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Egg / Barclaycard PPI redress
AndyWh1te
Posts: 1 Newbie
Hello,
First post here but I've used the site for a while and found the PPI advice very helpful.
This year I decided to claim for mis-sold PPI from my Egg (now Barclaycard) credit card on the basis that I would not have received correct advice and online boxes were pre-ticked when I applied.
I first took the card out in October 1999 and it was replaced with a Barclaycard when they took over the Egg Card business.
My complaint was declined by Barclaycard, so I escalated it to the financial ombudsman. They were very helpful indeed and after an email conversation with them through the Resolver site they discerned that I was mis-sold PPI by Egg due to me not having been working full time in permanent employment in the 6 months prior to my initial card application.
I am pleased to say that Barclaycard have now made an offer as follows, after cancelling the PPI policy last month:
A - Refund of payments made by you for PPI cover - £3206.69
B - Refund of interest charged on PPI premiums - £1275.70
C - 8% interest statutory compensation - £2785.62
Less income tax deduction - £557.12
D - Total payable - £6710.89
Now my query is with item B, the refund of interest. Does this figure seem right for 18 years of card interest on £3206.69? I am not sure how they would have arrived at this figure and was wondering if it was possible to verify the figure at all?
Has anyone else had a refund offer from Barclaycard and had to query the offer in the same way?
On another note their offer letter says that the ombudman says that I have already accepted the offer, which I have not.
Thanks in advance,
Andy
First post here but I've used the site for a while and found the PPI advice very helpful.
This year I decided to claim for mis-sold PPI from my Egg (now Barclaycard) credit card on the basis that I would not have received correct advice and online boxes were pre-ticked when I applied.
I first took the card out in October 1999 and it was replaced with a Barclaycard when they took over the Egg Card business.
My complaint was declined by Barclaycard, so I escalated it to the financial ombudsman. They were very helpful indeed and after an email conversation with them through the Resolver site they discerned that I was mis-sold PPI by Egg due to me not having been working full time in permanent employment in the 6 months prior to my initial card application.
I am pleased to say that Barclaycard have now made an offer as follows, after cancelling the PPI policy last month:
A - Refund of payments made by you for PPI cover - £3206.69
B - Refund of interest charged on PPI premiums - £1275.70
C - 8% interest statutory compensation - £2785.62
Less income tax deduction - £557.12
D - Total payable - £6710.89
Now my query is with item B, the refund of interest. Does this figure seem right for 18 years of card interest on £3206.69? I am not sure how they would have arrived at this figure and was wondering if it was possible to verify the figure at all?
Has anyone else had a refund offer from Barclaycard and had to query the offer in the same way?
On another note their offer letter says that the ombudman says that I have already accepted the offer, which I have not.
Thanks in advance,
Andy
0
Comments
-
Redress is defined. you don't get to haggle with them.
Your balance will not have been that figure for the entire time?Non me fac calcitrare tuum culi0 -
...Now my query is with item B, the refund of interest. Does this figure seem right for 18 years of card interest on £3206.69?...
Given that B is almost 40% of A. Yup..,,,,I am not sure how they would have arrived at this figure and was wondering if it was possible to verify the figure at all?...
It will have been calculated. If you ask them nicely they will likely send you a copy. Then you can verify it for yourself.0
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