How much money should I accept?

Patrick_Bora

Hello,

I have received a settlement of £3450 from Barclays for two loans which had PPI added to them - one loan was for two years and was taken out in 2001, the other on was for six years and was taken out in 2002. The money was paid straight into my account by Barclays, but I was not asked if I agreed with this settlement price. Do you think the offer is too low and should I ask them to revise the offer?

Also, I am waiting for MBNA to make me a sttlement offer for a crdit card which I was paying PPI on for ten years and started in1998. What is the minimum I should accept.

Thanks
Patrick

[Deleted User]

Why is it too low? It is a refund of what you paid, plus interest.

How much were you looking for?

The minimum you should accept is the amount you are due.

Patrick_Bora

I do not know how much I'm due that's the problem - how do you work it out? A friend of mine said that Barclays will offer you a standard price of £3500 and you need to ask them to revise the offer taking into account the interest due since the date the loan ended. Is this correct?

Nasqueron

You don't haggle over this and get more on a second offer, you get back a refund of what you paid + associated interest, it is a defined refund method and you do not get a penny more unless it is a circumstance where they had to estimate and you have documentary proof otherwise

[Deleted User]

No. That's not correct. The refund is based on what you paid plus interest.

If they don't have records of all your payments, and neither do you, then they may need to make some assumptions.

Patrick_Bora

Okay thanks.

Patrick_Bora

When I spoke to someone at MBNA Bank they instantly pulled up my old account and said I had been paying PPI for a period of ten years - so they have all my information. I am confused as to what to accept as a offer form them know.

Nasqueron

Again, it is a defined refund process, they are required to follow the rules and refund the money you paid with associated interest

[Deleted User]

Patrick_Bora wrote: »

I am confused as to what to accept as a offer form them know.

Credit card PPI is based on the amount outstanding each month. If you regularly paid off your credit card debt then you will have paid very little PPI even if you had it for ten years.

Without statements, it's impossible for anyone here to know what you paid and so how much you will be refunded.

You should ignore "friends" who tell you banks make "standard" offers. The redress is defined as a full refund plus 8% simple interest and any associated interest. You will get no more (and no less).

Patrick_Bora

The person who gave me this information is a Bank Manager for Barclays and should know what they're talking about more than us.

[Deleted User]

Patrick_Bora wrote: »

The person who gave me this information is a Bank Manager for Barclays and should know what there talking about more then us.

You'd have hoped so, wouldn't you...