P.p.i.

[andy-hughes]

Is there an 'average' payout for a mis-sold PPI?

I took out a loan for £1,000 eight years ago with RBS They have contacted me to advise I have a claim for mis-sold PPI, and they will advise my compensation in eight weeks.

Any idea how much I might be looking forward to - a nice meal for two, or a downpayment on a Porsche?

[factor-fiction]

It depends how much you paid in PPI payments. A fairly generous amount for interest on your payments will be added too, Over how many years was your loan, andy?

[boxtops]

it depends entirely on how much you paid out each month to them on your loan - they'll pay out what you paid in.

Lucky you getting a positive response from RBS i've two credit cards backed by RBS, and they are digging their heels in.

[DJHawkes]

have you made the claim or have they contacted you? Don't forget there are fraud firms out there trying to rip people off, I wouldn't have expected RBS to make the first move.

[boxtops]

.. and as factor says, they add 8% interest to any settlement - which is taxable, but it's still worth having!

[granny grump]

If you paid £18 per month for 8 years it would be £18 x term of the loan in months x 8% interest up to the date the calculation was made So probably not a Porsche sorry andy but still worth having

[boxtops]

Agree with dotty, I wouldn't go with anyone who rings you out of the blue - it's easy enough to make your own claim, make sure if they ring you back that you know who they are before you agree to anything. Some companies take at good 25%-40% of any settlement you might get - you need to be very careful,

[factor-fiction]

I think it's RBS that have contacted andy. I think he's mentioned it before

[andy-hughes]

Thanks folks.

My loan was over twelve months.

It is a bona fide contact from RBS - I have been I touch several times with them. Their original info confirmed the bank account number.

They also advised that they treat claims they offer in exactly the same was as claims made by individuals or companies, so all the companies offering to do the work for you are just a rip-off - it's easy to do it for yourself.

[granny grump]

how much was your premium andy? You will have to pay tax but only on the interest element of the money