Offer from Barclays on PPI

Delta4_2

HI I'm new to this forum but looking for advice: I have a loan of 15,000 with Barclays which is 31 months into its term. My monthly payment is £308 per month including PPI. After Barclays declining my claim I took it to the FOS, Barclays have now offered me £1129 in compensation. I was a little dissapointed with this as I was ;ed to believe that payment would be over £2000. Can anyone advise please.

Derwent

You'd need to provide a little more detail, e.g. term of loan (36 months, 48 months etc) and also either the monthly PPI payment (including interest) or the initial PPI sum and the loan APR

magpiecottage

Delta4 wrote: »

Barclays have now offered me £1129 in compensation. I was a little dissapointed with this as I was ;ed to believe that payment would be over £2000. Can anyone advise please.

Who led you to believe it would be over £2,000?

Barclays will have calculated the redress using methodology specified by the Financial Services Authority. Therefore, either they have put the wrong figures into the calculation, used the wrong methodology (which seems unlikely) or you have been "misled to believe" it was over £2,000.

amersall

You have only paid 31 months of ppi on this loan,so you only get ppi back that you paid to date.

Make sure the loan will be reset and the total ppi taken off and your monthly payment should come down by the ppi monthly amount.

Niggly_2

Delta4 wrote: »

HI I'm new to this forum but looking for advice: I have a loan of 15,000 with Barclays which is 31 months into its term. My monthly payment is £308 per month including PPI. After Barclays declining my claim I took it to the FOS, Barclays have now offered me £1129 in compensation. I was a little dissapointed with this as I was ;ed to believe that payment would be over £2000. Can anyone advise please.

Seems low to me.

PPI is £60 per month x 31 = £1800 +
Then 8 % interest = £200

The ppi off loan with interest reducing payments by £60 per month.

As for Barclays getting the figures correct I have been asked to check lots of offers and over 75% were wrong with Barclays admitting they were wrong and putting them right.

Either you have arrears on the account or the figures are wrong from the information above

N