By Ron Amoore, Director CSN
People often dismiss their old credit cards and store cards as they don’t think the ppi they paid will have amounted to much.
This is not true. We always ask about old cards because when PPI was charged and there has been a balance occasionally carried over on the card by the client for several months, the refund can be substantial. This is because although the ppi may only represent 1% or so of the card balance, the client will also receive back the associated interest based on the cards annual percentage rate which can be as high as 29%. On top you will receive 8% compensatory interest from the date of the mis charge of PPI, up to the date of our claim being made. A recent example was Linda, a Very card holder who carried a balance on and off for purchases she had made several years ago. We made a claim on her behalf and won her £13,285 this October.
So it is really worth checking everything before the August deadline. You never know what you might get.