Claiming interest on ppi?

[HeatherMc]

Hi all, I am going to claim back ppi on my husbands lloyds cc as he was told he had to take it out or he wouldn't get it. Due to his job he really does not require insurance.

 

The card was active between 2003 and 2005 and in total he paid about £635 in ppi. Can he claim interest on top of that. I have all the statements and wondered if I could work out how much in total he should get if he can claim interest. I know that on Martin Lewis' website he has a calculator for working out interest on bank charges and wondered if it was the same sort of thing? Or can you not claim interest on ppi?

 

Thanks

[hellhasnofury]

Hi all, I am going to claim back ppi on my husbands lloyds cc as he was told he had to take it out or he wouldn't get it. Due to his job he really does not require insurance.

 

The card was active between 2003 and 2005 and in total he paid about £635 in ppi. Can he claim interest on top of that. I have all the statements and wondered if I could work out how much in total he should get if he can claim interest. I know that on Martin Lewis' website he has a calculator for working out interest on bank charges and wondered if it was the same sort of thing? Or can you not claim interest on ppi?

 

Thanks

 

Hello HeatherMC,

 

You can claim interest on top of the ppi and interest they applied to cc. Their are calculation spreadsheets on the main page of the forum, in the bank template library. It is your choice whether to calculate the interest as 8% statutory(that is the rate the court would allow) or at the contractual rate they charged you.

 

Good luck