lukeyboy111 vs Clydesdale Bank (via Ombudsman) : SUCCESS: Awaiting Offer

lukeyboy1111

Hi.

I recently submitted a complaint to Clydesdale Bank Plc regarding a credit card I had dating from early 1997. The complaint was declined, and I subsequently complained to the Financial Ombudsman.

The good news is that the Ombudsman wrote saying that the Clydesdale were going to make me an "offer".

Of course, I'm still waiting, and so to pass the time, I've put together a spreadsheet based on a previous one that I've seen used that calculates the PPI amount plus paid CC interest and then adds on statutory simple 8% interest to both.

I guess I wanted to know if my assumptions are correct.

Depending on the APR that I used, my calculations indicate that I could be due a compensation payment of anywhere from around 12K to > 80K (depends on how it's used).

(As background, for a long time before my current job, I was stuck in the proverbial hole, card maxed out, paying interest by the bucketload and also paying late charges and the like - couldn't get out of it - mostly paid the minumum, or ran behind, it was a nightmare!).

I need to work out how to attach a file, but will do in a moment or two.

lukeyboy1111

Here's the top level figures :- I can't upload my sheet (darn!)

Total Claimed : 82,892.45
PPI Plus Charges: 4,893.45
CC Interest Paid (17.9% APR): 34,568.29
8% Simple on PPI Plus CC Interest : 43,430.71 (this is the figure I'm querying)

8% Simple on JUST the PPI plus charges (no CC interest) is : 4,482.25

[Deleted User]

You won't get a £43K refund of PPI unless you paid that amount. Nor will you get £82K.


Looks to me like your PPI refund (plus interest) would be more in the region of a few thousand rather than tens of thousands.

You will not be refunded credit card interest..

MARKOS72

Well done on your win,regardless of the amount.I had my claim rejected a few years back and also had it rejected by the ombudsman.
Last year I received a letter saying they (Clydesdale) were reviewing a number of claims but that this could take up to 18 months.After contacting them they stated if I didn't hear within the 18 months then the previous result would stand.

lukeyboy1111

The offer is 13.7K after tax, as follows

3751.19 total premiums
1418.12 charges which would not have applied to my account
5183.25 - interest in respect of those premiums and charges
4512.22 - interest at 8 pc monthly credit interest in reconstructed balances

Does anyone think this sounds reasonable? Should I be chasing additional compensation, given that they have mucked me around for 4 years nearly?

Thanks!

societys_child

You have received your compensation for the 4 years "mucking around", in the 8% interest you've been paid during that time.
Where else would you have got 8% interest?

lukeyboy1111

Okay - no need for the attitude, it was a reasonable question to ask I thought.....sheeesh!

societys_child

lukeyboy1111 wrote: »

Okay - no need for the attitude, it was a reasonable question to ask I thought.....sheeesh!

What attitude? Just explaining you've got your compensation as defined by the regulator.
Wish I had somewhere to stick my cash and get 8% back on it :cool:

lukeyboy1111

Sure. Well - as I say, I'll take the advice at face value, for sure. It came across as a cheeky comment to what I consider to be a fair question if I'm honest.....

lukeyboy1111

However - not to worry. Thanks!