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| | | | | | | | Notices | PLEASE HELP US TO KEEP THIS SITE RUNNING Every pound donated to this site helps us to keep on helping others. Click Here to Donate | | Payment Protection Insurance (PPI) The misselling of Payment Protection Insurance is widespread, and believed to run into billions of pounds. This forum will help you to see if you have a valid claim for a refund, and guide you through the process. | 
24th June 2009, 13:46
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#1 (permalink)
| | Basic Account Holder |  Statutory Interest Help!
Hi everyone, can you help me out with my calculations please.
I have heard some people tell me that the stat interest is 8% PER MONTH!? Surely this cant be right... is it?
Or is it as i though and 8% per year so it would work out at around 0.66% each month?
Scenario 1 Monthly = Month 1 £100, Month 2 £108, Month 3 £116.64 etc
Scenario 2 Yearly = Month 1 £100, Month 2 £100.66, Month 3 £101.32 etc
HELP! Is either of those right??  
Last edited by JustChris20; 24th June 2009 at 15:25.
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24th June 2009, 15:15
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#2 (permalink)
| | Site Team The Consumer Action Group I am in: Please consider making a donation if we have helped you. Thanks
Posts: 11,492
| Re: Statutory Interest Help!
It is definitely 8% per annum.
__________________
Please don't pm me about specific questions unless you have posted and it has not been dealt with or unless the matter is confidential.
Please include a link to the post you want me to look at. If you have received a defence, contact me.
Advice & opinions of BankFodder, The Consumer Action Group and The Bank Action Group are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts. | 
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24th June 2009, 15:47
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#3 (permalink)
| | Basic Account Holder
Posts: 4
| Re: Statutory Interest Help!
Thanks for the reply, so let me get this right....
Month 1 i pay £30 for ppi
Month 2 my £30 is now worth £30.20 (30 x 0.66%) and another £30 is paid so total is now £60.20
Month 3 my £60.20 is now worth £60.60 and another £30 is paid so total owed to me is now £90.60.
Month 4 my £90.60 is now worth £91.20 and another £30 is paid so total owed to me is now £121.20
Month 5 my £121.20 is now worth £121.99 and another £30 is paid to total owed to me is now £151.20.....
and so forth???
Thanks. | |
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24th June 2009, 15:53
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#4 (permalink)
| | Platinum Account Holder I am in: a jacuzzi with Bananarama. I have not lived in Bolton since 1986
Posts: 6,714
| Re: Statutory Interest Help!
I claimed stat interest against Barclaycard at the contractual rate
They coughed up without a whimper.
£85 in PPI premiums
plus 9 years contractual interest @ 26.9%
plus Stat interest @ 26.9% | |
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24th June 2009, 19:40
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#5 (permalink)
| | Basic Account Holder | Re: Statutory Interest Help!
Quote:
Originally Posted by noomill060  I claimed stat interest against Barclaycard at the contractual rate
They coughed up without a whimper.
£85 in PPI premiums
plus 9 years contractual interest @ 26.9%
plus Stat interest @ 26.9% | How the hell did you do that!?
But if anyone can clarify if my workings out are right that would be great... thanks. | |
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24th June 2009, 20:03
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#6 (permalink)
| | Site Team | Re: Statutory Interest Help!
Quote: |
How the hell did you do that!?
| Yes how the hell did you do that 
__________________ I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------ Bank charge successes: Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did 
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. They have now been given a deadline before FOS action. No response so complaints now with ICO and FOS.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..
Post 290 from
***RBS PPI Claim Long fight but, WON***
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
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24th June 2009, 20:44
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#7 (permalink)
| | Platinum Account Holder | Re: Statutory Interest Help!
Stat interest can be claimed at the rate stated in the contract. 
The 8% is for when there is no rate stated
(eg: if you're sueing Dixons because the toaster you bought doesnt work. or your joiner, because the shelves he put up collapsed wrecking your collection of model locomotives.)
Last edited by noomill060; 24th June 2009 at 20:49.
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24th June 2009, 20:54
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#8 (permalink)
| | Platinum Account Holder | Re: Statutory Interest Help!
Thats what it says in the small claims guide I got from the Court when I first started all this, so Ive claimed stat interest at the contractual rate in all my claims and everytime they have coughed up without so much as a "yeah, but no but" on this | |
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24th June 2009, 20:56
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#9 (permalink)
| | Platinum Account Holder I am in: a jacuzzi with Bananarama. I have not lived in Bolton since 1986
Posts: 6,714
| Re: Statutory Interest Help!
I use this to calculate compound interest- Compound interest calculator
(Saves melting your brain)  | |
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24th June 2009, 21:01
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#10 (permalink)
| | Platinum Account Holder | Re: Statutory Interest Help!
No, you are barking up the wrong tree justchris20, it doesnt work like that.
It compounds monthly, but at an annual rate (ie the rate divided by 12, but its worked out at a daily rate (ie yearly rate divided by 360)
Go work it out using Compound interest calculator
360 day year, 12 compoundings per annum | |
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25th June 2009, 00:29
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#11 (permalink)
| | Basic Account Holder | Re: Statutory Interest Help!
Quote:
Originally Posted by noomill060 No, you are barking up the wrong tree justchris20, it doesnt work like that.
It compounds monthly, but at an annual rate (ie the rate divided by 12, but its worked out at a daily rate (ie yearly rate divided by 360)
Go work it out using Compound interest calculator
360 day year, 12 compoundings per annum | Wasnt that how i did it though?. The rate (8%) divided by 12 (0.66%) compounded monthly?? | |
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25th June 2009, 00:44
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#12 (permalink)
| | Platinum Account Holder | Re: Statutory Interest Help!
How much interest are you paying on the loan?
This is the figure that are charging you, so you should be using the same.
Why this enthusiasm for 8%? | |
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25th June 2009, 00:47
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#13 (permalink)
| | Platinum Account Holder | Re: Statutory Interest Help!
Each £30 needs to be looked at as an individual "wrong" they have done against you, so should be worked out from the date it was made until the date it is repaid to you
Calculate the interest from the date of each until no, then add up all the totals.
The Compound interest calulator will do all the hard work fot r you.
Make a note of each result, then add them up. | |
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