EGG/Barclaycard strange letter

Sploshy

I recorded all conversations for a good reason. I wanted a record of what had been said. I know that it might not be admissible in court but that is not the point. Record every conversation you have with them. I was told that an interest rate of 28.71% should be used in calculations. When I said this later they basically denied it until I said that it was recorded and then they said that I had been given incorrect information.

The software used by these companies is not understood by them. It produces an output which is the best possible output for the company concerned. They want to reduce the payout.

I took Capital One to court because they would not explain or give me any details on the calculations that they used. Because I took them to court they were forced to give me this information. When I received it I was able to discover how the software calculates the redress. By doing this I was able to work out that they were underpaying. They denied this but then, one year later they admit they were wrong and sent me a cheque for the full amount that I had been asking for. I don't think that anything can speak more than them sending this money out of the blue and I contend that by doing this they admit that their calculations were wrong and since they use software to calculate the redress amount then this software must have been proved to be wrong.

I know that you have a very high feedback rating and you obviously give a lot of your time in helping people but none of what i have said can be denied. I am happy to post ALL correspondence with Capital One.

I have not affiliation with any bank, credit card supplier etc. I cannot understand why you would be defending them since they are not helping us out but are being forced to return the money that we are all owed.

You clearly do not understand how redress should be calculated, as defined by the FOS and FCA. I do understand it and hence was able to recover the full amount due.

Nasqueron

Sploshy wrote: »

If that were the case regarding compound interest then why did Capital One say that they pay "interest on interest"?

If Capital One themselves are saying they pay compound interest then why would you be saying that they do not have to.

If you read what I wrote carefully you will see -

The "compensation" element of a PPI refund is an 8% interest payment on every year but this is simple interest not compound. I believe (but again, not stating this as a fact) that when you had PPI on a credit card and the PPI premium added to the debt you had which then got interest the next month etc (so you were paying interest on interest) you got a compound interest payment for that element only.

PPI on a credit card was typically around 70-80p per £100 of debt so while relatively minor, it would add up over time and result in you paying more interest if you couldn't clear the balance.

It's not outside the realms of possibility Cap One have decided to do something different if it gives you more money however.

Your case is what is known as anecdotal evidence, a single example against a wall of evidence that contradicts you, your case does not mean every case is the same (a well known logical fallacy)

dunstonh

I know that you have a very high feedback rating and you obviously give a lot of your time in helping people but none of what i have said can be denied. I am happy to post ALL correspondence with Capital One.

yes it can be denied as you said all providers and you said it was a software issue. Yours is a case in isolation and appears to be using an unusual method which the rules do cater for but not used that often. You are assuming your situation is mirrored across all. That is wrong.

I have not affiliation with any bank, credit card supplier etc. I cannot understand why you would be defending them since they are not helping us out but are being forced to return the money that we are all owed.

I see no posts defending them. Just pointing things out.

You clearly do not understand how redress should be calculated, as defined by the FOS and FCA. I do understand it and hence was able to recover the full amount due.

I clearly do understand how redress should be calculated. The problem is your assumptions.

[Deleted User]

All I will add is "do not feed"

Stuh78

Well got a reply today, and it's as strange as the first one; in bold writing at the top is claims 'Your Egg Card Repayment Protection (CRP) claim has been upheld'. hurray. Further down it says as they have not received any new information they stand by their original decision. Confusing. So I phoned and I was told the bold statement at the top is a printing error.

EvaCustard

EvaCustard wrote: »

Hi

I can't help as to why but I've also had a letter from Barclays asking for further information as "there may be a different outcome to the claim"

Totally bizarre & I'd also welcome comments from anyone else who had had this letter?

I've sent back the info they requested (as best I could, given they wanted it by 5/2/16!!) and will wait & see what kind of response they issue.

The info they wanted was details of savings and sick pay policy for the company I worked for. Luckily I still had a copy of the staff handbook and was able to provide that.

Well, I arrived home yesterday after the half term break and sitting on the mat was a letter from Barclays and a cheque for £477. I'm really pleased now that I responded to their letter, it's a nice little surprise :T