PPI Calculator

Jonesthemilk

anyone know if this is any good. my calcs have been pretty close to offers so far.
4 paid out 4 in progress.

google for .backto88.co.uk/ppicalculator

[Deleted User]

You don't need any calculator, the Bank will calculate the redress due.

Why count your chickens?

Jonesthemilk

When the standard " average redress for the period" offer is made then if I have sufficient information to be able to calculate more or less what should be paid.
I can then contest the redress if I feel it is not as much as it should be. (That's where FOS can come up with an adjudication.)
Barclays in particular have tried this, though I have given them sufficient information to do a calculation
Even if they use the Bank of England Base rate published for the period it calculated out more than the £1893 they have offered ( almost double in fact)

[Deleted User]

Jonesthemilk wrote: »

I can then contest the redress if I feel it is not as much as it should be.

You need more than an internet "calculator" in order to contest any redress payment offer. You'd need to provide documentary proof that you paid more. This is, of course, unlikely where both you and the Bank no longer have such records.

Nearlyold

When the standard " average redress for the period" offer is made then if I have sufficient information to be able to calculate more or less what should be paid.

Do you or Barclays not have the actual figures?

Nasqueron

Jonesthemilk wrote: »

When the standard " average redress for the period" offer is made then if I have sufficient information to be able to calculate more or less what should be paid.
I can then contest the redress if I feel it is not as much as it should be. (That's where FOS can come up with an adjudication.)
Barclays in particular have tried this, though I have given them sufficient information to do a calculation
Even if they use the Bank of England Base rate published for the period it calculated out more than the £1893 they have offered ( almost double in fact)

No idea what these sums are about, the FOS allow a reconstruction or average spend where there is no documentation. If you disagree with the figure you provide your evidence, if you have none, you have to accept the bank's offer - an internet calculator will not get you more money.

I'd hazard a guess you are massively overestimating your potential refund probably by using compound, not simple, interest or applying the wrong interest rates (8% after 1993 or 15% before). Possibly also you have made a mistake on some element of the refund such as the associated interest.

Either way, you won't get more money without proof you paid it, whatever some website reckons

good-samaritan

It never ceases to amaze me just how many experts there are in internet chat rooms giving advice. And when that advice states that the banks are doing everything OK and should not be challenged, it makes me wonder just who the experts are working for! The banks continue to "amend" the way that they interpret the rules on performing PPI calculations - and they are only doing this because people that understand calculation methodology are pointing out that consumers are still being conned. The above posters are correct when they say that "you only get back what you paid in". BUT this only applies to the actual PPI premiums that were paid. There are 2 further components of redress which are open to massive discrepancy - Account Interest & Statutory Interest. Anybody who thinks the banks all have the same "FCA/FOS Approved" calculator and just feed the figures in to get a result is deluded. Every bank and firm will apply its own interpretations, assumptions and adjustments to how the 2 types of interest are calculated. The banks know that it is absolutely impossible for any consumer to understand these calculations and the only way that their sums will ever be challenged is when savvy consumers or professional claims managers send challenges to FOS. These challenges generally have nothing to do with the amount of PPI paid - they are invariably related to how the account & statutory interest components are applied. When you understand that the Premiums Paid component on a credit/store card offer can be only 10 -20% of the total redress, you can see that there is a huge potential for detriment - 80% of a card PPI Offer can be Account & Statutory interest. And account interest on cards is always Compound - it is Statutory Interest that is Simple.
I have visited the calculator in question and can see that it makes clear that it is a tool to produce a figure which is inline with a "Clean FCA calculation" BEFORE any assumptions or amendments are applied by the bank. It produces a Clean figure so that IF a consumer receives an offer which is different, the consumer is empowered to ask questions Why?? If the bank have satisfactory answers then fine - if not, then the consumer can go to FOS. This seems fair enough to me. The banks are just asked to provide an explanation for why their offer deviates from a Clean figure - surely they should be doing this to start with rather than consumers having to check and challenge?

[Deleted User]

good-samaritan wrote: »

surely they should be doing this to start with rather than consumers having to check and challenge?

Exactly, which is why I earlier said that an internet "calculator" is not required.

Anyone who doubts the Bank can ask the Ombudsman to look at the figure.

good-samaritan

How can a consumer know if the figure is in doubt unless they know what it should be? Without any starting figure, a consumer is just raising a non-specific query without any reason or justification. The FOS are very happy to accept queries with good reason but would take a dim view on receiving queries that are just based on unsubstantiated doubt. An internet calculator which offers a clean FCA PS10/12 result provides a starting figure which raises the alarm so consumers can investigate further and then go to FOS with a specific reason IF required. i.e. the offer is different to the FCA PS10/12 result.
The calculator listed by Jonesthemilk states that it is FREE, has no obligation to make any enquiry or claim and does not ask for any personal details - so why would you tell other users not to use such a tool if it provides them with a simple way to begin a justifiable query? I thought that this site was all about empowering consumers to take control of their own claims and the Jonesthemilk calculator just helps them to do this. In my opinion, the only people who would not want consumers to have access to such a useful free tool are the banks.

[Deleted User]

good-samaritan wrote: »

How can a consumer know if the figure is in doubt

As I said, the Ombudsman will check the figure on request. Customers don't generally need to "challenge" the Bank's calculations, certainly not with an internet "calculator" designed to encourage the use of a Claims Company.