CAN ANYONE SIMPLIFY THIS? barclays ppi ?

lennonray

Hi , and apologies up front if this is understandable to most people , but its certainly not to me.. this is part of a letter i have received from BARCLAYS

whilst reveiwing your complaint , we have been UNABLE to trace the documentary evidence to support the process , based on this we have UPHELD your complaint.....

to acheive this it will be neccisary to repay the original ppi premium used to purchase the policy , and the interest charged on that premium , these payments will be made to the outstanding depts ( which i assume is my balance of the loan)

we will then refund the monthly ppi repayments paid amounting to £609.44 and credit my current account with 8% interest on these monthly ppi repayments totalling £107.67

the thing i dont get with the last part is , i dont have an active current acount with barclays , it was closed and passed to a DC, so will i be able to ask for the money i paid to the PPI as a personal cheque? or will they offset it to an old current account i no longer have access to?

then the totals they calculate done make sense to me?


we (barclays) have calculated the balance of the outstanding dept as follows

ppi premium repaid to dept £465.95
ppi interest charged repaid to oustanding dept £+258.06
monthly ppi repayments refunded to current account £-609.44
reduced outstanding dept by £-114.57

what do all the + and - mean?


can anyone please make this simple , and advise me if i can claim back the monthly repayments on the ppi i made , can i request them as a PERSONAL CHEQUE as i dont want it going to my old , inaacessable bank account

zppp

You can request that they pay you by cheque, however it depends upon how Barclays have dealt with your other account.

If they have sold the debt on to a Debt Recovery Agency, it is likely to be an external company and therefore they are unlikely to offset. (Some DCAs sell the debt back to the bank where they are unsuccessful at collecting the debt)

If they have hired a DCA/Tracing company, then the account may very well still be under their control, and yes they could look to offset.

lennonray

yeah i was thinking that they would offset , the only thing im picking up on other threads etc , is that because its repayments iv actually made then i may be in a position to ask for them back , as if barclays offset them , and take it off an unrelated dept other than the loan , then they are not putting me back in the poisition i was when they illegally miss sold me the policy , iv phoned barclays customer relations asking for a personal cheque and am still awaiting a return call and response

lennonray

well barclyas didnt offset , when i threatened them with the FOS i woke up this morning to a cheque of £717.11p

dunstonh

You were lucky. Probably as the amount was only £717. Had it gone to the FOS, they would have ruled with Barclays. They almost certainly paid it because it would have cost them £500 if you took it to the FOS and then that would have held it up for about 18 months creating an ongoing cost for them. It was cheaper to cave in and pay it.

llegally miss sold me the policy

They did not illegally mis-sell you. They have not broken any law. They were unable to find any evidence to show that they complied with FSA requirements. Not laws. If it was illegal you would also have the police involved. I think you meant unlawful. However, it was not unlawful either.

lennonray

if it wasnt illeagal or unlawfull , do you think id have over £700 pound in MY account off them? whats the word for it then?