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  • FIRST POST
    • Patrick Bora
    • By Patrick Bora 4th Oct 16, 12:01 PM
    • 5Posts
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    Patrick Bora
    How much money should I accept?
    • #1
    • 4th Oct 16, 12:01 PM
    How much money should I accept? 4th Oct 16 at 12:01 PM
    Hello,

    I have received a settlement of £3450 from Barclays for two loans which had PPI added to them - one loan was for two years and was taken out in 2001, the other on was for six years and was taken out in 2002. The money was paid straight into my account by Barclays, but I was not asked if I agreed with this settlement price. Do you think the offer is too low and should I ask them to revise the offer?

    Also, I am waiting for MBNA to make me a sttlement offer for a crdit card which I was paying PPI on for ten years and started in1998. What is the minimum I should accept.

    Thanks
    Patrick
    Last edited by Patrick Bora; 04-10-2016 at 12:04 PM.
Page 1
    • zx81
    • By zx81 4th Oct 16, 12:03 PM
    • 9,358 Posts
    • 9,194 Thanks
    zx81
    • #2
    • 4th Oct 16, 12:03 PM
    • #2
    • 4th Oct 16, 12:03 PM
    Why is it too low? It is a refund of what you paid, plus interest.

    How much were you looking for?

    The minimum you should accept is the amount you are due.
    • Patrick Bora
    • By Patrick Bora 4th Oct 16, 12:09 PM
    • 5 Posts
    • 0 Thanks
    Patrick Bora
    • #3
    • 4th Oct 16, 12:09 PM
    • #3
    • 4th Oct 16, 12:09 PM
    I do not know how much I'm due that's the problem - how do you work it out? A friend of mine said that Barclays will offer you a standard price of £3500 and you need to ask them to revise the offer taking into account the interest due since the date the loan ended. Is this correct?
    Last edited by Patrick Bora; 04-10-2016 at 12:11 PM.
    • Nasqueron
    • By Nasqueron 4th Oct 16, 12:10 PM
    • 2,966 Posts
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    Nasqueron
    • #4
    • 4th Oct 16, 12:10 PM
    • #4
    • 4th Oct 16, 12:10 PM
    You don't haggle over this and get more on a second offer, you get back a refund of what you paid + associated interest, it is a defined refund method and you do not get a penny more unless it is a circumstance where they had to estimate and you have documentary proof otherwise
    • zx81
    • By zx81 4th Oct 16, 12:11 PM
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    zx81
    • #5
    • 4th Oct 16, 12:11 PM
    • #5
    • 4th Oct 16, 12:11 PM
    No. That's not correct. The refund is based on what you paid plus interest.

    If they don't have records of all your payments, and neither do you, then they may need to make some assumptions.
    • Patrick Bora
    • By Patrick Bora 4th Oct 16, 12:15 PM
    • 5 Posts
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    Patrick Bora
    • #6
    • 4th Oct 16, 12:15 PM
    • #6
    • 4th Oct 16, 12:15 PM
    Okay thanks.
    • Patrick Bora
    • By Patrick Bora 4th Oct 16, 12:18 PM
    • 5 Posts
    • 0 Thanks
    Patrick Bora
    • #7
    • 4th Oct 16, 12:18 PM
    • #7
    • 4th Oct 16, 12:18 PM
    When I spoke to someone at MBNA Bank they instantly pulled up my old account and said I had been paying PPI for a period of ten years - so they have all my information. I am confused as to what to accept as a offer form them know.
    Last edited by Patrick Bora; 04-10-2016 at 12:24 PM. Reason: w
    • Nasqueron
    • By Nasqueron 4th Oct 16, 12:23 PM
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    Nasqueron
    • #8
    • 4th Oct 16, 12:23 PM
    • #8
    • 4th Oct 16, 12:23 PM
    Again, it is a defined refund process, they are required to follow the rules and refund the money you paid with associated interest
    • Moneyineptitude
    • By Moneyineptitude 4th Oct 16, 12:24 PM
    • 17,235 Posts
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    Moneyineptitude
    • #9
    • 4th Oct 16, 12:24 PM
    • #9
    • 4th Oct 16, 12:24 PM
    I am confused as to what to accept as a offer form them know.
    Originally posted by Patrick Bora
    Credit card PPI is based on the amount outstanding each month. If you regularly paid off your credit card debt then you will have paid very little PPI even if you had it for ten years.

    Without statements, it's impossible for anyone here to know what you paid and so how much you will be refunded.

    You should ignore "friends" who tell you banks make "standard" offers. The redress is defined as a full refund plus 8% simple interest and any associated interest. You will get no more (and no less).
    • Patrick Bora
    • By Patrick Bora 4th Oct 16, 12:27 PM
    • 5 Posts
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    Patrick Bora
    The person who gave me this information is a Bank Manager for Barclays and should know what they're talking about more than us.
    Last edited by Patrick Bora; 04-10-2016 at 12:32 PM.
    • zx81
    • By zx81 4th Oct 16, 12:32 PM
    • 9,358 Posts
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    zx81
    The person who gave me this information is a Bank Manager for Barclays and should know what there talking about more then us.
    Originally posted by Patrick Bora
    You'd have hoped so, wouldn't you...
    • Moneyineptitude
    • By Moneyineptitude 4th Oct 16, 12:41 PM
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    Moneyineptitude
    The person who gave me this information is a Bank Manager for Barclays and should know what they're talking about more than us.
    Originally posted by Patrick Bora
    So, no real point asking here then.
    • brown1950
    • By brown1950 16th Oct 16, 2:15 AM
    • 220 Posts
    • 43 Thanks
    brown1950
    But the OP thought you were the experts ? hence the question !
    • -taff
    • By -taff 16th Oct 16, 11:05 AM
    • 6,458 Posts
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    -taff
    The person who gave me this information is a Bank Manager for Barclays and should know what they're talking about more than us.
    Originally posted by Patrick Bora

    Bullsh*t

    There is no haggling, the redress is a defined method of what you actually paid, plus 8% simple interest, plus any associated interest.

    Your bank manager friend is talking out of his @rse if he's telling you to haggle.
    • Nasqueron
    • By Nasqueron 16th Oct 16, 11:26 AM
    • 2,966 Posts
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    Nasqueron
    But the OP thought you were the experts ? hence the question !
    Originally posted by brown1950
    The bank manager doesn't necessarily know the PPI refund process in depth.

    OP has not provided any facts or figures.

    The information they have been provided several times now is correct - there is a defined redress method which the bank will follow
    • dunstonh
    • By dunstonh 16th Oct 16, 5:32 PM
    • 85,111 Posts
    • 50,130 Thanks
    dunstonh
    The person who gave me this information is a Bank Manager for Barclays and should know what they're talking about more than us.
    Originally posted by Patrick Bora
    Most branches dont have bank managers any more. The bank throws around phrases like manager to everyone and anyone. In the past, the bank managers were required to be qualified and chartered. Nowadays, they are little more than low knowledge figureheads with no real skillset or knowledge.

    There is no haggling. The process is defined.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Moneyineptitude
    • By Moneyineptitude 17th Oct 16, 2:12 PM
    • 17,235 Posts
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    Moneyineptitude
    But the OP thought you were the experts ? hence the question !
    Originally posted by brown1950
    No. He quite clearly said he thought the Bank Manager knew better than "us".

    He also said this around a fortnight ago; so I'm not sure why the thread was bumped?
    • brown1950
    • By brown1950 3rd Nov 16, 2:15 AM
    • 220 Posts
    • 43 Thanks
    brown1950
    Can the experts who post on this site every day explain what they mean when redress
    on a credit card includes ' associated interest' ?
    • Nasqueron
    • By Nasqueron 3rd Nov 16, 9:07 AM
    • 2,966 Posts
    • 1,602 Thanks
    Nasqueron
    Can the experts who post on this site every day explain what they mean when redress
    on a credit card includes ' associated interest' ?
    Originally posted by brown1950
    Yes though you could simply have looked on the FOS website

    redress for mis-sold PPI on credit cards

    Where a PPI policy is sold alongside a credit card, the premium is added to the credit card balance each month and interest is payable on it.
    our approach

    Where a consumer was mis-sold PPI alongside a credit card, and the policy remains in force, we will tell the business to cancel it. The approach we tell the business to take to compensate the consumer fairly will depend on the consumer's circumstances and the current position of the credit card, but compensation will usually involve two steps:
    • A hypothetical reconstruction of the credit card account to find out what the current balance of the credit card account would be if the consumer had paid the same monthly payments, but the PPI policy had not been added to it.
    This will involve the business removing the PPI premiums, any interest that was charged on the premiums and any charges (and interest on those charges) that would not have applied if the PPI had not been added to the account.
    The business should then pay the consumer the difference between the current balance and what the current balance would have been without PPI.
    • The addition of interest (usually at our normal rate of 8% per year simple) on any credit balance for any periods when the reconstructed account would have been in credit.
    In some cases we may decide to tell the business to pay compensation for any distress or inconvenience caused to the consumer.

    http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html#redresscc
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