Overdraft PPI

EvaCustard

I wonder if anyone could confirm for me please, when the PPI on overdrafts is repaid, do you also get the 8% interest too?

Barclays have just confirmed they will uphold my claim and I'm trying to work out roughly how much it will be. I've been paying it since 1999 :eek:

Thanks

aileena_2

Evacustard, sorry this isn't a helpful reply to your question, I am watching your post and am keen to read any answers and I am in the process of reclaiming mis-sold PPI on an overdraft. Hopefully somebody will respond soon as I am keen to know as well.

EvaCustard

aileena wrote: »

Evacustard, sorry this isn't a helpful reply to your question, I am watching your post and am keen to read any answers and I am in the process of reclaiming mis-sold PPI on an overdraft. Hopefully somebody will respond soon as I am keen to know as well.

Hopefully someone will come along and help

I've checked some of the calculators I've found but they all seem to be either loan or credit card specific.

-taff

the 8% interest is simple interest, so the same as any 8% interest applied to any redress.

EvaCustard

-taff wrote: »

the 8% interest is simple interest, so the same as any 8% interest applied to any redress.

Thank you.

PS - I'll update the thread when I hear from Barclays.

brown1950

EvaCustard wrote: »

I wonder if anyone could confirm for me please, when the PPI on overdrafts is repaid, do you also get the 8% interest too?

Barclays have just confirmed they will uphold my claim and I'm trying to work out roughly how much it will be. I've been paying it since 1999 :eek:

Thanks

If it helps i recently received a PPI refund on a Barclays overdraft and the refund calculation was shown as :-

A Refund of Premiums paid
B Refund of interest charged on PPI Premiums
C Refund of associated fees
F 8% simple interest on PPI Premiums

Explanations of the above are :-

A This is the total of the monthly PPI premiums made to date.
B This is the amount of interest charges incurred due to the PPI premiums.
C This relates to any fees you may have incurred as a direct result
of your PPI payments causing you to exceed an agreed authorised
limit.This figure is estimated.
F Self-explanatory

EvaCustard

brown1950 wrote: »

If it helps i recently received a PPI refund on a Barclays overdraft and the refund calculation was shown as :-

A Refund of Premiums paid
B Refund of interest charged on PPI Premiums
C Refund of associated fees
F 8% simple interest on PPI Premiums

Explanations of the above are :-

A This is the total of the monthly PPI premiums made to date.
B This is the amount of interest charges incurred due to the PPI premiums.
C This relates to any fees you may have incurred as a direct result
of your PPI payments causing you to exceed an agreed authorised
limit.This figure is estimated.
F Self-explanatory

Thank you so much for this. It's really, really helpful :beer:

Placida

EvaCustard wrote: »

I wonder if anyone could confirm for me please, when the PPI on overdrafts is repaid, do you also get the 8% interest too?

Barclays have just confirmed they will uphold my claim and I'm trying to work out roughly how much it will be. I've been paying it since 1999 :eek:

Thanks

Hi,
In 2012 I received £3774 in redress for mis sold PPI on my Barclays overdraft and then last month my account was credited a further £4508 as Barclays had conducted an additional review and found that they had made a mistake when calculating my first refund and had not taken into account any interest and fees charged on my overdraft due to PPI


My redress was calculated from 1999.

Barclays deducted income tax at current basic rate of 20% from the 8% statutory compensation payment.

Good luck

EvaCustard

Placida wrote: »

Hi,
In 2012 I received £3774 in redress for mis sold PPI on my Barclays overdraft and then last month my account was credited a further £4508 as Barclays had conducted an additional review and found that they had made a mistake when calculating my first refund and had not taken into account any interest and fees charged on my overdraft due to PPI


My redress was calculated from 1999.

Barclays deducted income tax at current basic rate of 20% from the 8% statutory compensation payment.

Good luck

Thanks for this, I really appreciate it.

Placida

EvaCustard wrote: »

Thanks for this, I really appreciate it.

My redress was based on a total of £2940.00 monthly PPI premiums.


Barclays stated that their calculations were based on the records that they have available-in most cases extending back to 2001-and where they no longer hold data, they estimate the refund of PPI premiums and the interest charged based on your known policy start date and transaction behaviour. For over limit fees, they estimate the fee repayable based on your monthly balance history, overdraft limit, frequency of fees and their fee tariff.


My overdraft limit is £2,500. Needless to say it is cleared:j

EvaCustard

Placida wrote: »

My redress was based on a total of £2940.00 monthly PPI premiums.


Barclays stated that their calculations were based on the records that they have available-in most cases extending back to 2001-and where they no longer hold data, they estimate the refund of PPI premiums and the interest charged based on your known policy start date and transaction behaviour. For over limit fees, they estimate the fee repayable based on your monthly balance history, overdraft limit, frequency of fees and their fee tariff.


My overdraft limit is £2,500. Needless to say it is cleared:j

Excellent, thanks for the further info.

The PPI I have paid is only £1,048. It was originally only a £400 overdraft and the limit is currently arount £1,400, so substantially smaller figures than yours.