How FOS Calculate Refunds

minimad69

Hi all, hope someone can help with a quick question.

I have had a rejection from Barclaycard overturned by the FOS, barclaycard have said they will be making a good will gesture in line with the FOS guidelines and i am now waiting for the offer :T

Im trying to work out what the refunds should be.
I have an example of a payment made on 21 July 2004 for £55.39, i have looked at the bank charges calc and entered the info and it shows interest of £37.91 and total claim of £93.30.

Is the calculation as simple as this for each PPI payment i made over the life of the card (i have every statement) or is it a bit more complex with credit cards??? I have looked through the forum but am struggling to answer my question. the APR on the card was 14.9%.

Thanks in advance if anyone can help

-taff

With a goodwill gesture, they can offer what they like, but if it's in line with FOS guidlelines, then look here
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html

Also, it makes no difference what the APR is, that's your interest payments, and nothing to do with PPI

83Nicm

Hi
I have just had my decision overturned by the fos and i'm waiting to hear from lloyds:D

Could anyone give me a rough idea of how much I will receive with the information I have....

Credit card with a balance of £2000 for the best part of 4 years, paid it off in 2005 and the ombudsman said I paid £0.77P ppi for every £100???

I'm not even sure if that's enough info to work it out

Thanks

amersall

You will get roughly 77p for every £100 you paid in PPI and 8% for any month that you had a credit balance when they reset the card to zero, any month you had a credit balance, you do not get the 8%, as you don't know what the PPI was, you will have to wait for the offer.
Well done on the win :beer:

tom_c_2

hi, got query on 2nd barclays ppi credit card claim.

I sent in proof of ppi from 2001 to 2006 when i canceled it.

refund of ppi upto june 2004 1025
refund of ppi interest 94
8 percent simple interst 603
total 1722
it says they have used an average of payments to calculate
including pay
ments older then their 6 years of records
does this sound like the right amount?

credit card is still active

-taff

Only you will know that, hopefully from your credit card statements. CC redress depends on how much was owed on the card, because it's apid so many pence per £100 per month.

hm71_2

I dont know if it helps anyone but i used this calculator
http://financialclaimsmadesimple.co.uk/ppi2/ppi_thirty_second_test.aspx?gclid=CNO28cPmk7YCFXDKtAodF3QAJg

to assess how much my claim would be for it is for a ppi reclaim company but you dont have to fill in any details so very handy,
then i used this simple interest calculator
http://www.bllaw.co.uk/services_for_businesses/insolvency_and_recovery/simple_interest_calculator.aspx
it seems to be a reasonable assessment of what I may get back.
Hope it helps someone.

[Deleted User]

[text removed by MSE Forum Team]
MSE has it's own loan calculator which can be used in exactly the same manner:
http://www.moneysavingexpert.com/loans/cheap-personal-loans#calc

puglover_3

I have had my ppi complaint upheld by FOS and have just spoken with MBNA who have also agreed to this and am now waiting for the acceptance letter which I need to agree to and send back.

Apparently once MBNA have received my acceptance they will calculate redress. I am trying to calculate what the amount I receive should be.

When I closed my account in January 2008 I paid off the credit card balance of £23,000 in full.

MBNA have just told me that I paid a total of £2139.18 in PPI premiums and calculations for redress will be based on this.

Can anyone help with an outline of what I should expect redress to be?

Many thanks

-taff

It will be 2139, plus 8% simple interest since I doubt your credit card will have been in credit when the PPI payments were removed from the balance.