Barclays PPI refund - have i got everything I'm owed??

nick1000

Hi,

my first post here. Barclays have given me a refund of my ppi. Maybe. I'm happy that they have agreed to honour my claim but slightly confused by their dubious mathematics. I'm concerned that I've been hoodwinked (again!!).

Took out Barclayloan in 2006 for £18,000. Term of 84 months.
PPI premium of £5,424.49 added to the loan.
Contracted instalment of £94.11

I complained to the bank directly about my ppi being mis-sold. After weeks and weeks they have got back to me.

So they have 'upheld my complaint' and offer to 'place me in the position... had PPI not been added to the loan'.

They are taking off of my loan the full premium and the ppi interest, but adding on to it my 'reversed ppi payments'. On that basis, theyve offered me a new loan for the remainder of the term at roughly the same rate.

The figures quoted in my letter, over the phone and actually in my bank account all differ all over the place.

The debits and credits put through my account are a bit confusing.

I have recieved;
New loan
ppi payments made so far
ppi interest paid
8% stat interest

I was also expecting to receive my full ppi premium back, instead i only appear to have got back the premium pro-rata for the period to date. Is that right? I'm not cancelling the policy or repaying it early, i'm complaining about it being missold. So that seems off.

They have then taken out of my account one payment which by my powers of deduction, equates to
new loan (same as what the old loan should have been)
plus reduced (pro rata?) ppi premium
plus ppi interest paid

They say they need to do this to balance the books but i suspect shenanigans.

Should I be worried? I thought this was resolved but now i'm more confused than ever. Is it worth taking this to the Ombudsmen?

di3004

nick1000 wrote: »

Hi,

my first post here. Barclays have given me a refund of my ppi. Maybe. I'm happy that they have agreed to honour my claim but slightly confused by their dubious mathematics. I'm concerned that I've been hoodwinked (again!!).

Took out Barclayloan in 2006 for £18,000. Term of 84 months.
PPI premium of £5,424.49 added to the loan.
Contracted instalment of £94.11

I complained to the bank directly about my ppi being mis-sold. After weeks and weeks they have got back to me.

So they have 'upheld my complaint' and offer to 'place me in the position... had PPI not been added to the loan'.

They are taking off of my loan the full premium and the ppi interest, but adding on to it my 'reversed ppi payments'. On that basis, theyve offered me a new loan for the remainder of the term at roughly the same rate.

The figures quoted in my letter, over the phone and actually in my bank account all differ all over the place.

The debits and credits put through my account are a bit confusing.

I have recieved;
New loan
ppi payments made so far
ppi interest paid
8% stat interest

I was also expecting to receive my full ppi premium back, instead i only appear to have got back the premium pro-rata for the period to date. Is that right? I'm not cancelling the policy or repaying it early, i'm complaining about it being missold. So that seems off.

They have then taken out of my account one payment which by my powers of deduction, equates to
new loan (same as what the old loan should have been)
plus reduced (pro rata?) ppi premium
plus ppi interest paid

They say they need to do this to balance the books but i suspect shenanigans.

Should I be worried? I thought this was resolved but now i'm more confused than ever. Is it worth taking this to the Ombudsmen?

Hi there & welcome

Well done on your success.

I would contact them by ringing the refunds dept to make sure on this first, see what they confirm, if this is not sorted, then yes complain to the FOS, good luck.;)