Is my Barclays PPI refund correct?

ppc1

Barclays have agreed to refund my PPI + interest + 8% statuatory interest. I not not have the original paperwork.
Hi guys, Barclays have agreed to refund my ppc.

The loan was for £12,000 drawndown in July 2003. The PPI premium was £2663.05. the loan was settled in May 2004.

Barclays have agreed to refund the PPi premium £2663.05 + interest £222.11. They go on to say that they will meet my claim for payment of 8% interest on these premiums of (they say) £222.11.

If the loan was settled in 2004; should the interest not be more?

Any thoughts guys? i do not have any other information but it is the statuatory 8% i am querrying?

Also, Barclays have issued a final response and a cheque for the full amount. If I cash the cheque am I still able to raise this issue with Barclays or take the case to the ombudsman if the calculation is incorrect? i do not want to loose out!

regards

robbedofmymoney

ppc1 wrote: »

Barclays have agreed to refund my PPI + interest + 8% statuatory interest. I not not have the original paperwork.
Hi guys, Barclays have agreed to refund my ppc.

The loan was for £12,000 drawndown in July 2003. The PPI premium was £2663.05. the loan was settled in May 2004.

Barclays have agreed to refund the PPi premium £2663.05 + interest £222.11. They go on to say that they will meet my claim for payment of 8% interest on these premiums of (they say) £222.11.

If the loan was settled in 2004; should the interest not be more?

Any thoughts guys? i do not have any other information but it is the statuatory 8% i am querrying?

Also, Barclays have issued a final response and a cheque for the full amount. If I cash the cheque am I still able to raise this issue with Barclays or take the case to the ombudsman if the calculation is incorrect? i do not want to loose out!

regards

its always difficult to judge unless all of the information is available,

can you remember how long the laon was for and what apr was applied to it, also how much rebate was given on the ppi when you settled the loan.

if all this information is available i can look at the numbers.

also how much in total have they given you

cheers

di3004

Well done PPC1 on your success, Congratulations.:T:beer::j

amersall

ppc1 wrote: »

Barclays have agreed to refund my PPI + interest + 8% statuatory interest. I not not have the original paperwork.
Hi guys, Barclays have agreed to refund my ppc.

The loan was for £12,000 drawndown in July 2003. The PPI premium was £2663.05. the loan was settled in May 2004.

Barclays have agreed to refund the PPi premium £2663.05 + interest £222.11. They go on to say that they will meet my claim for payment of 8% interest on these premiums of (they say) £222.11.

If the loan was settled in 2004; should the interest not be more?

Any thoughts guys? i do not have any other information but it is the statuatory 8% i am querrying?

Also, Barclays have issued a final response and a cheque for the full amount. If I cash the cheque am I still able to raise this issue with Barclays or take the case to the ombudsman if the calculation is incorrect? i do not want to loose out!

regards

Well done on your win :T:T
When the loan was settled you would have had a rebate of ppi and a rebate of interest on the loan, so they would take this off the redress they have just given you. You have received the full ppi back from the figures they have given you ,it does not appear that they have taken off any rebates that you would have received when the loan was settled (if i were you i would take the money and run), As the loan only ran for 10 months i would say the interest is about right, for 10 x what ever the monthly payment was on the ppi.

ppc1

Hi & thanks for the responses.

I understand that the loan was to run for 5 years. Total redress £3058.17.

I had it in my head that if after the ppc refund & interest totalled £2885.16 then the 8% statuatory interest would be calculated from the date the loan was settled in 2004 until today? Am I misunderstanding this?

thanx

di3004

ppc1 wrote: »

Hi & thanks for the responses.

I understand that the loan was to run for 5 years. Total redress £3058.17.

I had it in my head that if after the ppc refund & interest totalled £2885.16 then the 8% statuatory interest would be calculated from the date the loan was settled in 2004 until today? Am I misunderstanding this?

thanx

Hi there

I did think that as well, or at least up to signing and accepting it.

Robbedofmymoney will be back to confirm I expect.;)

robbedofmymoney

these numbers do not stack up correctly,

Amersall is correct in that it looks like they have not taken into any account any ppi rebate you may have got back.

8% simple on the 2885 from march 2004 would be £1461.

assuming a rebate was give which normally happens then if they were to deduct this and then add 8% simple it would probably not come to as much overall as they have offered,

obviously if you definately did not receive a ppi rebate on stllement then you are entitled to more money.

cheers

ppc1

Thanks for the information.

I have asked Barclays to send me a breakdown of how they have calculated the redress.

I will keep you informed.

Overall though, I am still very happy!

:j

di3004

ppc1 wrote: »

Thanks for the information.

I have asked Barclays to send me a breakdown of how they have calculated the redress.

I will keep you informed.

Overall though, I am still very happy!

:j

Good one......:D:T:j;)

lfc599

Barclays contacted me by mail stating how much they owe me, I sent the form back signed and my account details on it. How long before payment goes in to my bank. They received the form I sent back on the 11th Sep at 11:04am

amersall

Give them a couple more days, if you do not get it then contact them and ask.