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barclaycard help please
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zaloumis
Posts: 2 Newbie
HI Everyone,
Barclaycard wrote to me telling me that they gave me the wrong info last sept and in fact I did have PPI on 3 consecutive cards dating from Nov 1994 (I was a baby!!!) up until 2000.
I filled out their forms and today they have told me they have upheld my complaint and its with the calculations team? How do I make my own calculations relating to this? I held the cards from Nov 1994 until July 2000. they were paid off on the minimum each month and averaged about 5k on them at any time. I paid them all off in full in 2000. I don't understand the 8% interest bit? Can anyone help? thanks so much in advance.
Barclaycard wrote to me telling me that they gave me the wrong info last sept and in fact I did have PPI on 3 consecutive cards dating from Nov 1994 (I was a baby!!!) up until 2000.
I filled out their forms and today they have told me they have upheld my complaint and its with the calculations team? How do I make my own calculations relating to this? I held the cards from Nov 1994 until July 2000. they were paid off on the minimum each month and averaged about 5k on them at any time. I paid them all off in full in 2000. I don't understand the 8% interest bit? Can anyone help? thanks so much in advance.
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Comments
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A baby who was old enough to apply for a loan? What age were you in 1994?(I was a baby!!!)
The calculations are defined by the regulations.
Simple interest (not compound) once again, a defined calculation.I don't understand the 8% interest bit?0 -
Why do you want to attempt this?How do I make my own calculations relating to this?
You say the card had a £5K balance, but I'm certain that was not the case for six whole consecutive years.
Credit card PPI redress is a complicated calculation which involves knowing exactly how much was paid in PPI. If you were to calculate your own redress based simply on a £5K balance, you'd very likely wildly overestimate what you are going to receive.
If you believe the Bank may underpay you for some reason (they won't), then you can ask for a complete breakdown of their calculations once you receive their offer and you can check them yourself or post them here for someone to look at...
Well done on your success..0 -
thanks for the advice, I will leave it and see what Barclays say...far too complicated for me!0
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The Regulator states '' The credit card Co (Barclaycard) should put the customer back into the same position if PPI had not been charged.
Based on the above with Barclaycard charging interest compounded how can the refund be based on simple interest at 8% ?0 -
brown1950:The Regulator states '' The credit card Co (Barclaycard) should put the customer back into the same position if PPI had not been charged.
Based on the above with Barclaycard charging interest compounded how can the refund be based on simple interest at 8% ?
. . and the Regulator defines how the repayment is calculated.
It puts the customer back in the same position of all related PPI charges, PLUS a "bonus" of 8% simple.0 -
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