Advice on a PPI offer greatly appreciated...

pthurst

Hi Everyone,

I have recently claimed against BARCLAYCARD citing the reasons that I didn't even know PPI was active on my account. They have agreed my refund plus interest however when I do the maths, it would appear that my PPI payments were only £5.20 per month...

I am wondering if this sounds about right or if the figure could possibly have been mis calculated (calculated on start date to end date (in months), divided by total amount listed, giving me £5.19 per month...

I know its a big ask but can any other successful claimants from around 2003ish give a ballpark estimation if the maths seems good or if its likely that a mistake has been made?

Many thanks

Paul

SimonD316

IIRC Credit Card PPI was normally charged at a rate per £100 per month, so the higher the balance the more PPI you would have been charged.

I'm waiting for a Lloyds TSB calculation and their rates were between £0.59 and £0.79 per £100 per month, so using this your balance would have been between £650 and £880 per month...

Does this sound about right?

It's worth remembering that as this was shown on each monthly statement it's not something they should need to calculate, it should be a case of checking back through their records for.

BC_KT

There's no "fixed" rate for Barclaycard PPI to be charged, the amount varied based on what your outstanding balance was for that month. If you had a 0 balance your weren't charged at all, if you had a massive balance you could be paying upwards of £50 a month. There's no way to compare anyone else's calculations as they would be unique to you based on your usage of the card.

pthurst

Hi,

This incident is still ongoing. On the basis of what was written on here, I requested copies of all my statements etc and paid 10 quid so I could check this all out.

I waited ages then eventually received them but surprisingly, they have not sent me copies of statements from the time my PPI was active on my account.

I can see that a few months after the period my outstanding balance was just over 4k so based on what I am seeing on here, I suspect that the offer of £200 is a little low?

Any advice, GREATLY appreciated :-)

Paul

misschicken

They will only be offering you the amounts from the statements they still have records of, they do not have to keep statements going back as far as 2003 so those records may no longer exist. As stated above you were only charged PPI when you owed money on the card and the amount of PPI charged would depend on your spending. You also only receive the 8% interest element for the periods of time your balance was at 0. All these elements will effect the amount you are owed. If they are offering you a payment as a goodwill gesture the can offer whatever they like. If they have actually upheld your complaint then request a full breakdown of the settlement offered, month by month and the interest allocated.