Not sure that I asked this right last time however we have had some letters and confirmation today so thought I would have another bash.
We completed our F&F IVA in Feb with Aperture. Since and before then Slater Hayward have been rounding up our PPI, first confirmation came into and I have never been less bothered to find out that we are owed several thousand pounds. I phoned Aperture to let them know that this had been received and they informed me that in my IVA agreement I will be allowed to keep the "statutory interest" with our PPI claims.
My question is does anyone know how much this interest is and how it is calculated. Want to know if I should be mildly excited by a small payment or will it be just enough to cover a cream egg and coffee.
Both SHL and Aperture were not very forthcoming and to be fair I did not push it, I really do want to come off ungrateful, I would just really like to know.
Hi.
Depends which creditor it is and from when the ppi was taken. Im in a similar situation. I received a detailed letter from Yorkshire bank stating exactly how much was owed and when it was from. Fortunately for me, it was from a loan back in 1993. £3500 total ppi and then statutory interest at 8% per year for last 24 yrs. Theres about 7.5k just in statutory interest alone.
I received an email from Aperture 9th March saying they had received the cheque from Yorkshire bank and i would be paid within 90 days. Minus their fees.
Don't forget that the statutory interest is taxable -- most IP's will account to HMRC for this on your behalf -- but do check so you get no nasty surprises from the Revenue Men !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Good shout Foggy thank you will defo make sure we pay any tax on it, althought our IVA journey has been much shorter than many on here, it has been the most humbling and lifechanging experiences and we have learnt so much about ourselves and how we use money that I do not want to be beholding to anyone ever again, with my two exceptions that I entered into this with, Mortgage and Car Finance unless that PPI interest is HUGE........LOL
We have a couple more to come in so see where we are when all done, holiday home in the Costa's or Brekkie at the greasy spoon with a posh coffee......
