www.iva.co.uk

Hi just a quick one, i recently ( 2 months ago) received some statutory interest on what i thought was from a successful ppi claim i had some time ago, today i received another cheque for almost twice the first cheque amount again statutory interest, is it likely that both are from the same claim or is it more likely that there has been another successful claim that i am unaware of.

I take it these are from your IP, so no discernible creditor reference. Probably another claim -- but your IP can enlighten you.

Yes they have both come from aperture themselves.

Dependent on the amount these may impact on your tax payments this year.

Does anybody know what % the interest is calculated on

According to hmrc simple interest of 8% per annum

As LNE says it is 8% simple, calculated on the reducing balance.

That's starting to make sense, our first ppi payout was £7000 which agrees with the first amount of interest we received of £500, the cheque we recently received was £1100 so based on that there must be a £14000 ppi claim we haven't been informed of.

Not that simple -- it could be the same amount for twice the time -- i.e an earlier loan.

So it is possible to get 2 lots of interest paid from the one ppi payout then ???

It is, if they revisit the earlier claim and decide more is payable, of they might have realised that they underpaid the interest element the first time.

Because the banks are still trying to avoid full responsibility the payouts are far from clear cut !

Turns out there was another small ppi payout, £11000 in total. Which does kind of pee me of a little as I did the ppi thing twice before going into the IVA and possibly would have been ok had this money been available instead of being told I didn't have a claim