Barclaycard success - should I hold out for more?

edited 30 November -1 at 1:00AM in Reclaim Bank & Credit Card Charges
2 replies 915 views
trompurpletrompurple Forumite
3 Posts
Hi all.

I used the template from this site and asked about credit cards I took out in 2003. Barclaycard admitted the mis-sold me 2 PPI premiums worth a total of £18.60 (Wish I'd kept the policy for longer now!).

They've offered me £118 which breaks down as shown below.

Do you think that is a reasonable offer? Of course I'm grateful for it, just wondered if you think I have grounds to expect more compensation.

Does anyone know how the statutory compensation levels work?

Any thoughts?

Thanks-

Dan

Refund £18.60
Refund of interest £2.55
Statutory compensation £71.06
Refund of fees incurred £40.00
Income tax deduction £14.21

Replies

  • dunstonhdunstonh Forumite
    106.7K Posts
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    Do you think that is a reasonable offer?

    The redress calculation is defined. Its not a haggling contest. So, if its right, then it is reasonable. If it is wrong, then it is not.
    Does anyone know how the statutory compensation levels work?

    Broadly speaking, it is a return of premiums paid plus interest and any associated costs. As you paid £18.60 and are getting back £18.60 plus interest and associated costs, it seems to be correct.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Many thanks dunstonh:)
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