PPI -how much should I expect?

[chaffymcchaff]

Hi, not sure if anyone knows how to work this out, but I've just learnt that I'm owed PPI on a 6k loan that I took out 15 years ago. I'm sure it won't be a huge amount of money back, but out of interest, does anyone have any idea (roughly!!) what sort of figure I might expect to see (tens? Hundreds? More??)

The loan was taken out over 5 years with my bank. I've been told that they will pay the money directly into my account in the next 14-21 days, which is nice, whatever the amount 👍

If it was 15 years ago, it is likely to be topped up by a lot of interest (10-15 years at 8%)!.

I'd guess the PPI was between £500 and £1000 on that loan amount, it really was an expensive rip off.

Conservatively, say £500 plus 8% interest for 12 years (averaging) works out at about £800 in interest - rough guess between £1000 and £1500 total.

Don't be disappointed if it's not this much, and if you went through a claims company instead of straight to the bank, they'll take a chunk, but it might be in this ball park.

Come back and say what it is when you get it.

Oh that would be a nice surprise wouldn't it? I'll definitely come back and let you know 👍🏻. Fingers crossed then 🤞