Extortionate fees from the interest of PPI and not the payments?

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steve826
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by steve826 » Sat Jul 22, 2017 2:39 pm
Hi, My IVA closed in 2013 and i have just got a letter from barclays about a refund of PPi payments being forwarded to my supervisor, £3000 in total.
They have had the cheque and sent me some of the interest, £388.
The total interest was originally £1300 approx but they have added some fees and this is what is left!
I don't understand how they can take such extortionate fees from the interest and not the payments? and leave me with £388?
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kallis3
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by kallis3 » Sat Jul 22, 2017 2:53 pm
Hi,

Unless you paid 100p in the pound plus fees then this will be due to your creditors. Be thankful you have some money back - a lot of posters don't.
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Foggy
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by Foggy » Sat Jul 22, 2017 3:13 pm
As Kallis says, most of us get nothing at all from PPI refunds. I agree, though, that the claims company fee and IP fee should be divided, pro rata, between principal and interest, not taken out of the interest only and would challenge this with your IP.
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Lisa Thomas
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by Lisa Thomas » Mon Jul 24, 2017 8:20 am
I too would challenge.
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