Credit Card PPI Redress

[Bazza]

Please can some expert kindly explain if there is a difference between 8% Statutory interest and 8% simple interest ?

If so when would they be applied to any redress.

My issue is that bank rejected my claim but was up-held by FOS

Card PPI started Jan 2000.

PPI cancelled Sep 2004 when got into financial difficulties.

Been paying agreed payment plan no interest to bank from Sep 2004 to date.

PPI claim up-held Dec 2014.

Thanks

[stevemLS]

Re: Credit Card PPI Redress

I don't believe there is any difference. I think it is referred to as Statutory Interest simply because it is laid down in an SI that that is the rate payable on CCJs.

The rate is set in accordance with s17 of the Judgments Act 1838 by s69 County Courts Act 1984 and Article 5 of the County Courts (Interest on Judgments) Order 1991 (as amended) which seems to me to be an astonishingly complex way of setting a rate! However, it is simple interest rather than compound.

[Bazza]

Re: Credit Card PPI Redress

I don't believe there is any difference. I think it is referred to as Statutory Interest simply because it is laid down in an SI that that is the rate payable on CCJs.

The rate is set in accordance with s17 of the Judgments Act 1838 by s69 County Courts Act 1984 and Article 5 of the County Courts (Interest on Judgments) Order 1991 (as amended) which seems to me to be an astonishingly complex way of setting a rate! However, it is simple interest rather than compound.

Thanks stevemLS for your reply.

That clarifies that they are one of the same.

So like associated interest is also known as compound interest ?

In respect of my redress details above, does this mean that I am not entitled to receive any added 8% statutory interest from Jan 2000 to 2014 where I have been out of pocket ?

I am only entitled to refund of premiums plus associated interest from Jan 2000 to Sep 2004 ?