Statutory interest is paid on top of any PPI compensation that is due to a customer. The current rate of statutory interest is 8%. This interest is calculated from the start of the mis-sold PPI policy up to the point of the claim. The purpose of statutory interest is to compensate the customer for the time they were deprived of the money.
How is statutory interest on PPI worked out?
Your PPI Claim starts with a Free PPI Check service. Our PPI Claim fee of 20% + VAT (so 24%° of the total redress offered by your lender) is payable if your claim is successful. That means if we don’t recover you anything, you don’t pay us a penny