Barclays PPI Offer Query

KarlOz_2

Hi All,

I have a query with regards to the settlement amount I have been offered by Barclays. After a long wait and intervention by FOS, Barclays have backed down and accepted my claim for mis-sold PPI. The amount they have offered is less than I had calculated myself and I would be grateful if anyone could offer advice on what should be the correct(ish) amount.

I took out a loan with Barclays on 3rd June 1998. The loan had an upfront PPI amount of £2020.32 plus interest of £864.48. Therefore total upfront PPI amount of £2884.80.

I calculated that when interest at 8% is added from 1998 to Feb 2010 then the total amount repayable should be circa £6500 - £7000. Does this seem correct?? Is the interest compounded or simple at the same amount each year??

Barclays have sent me a cheque today for £5,084.92. They haven't given me a detailed breakdown apart from the following....

"...PPI Premium of £2020.32 plus interest of £953.96. It also includes 8% interest on the monthly premiums paid which amounts to £2110.64. This figure also includes 8% interest on the monthly premiums paid. "

Any advice comments would be very much appreciated.

Thanks,
Karl

di3004

KarlOz wrote: »

Hi All,

I have a query with regards to the settlement amount I have been offered by Barclays. After a long wait and intervention by FOS, Barclays have backed down and accepted my claim for mis-sold PPI. The amount they have offered is less than I had calculated myself and I would be grateful if anyone could offer advice on what should be the correct(ish) amount.

I took out a loan with Barclays on 3rd June 1998. The loan had an upfront PPI amount of £2020.32 plus interest of £864.48. Therefore total upfront PPI amount of £2884.80.

I calculated that when interest at 8% is added from 1998 to Feb 2010 then the total amount repayable should be circa £6500 - £7000. Does this seem correct?? Is the interest compounded or simple at the same amount each year??

Barclays have sent me a cheque today for £5,084.92. They haven't given me a detailed breakdown apart from the following....

"...PPI Premium of £2020.32 plus interest of £953.96. It also includes 8% interest on the monthly premiums paid which amounts to £2110.64. This figure also includes 8% interest on the monthly premiums paid. "

Any advice comments would be very much appreciated.

Thanks,
Karl

Hi Karl and welcome.

I have not got a clue in regards of calculations, but hopefully someone will post up and have some idea on this for you.

I would not cash the cheque right yet although I understand there is a certain amount of time to do this by, but I would request they send you a full detailed written breakdown, you are entitled to see how this was calculated - on how they come to this amount.


Good luck.

Di

maxdp

Hi It is simple interest. Well done to you.

robbedofmymoney

KarlOz wrote: »

Hi All,

I have a query with regards to the settlement amount I have been offered by Barclays. After a long wait and intervention by FOS, Barclays have backed down and accepted my claim for mis-sold PPI. The amount they have offered is less than I had calculated myself and I would be grateful if anyone could offer advice on what should be the correct(ish) amount.

I took out a loan with Barclays on 3rd June 1998. The loan had an upfront PPI amount of £2020.32 plus interest of £864.48. Therefore total upfront PPI amount of £2884.80.

I calculated that when interest at 8% is added from 1998 to Feb 2010 then the total amount repayable should be circa £6500 - £7000. Does this seem correct?? Is the interest compounded or simple at the same amount each year??

Barclays have sent me a cheque today for £5,084.92. They haven't given me a detailed breakdown apart from the following....

"...PPI Premium of £2020.32 plus interest of £953.96. It also includes 8% interest on the monthly premiums paid which amounts to £2110.64. This figure also includes 8% interest on the monthly premiums paid. "

Any advice comments would be very much appreciated.

Thanks,
Karl

Karl

well done on getting your money back,:j:j:j
the 8% simple interest figure sounds about right, i can do a quick calculation check for you but i would need to know how many monthly ppi payments you made, the start date and the value of each payment.

jfish

to the OP

how long did this take with Barclays

mine has been going on since August 2009 and about to get FOS involved because calls made always end up with usual script, we have huge volume of claims etc etc ..

di3004

jfish wrote: »

to the OP

how long did this take with Barclays

mine has been going on since August 2009 and about to get FOS involved because calls made always end up with usual script, we have huge volume of claims etc etc ..

Hi there

Have you recieved the final response from Barclays yet?

The reason I ask is because normally in the final decision they should give details of the FOS, where you have 6 months as from the final decision to take to the FOS.;)

jfish

di3004 wrote: »

Hi there

Have you recieved the final response from Barclays yet?

The reason I ask is because normally in the final decision they should give details of the FOS, where you have 6 months as from the final decision to take to the FOS.;)

nothing, sent initial PPI missold letter of in August 2009 got a letter back saying decision should be made by end of October, got another letter Nov 09 saying cant make a decision as waiting for documents

been phoning them every 2 weeks but same old story, just got the FOS form filled in and ready to post on Monday.

di3004

jfish wrote: »

nothing, sent initial PPI missold letter of in August 2009 got a letter back saying decision should be made by end of October, got another letter Nov 09 saying cant make a decision as waiting for documents

been phoning them every 2 weeks but same old story, just got the FOS form filled in and ready to post on Monday.

Good for you, you have waited long enough, good luck.;)

KarlOz_2

robbedofmymoney wrote: »

Karl

well done on getting your money back,:j:j:j
the 8% simple interest figure sounds about right, i can do a quick calculation check for you but i would need to know how many monthly ppi payments you made, the start date and the value of each payment.

The loan ran the full term of 60 months. The PPI permium was added upfront to the loan with a premium incl interest of £2884.80. The monthly loan + PPI premiums incl interest were £286.00.

I'd appreciate it if you could do a quick calculation check to see of the amount offered seems correct. I'll also call them on Monday to request a detailed brekadown to their offer.

Thanks, Karl

KarlOz_2

jfish wrote: »

to the OP

how long did this take with Barclays

mine has been going on since August 2009 and about to get FOS involved because calls made always end up with usual script, we have huge volume of claims etc etc ..

I issued my complaint to Barclays Nov 2008 and after several letters back and forth I received final response in December 2008. I then issued complaint to FOS in approx June 2009. FOS managed to get B arclays to back down and uphold my complaint and I received confirmation of thier acceptance in Jan 2010. I received a cheque this week although I'm querying the amount.

Don't mess around and request a final reponse ASAP or force the issue on them by given them x amount of days to respond or you will deem no response as their final response. Refer youe complaint to FOS ASAP. They are great at what they do and although it may take time your very likely to get a succesful outcome.

Good luck

robbedofmymoney

KarlOz wrote: »

The loan ran the full term of 60 months. The PPI permium was added upfront to the loan with a premium incl interest of £2884.80. The monthly loan + PPI premiums incl interest were £286.00.

I'd appreciate it if you could do a quick calculation check to see of the amount offered seems correct. I'll also call them on Monday to request a detailed brekadown to their offer.

Thanks, Karl

Karl

the numbers do stack up, give or taek a couple of pounds (this could be due to them calculating to the exact day of loan to exact settlement date), but effectively it looks correct.

well done on getting you money back.