Barclays PPI settlement ammount

mrstaypuft

Hello
I finally put in a ppi claim for a Barclay loan that I had back in 1998, I thought it was worth a go to see if I could get anything back as I still have the paperwork from it.

The Loan was for £3000 (£4128.46 with Int) + PPI of £523.71 (£720.48 with Int). both at 17.9% apr, I sent them a copy of this agreement.

They have agreed to compensation but they have said that because the policy was so long ago they have no financial records to accurately calculate my refund.

They have offered
Refund of PPI Premiums paid (plus interest on premiums) £240.54
Statutory compensation interest £425.56
Income tax -£85.11
Total refund due £580.99

Does this seem right?
I used resolver on here to lodge the complaint and they told me originally that they had no record of me having any products from them, So I called them up and they took me through my security questions with them!!!:rotfl: I then sent copies of the documentation I have and have received this compensation.
Anything is a bonus but thought I would just check what you guys thought.

Thanks

RHE24

Hello. If the original PPi premium was £523.71, and you have the agreement, why are they only offering you £240.53? I would have thought if you have the agreement & they are accepting the claim (by making an offer), then they should be offering you the whole sum back. I would question it personally.

[Deleted User]

Unless you can find documentation proving you actually paid more than they are offering to refund, I can't see how you are going to improve upon the offer.

However, while the Agreement is not proof you paid the loan and PPI to term end, how have they arrived at the £240 refund figure when your Agreement shows £523?

mrstaypuft

Thanks guys.
I have documentation that the loan and PPI was paid in full.
I was unsure of why the refund of ppi premiums paid was less than I actually paid.
I probably would not have bothered with this claim at all if I hadn't kept all the paperwork which was more by luck than judgement.
I may be naive when I think that major banks wouldn't try it on to save a bit of money on this PPI thing but I have caught them out already when they said I had never banked with them but somehow they knew my mothers maiden name and my phone number from 20 years ago when I went through security with them.

[Deleted User]

mrstaypuft wrote: »

I have documentation that the loan and PPI was paid in full..

In that case you should challenge them and, if necessary, refer the complaint to the Ombudsman..