PPI Reclaiming Discussion part 4

cocker100

Hi all,

I'm after some more advice regarding compound interest.

Quick update on case:

Submitted claim for mis-selling of PPI on former Morgan Stanley credit card (now defunct) in February to Barclaycard. To my surprise, they responded with an offer of settlement in early April for approx £1,500. However, this only included the past 6 years worth of statements.

Wrote back asking for refund back to start of account and have now received a revised offer of approx £3,000. they rekon that this sum includes both compound interest and additional statutory 8% interest.

The problem is that their compound interest calculations differ greatly to mine. I used one of the many compound interest calculators online to compile my set of figures, but they say that it is wrong and have provided me with what they believe are the correct figures. They state that their calculations are in line with how the FOS expect them to calculate them.

Here is an example:

PPI payment 21st April 2004 of £17.71 @ APR of 20.9% =
Compound interest of £4.62

However I work it out as compound interest of £43.41!!!! (A few weeks out now as figure calculated earlier in month))

As you can see, a massive difference and all their figures are tiny in comparison to mine. What I want to know is have I calculated correctly or are they trying to fleece me?

I dont want to short change myself by accepting their offer and missing out on the true value of the claim as it would be more than double their current offer if i'm right and refer to FOS. But if I am wrong, I would have to wait for FOS to adjudicate for nothing, when I could have settled now.

Any advice would be great!!!

Cheers, Cocker:)

di3004

Hi there

I'm sure someone will be along soon to take a look at these for you, good luck.;)

ian_e_2

im in the same boat tookout ppi in 2003 on mbna credit card was talked into it . sent a letter to them they phoned me and made a offer of £1000 i said no i want back what it cost me they came back with full figure £2400 including £100 intrest. every time i made a paymant my balence was going up because off ppi would it be worth going to fos. now they have paid £2400 back interest is approx £60 a month before it was £130 a month they say thats all they will pay what are your thoughts many thanks for reading

notimpressed_3

di3004 wrote: »

Hi there and welcome.

Mine in regards of Nemo was finally resolved through the FOS, they are not the easiest of them to deal with, but if it was Nemo that arranged and set up your loan then your correct in writing to these, so keep at them, if they don't resolve by the final decision then go to the FOS.

However, you could actually contact the FOS now and tell them your problem of them trying to fob you off on to Norwich union where it was Nemo who set this up for you, and ask them to write to them on your behalf, unless its the final decision.
If this was final then go to the FOS to complain anyway.
--link removed--

Good luck and please keep us posted on this, cheers.;)

Di

Hi there,

We sent off a letter of complaint to Nemo early 2008 and received a final response. Unfortunately my wife had recently suffered a breakdown and the additional stress of pursuing this (at the time) meant we never followed this up.

I understand the FOS are unwilling to take on case 6 months after a final response. Do you know if this means we have no way of following up our complaint (either through FOS or elsewhere) now that she's (gradually) getting better?

At the time of signing the contract I was a public servant who actually had pretty decent cover through my job and as such didn't need cover (or in fact would have been able to claim on it in any case) - one of our main reasons for the miss-selling complaint.

ps. they also attempted to blame Norwich Union.

Thanks in advance

di3004

notimpressed wrote: »

Hi there,

We sent off a letter of complaint to Nemo early 2008 and received a final response. Unfortunately my wife had recently suffered a breakdown and the additional stress of pursuing this (at the time) meant we never followed this up.

I understand the FOS are unwilling to take on case 6 months after a final response. Do you know if this means we have no way of following up our complaint (either through FOS or elsewhere) now that she's (gradually) getting better?

At the time of signing the contract I was a public servant who actually had pretty decent cover through my job and as such didn't need cover (or in fact would have been able to claim on it in any case) - one of our main reasons for the miss-selling complaint.

ps. they also attempted to blame Norwich Union.

Thanks in advance

Hi there

I am so sorry to hear of your wife's problems and hope she is feeling better now.

I do think you should contact the FOS and explain the situation of why this was not dealt with by the 6 months, and they should be able to consider taking this on for you.
I think you have good reasons to to be honest.

If I recall rightly Nemo tried telling us the same as well in regards of Norwich.
Do give the FOS a call on this matter, I think they will investigate this one down the the reasons you have with your wife's health, please let us know what they say, cheers and good luck.
http://www.financial-ombudsman.org.uk/contact/index.html

urewishcometrue

Hi, Im trying to reclaim my PPI for my loan.... I cancelled it half way through does this mean I can only claim back what I have paid or can I claim the full amount as I was still mis-sold it?

maxdp

You can only claim back what you have paid. If you cancelled it then they must have refinanced the loan etc?

CHERYL_SMITH

I had the same response from Nemo - passing the buck straight through to Norwich Union - my complaint is now sitting with the Financial Ombudman for a decision. I do hope they finally get fined as they seem to be under the radar at the moment, i don't know how they have managed this with the way they have been treating customers. Keep fighting Nemo!!

di3004

CHERYL_SMITH wrote: »

I had the same response from Nemo - passing the buck straight through to Norwich Union - my complaint is now sitting with the Financial Ombudman for a decision. I do hope they finally get fined as they seem to be under the radar at the moment, i don't know how they have managed this with the way they have been treating customers. Keep fighting Nemo!!

Good luck with yours too Cheryl.

Have you any recordings for yours as well?
Nemo should supply these to you on request, this did help my case against these when it was in with the FOS.

Good luck anyway, please keep us posted.:)

sukisal

di3004 wrote: »

Fantastic :T:T Well done to you and Congratulations!:beer:

Thanks Di,

Right now I have settled down I have read the letter properly and they have upheld the original claim I put in for the last loan I had, 2004.

I had put on the form they sent me that I would like the two previous loans looked into as all of them were top ups after the original loan I took out in 1998, the second top up was 2000.

I have two forms to fill in on those two now.

So do you think now they have upheld the complaint on the last top up loan, that I have a chance of the two previous loans being upheld too?

And should I give the reasons as the same as the last one, as they were all follow on loans before they had ended?

Thanks so much.