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help with barclaycard ppi compensation calculation
angelbaby74
Posts: 1 Newbie
Hi. I am looking for someone to help me with my ppi refund calculation.
My complaint against barclaycard has been upheld after I contacted the financial ombudsman. Barclaycard have sent me a letter with the ppi refund and I am unsure as to how they worked out the compensation.
I had the ppi on my barclaycard from september 2003 - september 2009. The APR was 17.4%. My total premiums were £180. They have calculated my interest refund as £2.60. This seems a bit low to me. The statuatory compensation is £183.97. I have contacted barclaycard ppi line to go through the calculations and they weren't helpful. Can anyone help me with this. I just want to know that I am receiving the right amount after 2 years of pursuing this claim. Thanks.
My complaint against barclaycard has been upheld after I contacted the financial ombudsman. Barclaycard have sent me a letter with the ppi refund and I am unsure as to how they worked out the compensation.
I had the ppi on my barclaycard from september 2003 - september 2009. The APR was 17.4%. My total premiums were £180. They have calculated my interest refund as £2.60. This seems a bit low to me. The statuatory compensation is £183.97. I have contacted barclaycard ppi line to go through the calculations and they weren't helpful. Can anyone help me with this. I just want to know that I am receiving the right amount after 2 years of pursuing this claim. Thanks.
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Comments
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How much interest do you think you paid on the premiums? How often were you carrying a balance on the card?0
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angelbaby74 wrote: »Hi. I am looking for someone to help me with my ppi refund calculation.
My complaint against barclaycard has been upheld after I contacted the financial ombudsman. Barclaycard have sent me a letter with the ppi refund and I am unsure as to how they worked out the compensation.
I had the ppi on my barclaycard from september 2003 - september 2009. The APR was 17.4%. My total premiums were £180. They have calculated my interest refund as £2.60. This seems a bit low to me. The statuatory compensation is £183.97. I have contacted barclaycard ppi line to go through the calculations and they weren't helpful. Can anyone help me with this. I just want to know that I am receiving the right amount after 2 years of pursuing this claim. Thanks.
You receive the PPI element plus 8% simple interest (not compound) plus any interest you paid on the PPI.
You only get extra interest if the PPI was removed from your credit card bill and that would have put you in credit, if your card was consistently in debt and removing the PPI alone wouldn't have made any difference then you don't. You will only ever get back what you paid (interest aside). Unless you can prove you paid more than their calculations you should accept it
http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html#redressccSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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