Tweet
Hi all I was looking for a little bit of help, I took my local car dealer to the ombudsman for mis-sell of ppi and they upheld my complaint and ordered them to pay the usual. my ppi part of the loan was £497.61 and the interest on that was £119.43 that loan started on 1/9/2005. the ombudsman ordered them to pay 8% simple interest on top of that till they date they decide to pay up. after much stalling and a final letter from the ombudsman to make them pay they sent me an offer letter for £617.04 to cover the loan and interest and £300.23 to cover the 8% interest. I have used one of the many simple interest calculators online and it comes back that I am due £374.62. the loan ran for 36 months to the end. can anyone tell me which one is correct. thanks for your help
Loading...
-
Tags: None -
Re: need help in working out 8% interest after win
You need to use a spreadsheet --ie this one
SPI_v25.xls
You get 8% interest on the PPI Paymemt (which includes the interst) from when you paid it in each month to the date that the redress is finally calculated
Post up if you dont understand and I'll give you a simpler one--or post up your completed one if you like -
Re: need help in working out 8% interest after win
I put the figures into the spreadsheet and it appears the £300.23 is about right thanks for your helpComment
Comment