Barclays redress recalculated

Placida

Checked my current account balance today to find Barclays had credited my account with £4,508 with the transaction reference. PPI & INTEREST REFUND.

Bit surprised as I had had my complaint for mis sold PPI upheld and received redress back in 2012.

As I am presently complaining that my Additions Plus Account was mis sold I decided to phone and check in case there'd been a mistake.

Was told they'd miscalculated my redress from my 2012 complaint and a letter was posted yesterday explaining why but could take 7 days to arrive!

Thanks Barclays:)

Engleburt

Wow! That's great.

What I don't understand is why they are being so proactively honest. I know in theory they are supposed to be beyond reproach and totally trustworthy, but it's not proven to be the case previously, has it.

dunstonh

What I don't understand is why they are being so proactively honest.

Despite popular beliefs the vast majority of those working in financial services are honest and fair. It is fashionable to bash the banks and there have been good reasons to at times but that does not mean every single bit of them is bad.

[Deleted User]

Engleburt wrote: »

What I don't understand is why they are being so proactively honest.

Why is it difficult to understand?

They spotted an error they made and corrected it.

Even "Monopoly" has a Chance card proclaiming "Bank error in your favour, collect £200" and that was first available in the 1930's!

Placida

I must be getting cynical my old age!

As the FCA are currently reviewing complaints handling and management in major firms, including building societies. I thought they might have identified an error in their method of redress for successive loans. This was a key finding in the FCA review of smaller firms last year.


Evidently the second phase of the review is considering firms' approach to redress and root cause analysis.

I expect the letter will explain all;)

Placida

I received a letter today explaining that Barclays made mistake when calculating the amount of my Refund on PPI on my overdraft not my loans as I thought. The guy from Barclays had only referred to a complaint I'd made in 2012 so I presumed it was for loans.

Evidently when they conducted an additional review they found they did not take into account any interest and fees charged on my overdraft due to PPI.

Their records show the start of my PPI policy on my overdraft was in 1999 which was not mentioned in my previous refund.