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4 loans, 10 years ago - can this be correct?
Comments
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The calculation for turning single premium into monthly is different to that which is done when PPI is unsuitable or mis-sold. At the moment, Barclays are using the single to monthly premium calculation (as per FSA guidelines). Not the mis-sold outright calculation.
Was your complaint actually upheld by the FOS for an ineligibility or mis-sale reason or was it just single premium as the reason?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks Dunston. Well it should've been as mis-sale and ineligibility as they were my grounds for complaint! However I can't see detail of that at all in the response letter from the FOS, any advice re my next move?0
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Phone up the FOS and advise them they haven't made redress according ot
to the FOS guidelines.Non me fac calcitrare tuum culi0 -
Thanks Taff. Do you think that's the case then? I am so baffled by the letter - I just don't understand it. I tried to call FOS yesterday but it was too late so I emailed them. I hope I receive a quick response.0
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You need to inform the FOS that Barclays have used the redress method to convert single premium into monthly premium PPI and not used the full refund method. Give them a copy of the calc.
The single to monthly method is a valid calculation. It was defined by the FSA. However, based on what you have said, it is the wrong calculation to match the decision.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi Dunston and Taff, thanks for all of your help. I've contacted the FOS and I'm back in the 12-18 month waiting line :-( Fingers crossed for me, I believe Barclays to be the biggest bunch of crooks around0
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