How much money should I accept?

[Deleted User]

Patrick_Bora wrote: »

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

So, no real point asking here then.

brown1950

But the OP thought you were the experts ? hence the question !

-taff

Patrick_Bora wrote: »

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

Bullsh*t

There is no haggling, the redress is a defined method of what you actually paid, plus 8% simple interest, plus any associated interest.

Your bank manager friend is talking out of his @rse if he's telling you to haggle.

Nasqueron

brown1950 wrote: »

But the OP thought you were the experts ? hence the question !

The bank manager doesn't necessarily know the PPI refund process in depth.

OP has not provided any facts or figures.

The information they have been provided several times now is correct - there is a defined redress method which the bank will follow

dunstonh

Patrick_Bora wrote: »

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

Most branches dont have bank managers any more. The bank throws around phrases like manager to everyone and anyone. In the past, the bank managers were required to be qualified and chartered. Nowadays, they are little more than low knowledge figureheads with no real skillset or knowledge.

There is no haggling. The process is defined.

[Deleted User]

brown1950 wrote: »

But the OP thought you were the experts ? hence the question !

No. He quite clearly said he thought the Bank Manager knew better than "us".

He also said this around a fortnight ago; so I'm not sure why the thread was bumped?

brown1950

Can the experts who post on this site every day explain what they mean when redress
on a credit card includes ' associated interest' ?

Nasqueron

brown1950 wrote: »

Can the experts who post on this site every day explain what they mean when redress
on a credit card includes ' associated interest' ?

Yes though you could simply have looked on the FOS website

redress for mis-sold PPI on credit cards

Where a PPI policy is sold alongside a credit card, the premium is added to the credit card balance each month and interest is payable on it.
our approach

Where a consumer was mis-sold PPI alongside a credit card, and the policy remains in force, we will tell the business to cancel it. The approach we tell the business to take to compensate the consumer fairly will depend on the consumer's circumstances and the current position of the credit card, but compensation will usually involve two steps:
• A hypothetical reconstruction of the credit card account to find out what the current balance of the credit card account would be if the consumer had paid the same monthly payments, but the PPI policy had not been added to it.
This will involve the business removing the PPI premiums, any interest that was charged on the premiums and any charges (and interest on those charges) that would not have applied if the PPI had not been added to the account.
The business should then pay the consumer the difference between the current balance and what the current balance would have been without PPI.
• The addition of interest (usually at our normal rate of 8% per year simple) on any credit balance for any periods when the reconstructed account would have been in credit.
In some cases we may decide to tell the business to pay compensation for any distress or inconvenience caused to the consumer.

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html#redresscc