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PPI Reclaiming Discussion part 4

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Comments

  • di3004
    di3004 Posts: 42,579 Forumite
    For anyone who has complained pre 20 April 2011, should be hearing from Barclays soon, as well as from the FOS, so whoever sent in complaints to the FOS via this bank its good news for them as well.

    As from the write up on here.

    Barclays and the FOS will be sending out initial letters this week to those customers affected to confirm this intention. A further letter will be sent by 31 August with full details of payment.

    That will be a good load taken from the hands of the FOS too.:T
    The one and only "Dizzy Di" :D
  • h0pusp0pus
    h0pusp0pus Posts: 167 Forumite
    di3004 wrote: »
    Congratulations!:beer:

    Defo get on to them about the 8%, good luck.

    morning di :)

    do i contact mbna again as they stated in their offer letter that this was their final response on the matter and if i wanted to carry it on i would have to go to the ombudsman
  • di3004
    di3004 Posts: 42,579 Forumite
    edited 13 June 2011 at 11:34AM
    h0pusp0pus wrote: »
    morning di :)

    do i contact mbna again as they stated in their offer letter that this was their final response on the matter and if i wanted to carry it on i would have to go to the ombudsman

    I see.

    I know it works out differently to what I am aware of loan to credit card ppi, but think interest should also be included.

    And was this an offer of goodwill or a settlement in full (upheld in your favour)?

    If they said they upheld the case in your favour, then I'm sure 8% int should also be included.
    There is no harm in just asking them on this, tell them you just making sure before you decide to accept or not if you want to.

    If they agreed to mis selling then, it procedure I think, ring them and ask them if the case was upheld in your favour, shouldn't you have been awarded the 8%.
    The one and only "Dizzy Di" :D
  • h0pusp0pus
    h0pusp0pus Posts: 167 Forumite
    in the letter it says having investigated your complaint i can advise you that your complaint is being upheld,

    yes credit card so a bit different interest was added to it but not the 8% it seems
  • di3004
    di3004 Posts: 42,579 Forumite
    h0pusp0pus wrote: »
    in the letter it says having investigated your complaint i can advise you that your complaint is being upheld,

    yes credit card so a bit different interest was added to it but not the 8% it seems


    Just added a bit more to my post above.;)
    The one and only "Dizzy Di" :D
  • h0pusp0pus
    h0pusp0pus Posts: 167 Forumite
    oh and the funds would be added to my current balance and knocked off of what i owe them and this will show on my next statement but not an option to accept or decline the offer
  • h0pusp0pus
    h0pusp0pus Posts: 167 Forumite
    ok ill give them a ring thanks :)
  • di3004
    di3004 Posts: 42,579 Forumite
    Take a look at this below, copied and pasted from a thread originally posted by Maxdp - on how the FOS calculates ppi refunds, maybe this would help, it should be the same with banks etc, minus the distress & inconvenience redress.


    The ways in which the FOS approach redress in different situations are set out below.

    CREDIT CARDS

    1. Where card account and the PPI are still in force.

    If the consumer agrees to cancellation of the PPI the financial business should:

    a) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
    b) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year; and
    c) send the customer a statement showing the resulting balance on the account (with details of how it was calculated).

    2. Where the card account is still open but the PPI has been cancelled.

    The financial business should:

    a) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
    b) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year; and
    c) send the customer a statement showing the resulting balance on the account (with details of how it was calculated.)

    3. Where the card account has been cleared and closed and the PPI has been cancelled:

    The financial business should:

    a) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
    b) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year;
    c) pay the customer the difference between the revised closing balance and the original closing balance;
    d) pay the customer interest on that difference at 8% simple per year from the date of closure to the date of payment; and
    e) send the customer details of how the revised balance, the difference and the interest were calculated.

    FOS may also consider it appropriate for the financial business to pay the consumer additional compensation for any distress and inconvenience he or she has been caused, including where the financial business rejected a complaint which it knew (or should have known) would be upheld, If they consider such an award is appropriate this will be specified by the adjudicator.

    https://forums.moneysavingexpert.com/discussion/1596473
    The one and only "Dizzy Di" :D
  • h0pusp0pus
    h0pusp0pus Posts: 167 Forumite
    di3004 wrote: »
    Take a look at this below, copied and pasted from a thread originally posted by Maxdp - on how the FOS calculates ppi refunds, maybe this would help, it should be the same with banks etc, minus the distress & inconvenience redress.


    The ways in which the FOS approach redress in different situations are set out below.

    CREDIT CARDS

    1. Where card account and the PPI are still in force.

    If the consumer agrees to cancellation of the PPI the financial business should:

    a) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
    b) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year; and
    c) send the customer a statement showing the resulting balance on the account (with details of how it was calculated).

    2. Where the card account is still open but the PPI has been cancelled.

    The financial business should:

    a) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
    b) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year; and
    c) send the customer a statement showing the resulting balance on the account (with details of how it was calculated.)

    3. Where the card account has been cleared and closed and the PPI has been cancelled:

    The financial business should:

    a) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
    b) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year;
    c) pay the customer the difference between the revised closing balance and the original closing balance;
    d) pay the customer interest on that difference at 8% simple per year from the date of closure to the date of payment; and
    e) send the customer details of how the revised balance, the difference and the interest were calculated.

    FOS may also consider it appropriate for the financial business to pay the consumer additional compensation for any distress and inconvenience he or she has been caused, including where the financial business rejected a complaint which it knew (or should have known) would be upheld, If they consider such an award is appropriate this will be specified by the adjudicator.

    https://forums.moneysavingexpert.com/discussion/1596473

    thanks for the info di do you know what it means by IF THIS CREATES A PRODUCES A CREDIT BALANCE??
  • di3004
    di3004 Posts: 42,579 Forumite
    h0pusp0pus wrote: »
    thanks for the info di do you know what it means by IF THIS CREATES A PRODUCES A CREDIT BALANCE??


    Your welcome.

    I am not really sure what is meant by that to be honest.
    The one and only "Dizzy Di" :D
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