PPI refund

all_smilz

I have recently been informed by AIB that my PPI has been cancelled AND that I will be getting a full refund plus compensatory interest.
what does compensatory interest mean? I am due to get about 2200 refund before this interest is added?
Thanks

amygal

I think its 8 per cent of what u paid in, when did u get your letter, i got one in june and said i will be told about refund before 9th of Aug.

Ciarrai76

I got a letter from AIB about it ages ago, and haven't heard a thing since! I also heard from PTSB, who said I would be getting a refund and would hear back by the end of July with how much and it would be refuned within 6 weeks from then. I am so impatient, I just wish I knew how much I'm due as I haven't a clue and can't find my loan documents from that time!
I don't know if AIB will get back to me, but I cancelled the PPI I had with them only recently as I realised from these reviews it was no good for me anyway, same with my MBNA credit card. So now I wonder if I'll ever hear from them or should I enquire?

amygal

I got a letter last year from aib to say they were reviewing cases about ppi and got a letter in june to say i was missold it and that i would recieve all i paid in plus compensatory interest and that i would here from them by 9th Aug, anyone know how this is paid, is it back to me or will it be paid off the credit card, i read somewhere that it will be paid off the loan

Lux23

I am getting money back from Bank of Scotland, but they weren't able to tell me how much. The account was closed in 2010 and I can't for the life of me remember how much the premiums were, apparently people in the UK are getting close to £3k.

seniorolaighin

Hi all, I got my PPI refund letter today saying how much I was getting back and it will be paid on October 3rd.....the only problem is the account number and sortcode on the letter (saying where it will be paid into) are completely unknown to me. This is despite all my correct details being at the top of the letter.....going to ring them tomorrow but if anyone had any ideas. Thanks.

Strongbow10

amygal wrote: »

I think its 8 per cent of what u paid in, when did u get your letter, i got one in june and said i will be told about refund before 9th of Aug.

is that 8% compensatory figure the standard?

seems very miserly in fairness considering what they actually did

andreac

Does this apply to anyone who took out PPI on their mortgage? I took it out with PTSB in 2006 with my mortgage but i cancelled it a couple of years later. Would i be entitled to a refund?