Statuory interest question

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downandout

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Post by downandout » Sat Apr 09, 2016 8:35 pm
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.
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Foggy

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Post by Foggy » Sat Apr 09, 2016 8:49 pm
I take it these are from your IP, so no discernible creditor reference. Probably another claim -- but your IP can enlighten you.
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downandout

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Post by downandout » Sat Apr 09, 2016 9:30 pm
Yes they have both come from aperture themselves.
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lifenoteasy

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Post by lifenoteasy » Sat Apr 09, 2016 9:38 pm
Dependent on the amount these may impact on your tax payments this year.
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downandout

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Post by downandout » Sat Apr 09, 2016 10:03 pm
Does anybody know what % the interest is calculated on
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lifenoteasy

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Post by lifenoteasy » Sun Apr 10, 2016 7:59 am
According to hmrc simple interest of 8% per annum
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Foggy

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Post by Foggy » Sun Apr 10, 2016 10:27 am
As LNE says it is 8% simple, calculated on the reducing balance.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

downandout

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Post by downandout » Sun Apr 10, 2016 12:03 pm
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.
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Foggy

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Post by Foggy » Sun Apr 10, 2016 4:17 pm
Not that simple -- it could be the same amount for twice the time -- i.e an earlier loan.
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downandout

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Post by downandout » Sun Apr 10, 2016 10:07 pm
So it is possible to get 2 lots of interest paid from the one ppi payout then ???
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Foggy

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Post by Foggy » Mon Apr 11, 2016 8:14 am
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 !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

downandout

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Post by downandout » Wed Apr 13, 2016 11:26 pm
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
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