sum more than i worked out .

[Turboman]

Re: PPI claim, interest rate

good luck within 2 weeks nram have settled mine and i am very happy with the sum more than i worked out .

Excellent news