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Posted: Sun Apr 17, 2016 8:29 pm
by Tonyd73 83
Under the deal with gt as they were any Ppi stat interest is due back to me total of �20k and stat interest accounts for 1/2 of this how is this possible have full breakdown as claimed all myself will aperture try to fob off with small payout as they are not paying out anything or advised how much I will get but how does stat interest build up to be this high and not just 8% of the total
Posted: Sun Apr 17, 2016 8:47 pm
by Foggy
It is 8% of an increasing amount over a period of time.
So, if you were paying £10 per month PPI rolled into your loan repayment, month 1 = £10 at 8%/12. month 2 would be £20 st 8%/12 ... and so on.
If the PPI was a lump premium added to the loan it will be Year 1 at 8%, year 2 at 8% for the total premium but there would also have to be an adjustment for whatever interest you were charged for "borrowing" the premiun in the first place (as it usually formed part of the whole loan figure.
I imagine there is some formula -- but from what I gather the actual refunding of interest isn't at all consistent.