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Posted: Fri Jul 03, 2015 12:35 pm
by Lee Brown
Anybody know wot the statutory interest will be on £37000 Ppi and how long u wait for it
Posted: Fri Jul 03, 2015 12:40 pm
by lifenoteasy
Around £2.5 k but you will need to take around !5% off for IVA fees plus any other fees that may be due.
How long you wait depends on who you are with.
Posted: Fri Jul 03, 2015 12:41 pm
by marksam1
Just depends how long ago the loans were taken out, the longer the more interest it will be, What company you with
Posted: Fri Jul 03, 2015 1:21 pm
by Michael Peoples
This is not an easy calculation to make without the full facts. It is effectively 8% per year but given that the balances decrease with every dividend payment then the amount is not exactly the same each year [unless no dividends were paid]. PPI would also reduce the balances and thus the interest so this would need factored in too.
Posted: Fri Jul 03, 2015 1:23 pm
by Foggy
Most people who have been promised stat interest are still waiting, some a couple of years down the line!
The 8% will be less 15% for the IP and around 30% for the claims company.
Posted: Fri Jul 03, 2015 1:28 pm
by Michael Peoples
Sorry folks but I misread the post. I thought the poster wanted to know how much statutory interest would need to be paid if the original debts were £37k.