Been made an offer - is it right ?

PatsFan1970

Hi everyone,

Read these threads before for advice, but never posted. Have submitted PPI claims on my own. Have an offer back from Barclaycard for my two cards. Just wanting to know if the figures they have quoted me are roughly (I know no one can be 100% accurate) around what I should be looking at ?

Firstly, the PPI was mis-sold to me in 1996. When I became more money savvy later in life (around 2001), I cancelled the PPI as I realised myself it wasn't worth it and we were pressured into taking the PPI (also I was on medication which would have voided it anyway). So the period of payments are only from 1996-2001. Now, Barclaycard say they no longer have records of my monthly statements from this period, so they have had to estimate on spending patterns on records they do have. Is this right ? That they would not have the records that far back ? I thought this kind of information was stored on microfiles if accounts are still active (which mine are).

Secondly, the offers are :- Refund of £196 plus interest (since 2001, I'm taking it) of £7 plus another £221 statutory compensation, minus income tax deduction of £44, total offer of £381. Does this figure sound about right, or should I be looking at more ? I know it goes on spending etc so I'm never going to get a 100% accurate figure but given the period of time this should have accumulated over, I was just expecting a bit more to be honest, not tens of thousands like some you hear but maybe just over £1k per card (there are 2 cards and the other offer is similar to this one).

Any help / advice appreciated. Thanks in advance

meer53

As PPI is paid based on the balance on your card each month, no-one here can advise you as we don't have any details of your spending or whether you paid full or minimum payments. PPI doesn't accumulate, it's charged depending on your balance, if you pay off in full, then no PPI is paid.

If you have statements, do the math yourself and go back to Barclays if you think it's wrong.

PatsFan1970

Is it right that they won't have records somewhere anymore, as I am still active with them (same cards/ accounts). Just find it hard to believe that they don't store current customers past history with themselves. Thought these kind of things were stored on microfiche in earlier dates and on a database more recent (or transferred over)

Nasqueron

PatsFan - if you have no records of your own and don't believe the bank you would have to send in a SAR + £10 payment to ask them for a copy of all their records that they have left - there is no guarantee they do keep records forever.

I believe PPI is typically 70p / £100 balance so unless you can show you were thousands of pounds in debt every month then you will have to accept this payment unless you can dig out your own archives - on the plus side, they may be paying you back more than you actually paid if their estimate is higher

katy_ann

PatsFan1970 wrote: »

Is it right that they won't have records somewhere anymore, as I am still active with them (same cards/ accounts). Just find it hard to believe that they don't store current customers past history with themselves. Thought these kind of things were stored on microfiche in earlier dates and on a database more recent (or transferred over)

Banks typically keep statement data back 6 years

Insider101

PatsFan1970 wrote: »

Is it right that they won't have records somewhere anymore, as I am still active with them (same cards/ accounts). Just find it hard to believe that they don't store current customers past history with themselves. Thought these kind of things were stored on microfiche in earlier dates and on a database more recent (or transferred over)

This varies between one bank and another. Under the Data Protection Act,they are required to get rid of information when they do not consider they are likely to have a use for it in future. How long they should keep it is a legitimate matter of commercial judgement. As per the above, six years is typical but some do go back further.

dunstonh

Just find it hard to believe that they don't store current customers past history with themselves.

It is called the data protection act. Legally, firms have to destroy data that is no longer required. Some data, like account numbers and who those account numbers belonged to are retained but are often stored as the account number as the method of filing. Not the name.

PatsFan1970

Thanks everyone, appreciate your time and replies