PPI Reclaiming Discussion part 4

di3004

In regard of a friends reclaim against Barclaycard ppi, does anyone know what they are paying in interest for this?
Cheers folks

smitchy73

di3004 wrote: »

In regard of a friends reclaim against Barclaycard ppi, does anyone know what they are paying in interest for this?
Cheers folks

They should put you back into the position you would've been in if you didn't have the ppi, this should include the ppi payment, the contractual interest(rate on card) and this needs to be applied to each months payments, if at anytime when this is adjusted and your account goes into credit, you should get 8% interest on that amount.

the big thing is the ppi amount plus the contractual interest being charged on that payment, basically because of the ppi being added the card balance was building every month, and if there was a running balance outstanding on the card this could prove to be quite alot, you know niggly is extremely good when it comes to these calcs but need the figures etc.

Remember if you paid say £30 in ppi in July 2001 and had a card interest of say 25%, you'd have £75.00 in interest on that one payment(£7.50 interest per year x 10) thats why there's been credit card reclaims getting back up to and over £20k.

Very complicated one's though, plus if Barclaycard are offering anything less than the ppi payments + 'contractual interest' they aren't meeting the terms of the FSA guidance. I think some are being sleekit b*****ds by offering the ppi payments + 8% interest and missing out the big one thinking most people will accept it.:D

fifi123_2

Hi - unsure where to post this? I've had success with MBNA credit card PPI but after reading some posts on here am unsure as to whether they have refunded the correct amount. They have emailed me the calculations after I queried, if I posted up the amounts would someone be able to have a look at them for me?
Many thanks
Fi. x

smitchy73

fifi123 wrote: »

Hi - unsure where to post this? I've had success with MBNA credit card PPI but after reading some posts on here am unsure as to whether they have refunded the correct amount. They have emailed me the calculations after I queried, if I posted up the amounts would someone be able to have a look at them for me?
Many thanks
Fi. x

First of all well done on your success.:j:j
If you post up their offer, i'm sure one of the in-house experts will look at it as soon as they can to see if it seems correct, basically you should be getting back your ppi payments over the term, as well as the interest that was charged on it this occurs from the first month charged, this has to be taken on a month by month basis, and when they ppi payment + interest is returned to your account at that time and if it takes you into a credit balance you should get 8% interest on this too.

See the posting above I done for DizzyDi to see an example.

amersall

:j Well done on your win :beer::beer:

fifi123_2

See the posting above I done for DizzyDi to see an example - this is what made me think that my offer isn't right - just seem to be going round in circles with numbers!! here is the offer I've had APR was 22% and balance was between £3 - £10K at its highest. thanks in advance x

Cycle MonthPPC£0.008% Interest on Credit Balance30/04/2000£0.00£0.00£0.0031/05/2000£0.00£0.00£0.0030/06/2000£0.00£0.00£0.0031/07/2000£3.40£0.04£0.0031/08/2000£10.44£0.07£0.0030/09/2000£10.30£0.11£0.0031/10/2000£10.89£0.17£0.0030/11/2000£11.44£0.22£0.0031/12/2000£12.04£0.30£0.0031/01/2001£11.58£0.90£0.0028/02/2001£12.04£0.94£0.0031/03/2001£12.40£1.21£0.0030/04/2001£12.68£1.36£0.0031/05/2001£12.76£1.49£0.0030/06/2001£12.51£2.11£0.0031/07/2001£9.45£1.71£0.0031/08/2001£9.95£1.68£0.0030/09/2001£12.33£1.85£0.0031/10/2001£15.37£2.23£0.0030/11/2001£17.71£2.44£0.0031/12/2001£18.15£2.69£0.0031/01/2002£20.82£2.96£0.0028/02/2002£23.08£2.97£0.0031/03/2002£24.06£12.00£0.0030/04/2002£3.98£3.39£0.0031/05/2002£4.19£3.16£0.0030/06/2002£5.00£3.37£0.0031/07/2002£6.09£3.05£0.0031/08/2002£8.49£4.16£0.0030/09/2002£8.30£4.27£0.0031/10/2002£8.25£4.15£0.0030/11/2002£8.53£4.46£0.0031/12/2002£8.27£4.56£0.0031/01/2003£8.55£2.77£0.0028/02/2003£15.10£4.02£0.0031/03/2003£19.99£5.10£0.0030/04/2003£24.49£4.75£0.0031/05/2003£33.22£10.27£0.0030/06/2003£17.40£6.02£0.0031/07/2003£19.34£6.32£0.0031/08/2003£19.89£6.66£0.0030/09/2003£23.85£6.94£0.0031/10/2003£26.47£7.68£0.0030/11/2003£27.02£8.66£0.0031/12/2003£23.58£8.39£0.0031/01/2004£23.91£8.76£0.0029/02/2004£24.28£8.66£0.0031/03/2004£24.57£9.54£0.0030/04/2004£25.65£10.36£0.0031/05/2004£27.64£10.10£0.0030/06/2004£27.16£10.79£0.0031/07/2004£28.51£12.22£0.0031/08/2004£33.60£13.16£0.0030/09/2004£36.23£13.47£0.0031/10/2004£44.85£14.71£0.0030/11/2004£43.47£14.01£0.0031/12/2004£44.17£17.88£0.0031/01/2005£44.12£14.99£0.0028/02/2005£47.47£28.03£0.0031/03/2005£46.89£27.10£0.0030/04/2005£55.18£34.04£0.0031/05/2005£46.73£30.54£0.0030/06/2005£48.95£32.45£0.0031/07/2005£48.22£34.44£0.0031/08/2005£52.75£34.83£0.0030/09/2005£52.27£36.93£0.0031/10/2005£51.95£115.75£0.0030/11/2005£11.80£31.96£3.6031/12/2005£13.78£41.04£2.0631/01/2006£16.04£27.99£0.3628/02/2006£23.76£33.63£0.0031/03/2006£26.42£40.91£0.0030/04/2006£28.61£43.93£0.0031/05/2006£37.63£41.99£0.0030/06/2006£45.65£38.62£0.0031/07/2006£65.84£52.47£0.0031/08/2006£71.24£56.53£0.0030/09/2006£68.66£55.94£0.0031/10/2006£68.24£59.66£0.0030/11/2006£68.12£55.88£0.0031/12/2006£69.15£69.81£0.0031/01/2007£69.86£60.53£0.0028/02/2007£76.75£0.00£0.0031/03/2007£0.00£0.00£0.0030/04/2007£0.00£0.00£0.0031/05/2007£0.00£0.00£0.0030/06/2007£0.00£0.00£0.00 £2,243.52£1,395.26£6.02

fifi123_2

Apologies for the above - tried to copy & paste from excel - obviously didn't get it right! will try another format !

di3004

smitchy73 wrote: »

They should put you back into the position you would've been in if you didn't have the ppi, this should include the ppi payment, the contractual interest(rate on card) and this needs to be applied to each months payments, if at anytime when this is adjusted and your account goes into credit, you should get 8% interest on that amount.

the big thing is the ppi amount plus the contractual interest being charged on that payment, basically because of the ppi being added the card balance was building every month, and if there was a running balance outstanding on the card this could prove to be quite alot, you know niggly is extremely good when it comes to these calcs but need the figures etc.

Remember if you paid say £30 in ppi in July 2001 and had a card interest of say 25%, you'd have £75.00 in interest on that one payment(£7.50 interest per year x 10) thats why there's been credit card reclaims getting back up to and over £20k.

Very complicated one's though, plus if Barclaycard are offering anything less than the ppi payments + 'contractual interest' they aren't meeting the terms of the FSA guidance. I think some are being sleekit b*****ds by offering the ppi payments + 8% interest and missing out the big one thinking most people will accept it.:D

Thank you Smitchy

As its for a mate, he wanted to know about the interest on the Credit Barclaycard itself because I understand it works different to that of loan ppi.
I will let him know though, as he's on to the case now on the workings out before he sends his complaint.
Cheers hon, much appreciated this. x;)

MR_G_1979

Hi, am looking for some advice and I'm new to this so bear with me please.

I've just received an offer from Bank of Scotland this morning after a long running battle with them about credit card PPI they mis sold me back in 2006. The offer is as follows:

Refund of premiums : £765.16
Refund of interest applied to account because of PPI: £225.45
Interest at 8% calc'd until 13 September 2011: £21.22 (THIS IS THE BIT I'M QUERYING)
Total: £1011.83

can anyone tell me if this looks correct? I'm pretty sure the premiums paid etc is correct, but what figure is £21.22 associated with ? its not 8% of anything and surely, the 8% calculation should be 8% of the premiums paid year on year? I'm confused, please help. Don't want to accept if they are trying to pull the wool over my eye's and don't want to drag it on any longer if its correct. PLEASE HELP!!!

skitter123

Have just found this forum while looking for help to complete form for ppi claim. It's heartening to read that people have received claims after having been missold imsurance. Do hope someone may be able to help with my query.
I took out loans in 2002,2003 and 2005. The fromer two were closed for each successive loan and I currently have about a year left to repay the loan.
I was told that I would not be able to take out a loan without protection but I can't recall whether this was in 2002 or 2005. I am anxious that I may be telling an untruth if I guess. I was in part time employment (teacher) in 2002 but in 2003 and 2005 was in full time employment with an LEA.
I don't want to give any misinformation but neither do I want to 'sell myself short' of any monies that may possibly be owing to me. The form I am filling in is a FOS PPI Consumer Questionnaire whatever that means.
Many thanks for any help or advice.