Overdraft PPI

EvaCustard

Wowzers - I've just checked my bank and Barclays have repaid me over £2,100.

To say I am pleased would be an understatement

McKneff

Don't forget, if you are a taxpayer, you have to pay tax on your interest.

EvaCustard

Thanks - I thought Barclays would with hold basic rate tax on the payment anyway?

It's not a problem though as I do complete a tax return so will disclose all interest there as usual.

Placida

McKneff wrote: »

Don't forget, if you are a taxpayer, you have to pay tax on your interest.

I believe Barclays are deducting income tax on the 8% statutory compensation payment as from October 2013 in line with new legislation.

sorryitsme

Well I recently asked Barclays to recalculate my overdraft PPI refund from 2011 after reading a few posts on here.

I am awaiting there response, but have noticed on my redress calculations there is £0.00 in section B (Interest incurred due to PPI) so I am hoping that's an error. I was paying PPI from 1998 to 2011 on one account and paid £1083 in premiums and had that plus £405 simple interest returned. My other account was £350 in premiums and £140 simple interest returned.

They have reopened my complaint so fingers crossed.

sorryitsme

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

I have just looked again at my calculation letter and mine is

A Original PPI policy premium
B Interest incurred due to PPI
C 8% simple interest
D less any other successful claim
E Less early settlement
F Less any other previous refunds made directly as a result of this policy
G PPI refund due


I only had figures in columns A, C and G the rest were £0.00.

Does it look like they may have made a mistake with me?

sorryitsme

sorryitsme wrote: »

I have just looked again at my calculation letter and mine is

A Original PPI policy premium
B Interest incurred due to PPI
C 8% simple interest
D less any other successful claim
E Less early settlement
F Less any other previous refunds made directly as a result of this policy
G PPI refund due


I only had figures in columns A, C and G the rest were £0.00.

Does it look like they may have made a mistake with me?

I have just found out that yesterday £950 was credited to the account where I had £490 refunded in 2011. Apparently they are still making a decision on the account that I had £1400 refunded. Fingers crossed I get a refund on that one too!:D

The strangest thing is a lady called me at work today to say that a colleague was looking at my overdraft PPI complaint and she wanted to talk about the incorrect interest on a previous loan PPI redress....but I didn't complain about a loan PPI calculation!!

Placida

sorryitsme wrote: »

I have just found out that yesterday £950 was credited to the account where I had £490 refunded in 2011. Apparently they are still making a decision on the account that I had £1400 refunded. Fingers crossed I get a refund on that one too!:D

The strangest thing is a lady called me at work today to say that a colleague was looking at my overdraft PPI complaint and she wanted to talk about the incorrect interest on a previous loan PPI redress....but I didn't complain about a loan PPI calculation!!

My son decided to phone Barclays today to ask to have his overdraft ppi redress from 2012 recalculated as several posters including myself have received extra redress in the last month.

He was told that Barclays are going through their overdraft ppi data and applying a new formula to recalculate redress.

However when he asked if they were recalculating loan redress, he was told no.

sorryitsme

Placida wrote: »

My son decided to phone Barclays today to ask to have his overdraft ppi redress from 2012 recalculated as several posters including myself have received extra redress in the last month.

He was told that Barclays are going through their overdraft ppi data and applying a new formula to recalculate redress.

However when he asked if they were recalculating loan redress, he was told no.

I think they are reinvestigating my Loan PPI as it was miscalculated, it was one loan consolidated into another one.

On the first loan they returned the PPI less what was refunded due to consolidation, but did not return any simple interest.

I have a feeling they owe me about £900, which is a lovely surprise.:j

Placida

sorryitsme wrote: »

I think they are reinvestigating my Loan PPI as it was miscalculated, it was one loan consolidated into another one.

On the first loan they returned the PPI less what was refunded due to consolidation, but did not return any simple interest.

I have a feeling they owe me about £900, which is a lovely surprise.:j

Last year the FCA launched a thematic review into PPI complaint handling and management in the major banks to be conducted in two phases: the first considering how firms identify, record and report complaints, and was to be completed by the end of 2013. The second phase was to commence in early 2014, and consider firms' approach to redress and root cause analysis.

Their findings and recommendations are to be published soon. Makes you wonder what they found at Barclays!

My Barclay loan redress in 2012 was for a chain of 5 loans but I think I got 8% simple interest.

Just waiting to hear if Barclays uphold my complaint and refund my Additions account charges(by 9th April). Fingers crossed.