Barclays Masterloans Offers

Will_Silver

I have had two separate letters back from Barclays with offers for 4 of the accounts I had with them.
All 4 are the results of a SAR I sent to them, which they provided copies of the loans i had taken out with them.
Three of them were answered in a letter all same Barclays reference, dated 19.06.13, which are all in the same format of saying
" we are not satisfied that the PPI policy was suitable for your needs. As a result we are upholding your complaint".
BUT
Our standard process, which is based on the FSA guidance would be to offer a full refund of the insurance premium, together with interest paid on the premium to date, plus 8% per annum simple interest. However as the sale of this policy was so long ago we no longer have any records of the premium you paid. it is therefore impossible for us to calculate any redress that might be due to you.
As a gesture of goodwill we are prepared to offer you a refund of £500.

The breakdown of each loan is as follows

30.06.98 ****1861 Premium Loan £149.04 Total Charge For Credit £ 39.24 Total £188.28

23.10.98 ****9978 Premium Loan £589.09 Total charge for Credit £210.39 Total £799.68

11.08.99 ****2143 Premium Loan £458.67 Total Charge For Credit £163.89 Total £622.56

All this information is in the copies of the accounts they provided to me, which is confusing in that they say they have no records.


The other account which was answered separately, different Barclays reference, letter dated 20.06.13 says
" we are not satisfied that the PPI policy sold was suitable for your needs. As a result, we are upholding your complaint.
BUT
Our standard process, which is based on the FSA guidance would be to offer a full refund of the insurance premium, together with interest paid on the premium to date, plus 8% per annum simple interest. However as the sale of this policy was so long ago we no longer have any records of the premium you paid. it is therefore impossible for us to calculate any redress that might be due to you.
As a gesture of goodwill we are prepared to offer you a refund of £500.

The breakdown of account as follows

10.03.01 ****7503 Premium Loan £774.37 Total Charge For Credit £243.23 Total £1,017.60

The £2,000 total they have offered me is very welcome indeed, and will help us remove our mortgage arrears and hopefully our first holiday in 4 years.

As I have said, all the information provided has come from them, i have sent copies back numerous times, but they seem to have been ignored.

I just feel that I am not getting the full amount I am due, if it was just pounds it would not bother me, i am not ungrateful and so tempted to just cash the cheques and forget it.

Could somebody please advise the next step, if there is one.

dazza12

You can ask them to provide a breakdown of their offer to see if this matches what they supplied you in the SAR.

Often the PPI department will request copies of documentation, but may have not had this in time, or caught the archive department on a bad day and got nothing. However if you sent copies of documentation it's odd that they haven't taken this into account.

With your breakdown request, it may also be worth advising them once again that the redress amount does not match with your records - enclose another copy for them.

Bear in mind this may delay things further whilst they confirm the amounts and if necessary alter their offer.

-taff

You can send them back their documentation and tell them if they are upholding please can they take these figures into consideration, and you may bewaiting for while.

Or you can forward your complaint to the FOS which would be a bit pointless as your complaints are being upheld, it's the amount you are arguing about.


Seems a bit odd they'd say 500 quid for each then provide a breakdown of each loan.

Will_Silver

Sorry to confuse, the breakdown of the accounts is contained within the copies they sent me as part of the SAR I made.
The £500 offer for each account is the only thing referred to in their letters, no other amounts are mentioned.

-taff

Um...I have re-read your posted money amounts, and there's nowhere that mentions PPI, it just says charge for credit, which is interest on the loan, or are there more amounts you haven't shown?

dazza12

I've read it as the premium loan itself, the loan itself appears to be separate.

I've seen it described in this way before - for instance this is how Beneficial used to list it - as two separate loans, although the payment is taken as one.

Will_Silver

The figures above are simply the figures of the PPI against the loan.

The Premium Loan is to finance the payment of a single premium to purchase Life, Accident, Sickness and Unemployment Insurance Cover.

To use their words, not only that but they charge you credit to do so.

-taff

Got you...well, as I've said, if they've upheld your complaint, send them the evidence you have and tell them next step FOS.