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Recieved my second letter from Barclays where in they say that this is a Full and final response. I must say that they have been really quick to respond.
I had claimed that my PPI was misold because, me and my partner have pre-existing medical conditions which would not be covered, my partner works less than 16 hours a week, and also that although it is a joint loan my partner would not benefit from the policy as I am the lead name. Pretty useless for us really. There were some other things as well.
Their letter states that they have reviewed the details of the complaint but remain satisfied that the PPI was explained to us correctly and that they had sent all the relevant details.- they seem careful not to mention anything about mis-selling!! They go on to say that nevertheless having considered my complaint the senior managers of secured Barclayloan are willing to reach an agreement with me in an attempt to reach a mutually agreeable outcome: They are willing to offer an enhanced rebate on a pro rata basis of 78% of the insurance premium (22% being held back for the provision of claims and administration costs).
An enhanced rebate of £4437.86 in addition to the £1515.65 that will be applied to your loan acount on cancellation of the policy. This is with no admission of liability and is purely as a gesture of goodwill. They want me to confirm acceptance in writing. They enclose a form for us to sign and accept.
The orriginal loan was for £55,000.00 The PPI was £13,469.50 totalling £68,469.50. The PPI repayments are £113.82(that was before all the interest rate increases). The loan was taken out in Sept 2005 with a variable interest rate of 8.4%
While I accept that this is a nice gesture the problem I have is that I will still be paying the same each month which can't be right. I would expect that they would have to cancel the PPI, calculate allthe ppi payements and interes that I've made and add them to the loan and pay me back what ever overpayments that I would have made also have to come back to me too.
And not forget restructuring the loan to how it should have been before they added the PPI.
What do you think guys, your help would be very appreciated!
Get in Contact with the fos, you can either do this on line or over the phone. It does seem to me that you have been mis-sold i'm sure you will get lots of advice on this forum.
Recieved my second letter from Barclays where in they say that this is a Full and final response. I must say that they have been really quick to respond.
I had claimed that my PPI was misold because, me and my partner have pre-existing medical conditions which would not be covered, my partner works less than 16 hours a week, and also that although it is a joint loan my partner would not benefit from the policy as I am the lead name. Pretty useless for us really. There were some other things as well.
Their letter states that they have reviewed the details of the complaint but remain satisfied that the PPI was explained to us correctly and that they had sent all the relevant details.- they seem careful not to mention anything about mis-selling!! They go on to say that nevertheless having considered my complaint the senior managers of secured Barclayloan are willing to reach an agreement with me in an attempt to reach a mutually agreeable outcome: They are willing to offer an enhanced rebate on a pro rata basis of 78% of the insurance premium (22% being held back for the provision of claims and administration costs).
An enhanced rebate of £4437.86 in addition to the £1515.65 that will be applied to your loan acount on cancellation of the policy. This is with no admission of liability and is purely as a gesture of goodwill. They want me to confirm acceptance in writing. They enclose a form for us to sign and accept.
The orriginal loan was for £55,000.00 The PPI was £13,469.50 totalling £68,469.50. The PPI repayments are £113.82(that was before all the interest rate increases). The loan was taken out in Sept 2005 with a variable interest rate of 8.4%
While I accept that this is a nice gesture the problem I have is that I will still be paying the same each month which can't be right. I would expect that they would have to cancel the PPI, calculate allthe ppi payements and interes that I've made and add them to the loan and pay me back what ever overpayments that I would have made also have to come back to me too.
And not forget restructuring the loan to how it should have been before they added the PPI.
What do you think guys, your help would be very appreciated!
Hello Doingmybest,
If they are prepared to refund 78% of the premium they will be prepared to give all of it back. This is there attempt to get rid of you and not have to pay what they should. They know they are wrong, because if they thought for a minute they could get away without giving you anything, they would, trust me on this one.
Are you asking for the return of the interest they applied to the loan and the statutory 8% interest of the full amount on top???????
It might be an idea to accept this goodwill gesture as part settlement, but you will pursue the rest via the court or the fos.(your call which one).
They ideally should cancel the ppi and restructure your payments, minus the ppi. They should be following the guidence from the Financial Services Authority. Do not under any circumstances agree to sign a new agreement, you don't have too.
Please keep us posted.
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
Thanks for the replies. Spoke to them yesterday and they were very non comital and saying that this was their final response and they would only communicate with the fos. I am going to write to them again and tell them what I waant and if no joy will go down the FOS route. I'll keep you informed.
Thanks for the replies. Spoke to them yesterday and they were very non comital and saying that this was their final response and they would only communicate with the fos. I am going to write to them again and tell them what I waant and if no joy will go down the FOS route. I'll keep you informed.
Hello Doingmybest,
I agree with you. You tell them what you want. Time to take control of this, let them know that you mean business
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
Forgive me for adding,
but i think Barclays are rapidly becoming " bottom of the league " for cooperation, integrity, and compliance.
Sorry, i forgot, there is civil law, and there is Barclays law.
How stupid of me.
.
I Wish you everything you wish yourself.
.
NatWest Claimed £1,639. Accepted £1,344.
Natwest Paid me again as GOGW £1,656. Yes they can have it back if they say please.
Barclays 1 Claimed £1,260. Won by default. Paid in full
Barclays 2 Claimed £2,378. Won by default. Paid in full
Birmingham Midshires. Claimed £2,122. Accepted £2,075.
Tonycee, you are always forgiven . I would agree that Barclays are a bit up themselves, especially after they took the shame of their conduct with Whistleblower. Have you calmed down yet. I hope not, you should make it your mission They are so bad
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
Hi guys, I have done my second letter would be interested to know what you thought before i sent it out. Is there anything I should add or take out?
Although you have offered me “an enhanced rebate” to the sum of £4437.86 in addition to the £1515.65 to be applied to the loan account on cancellation of the policy, I do not think this amount is enough to cover a refund of the premiums, subsequent interest that I have paid on these premiums and the 8% statutory interest that a court would award, but if you were to increase your offer the following:
1. £13,469.50 the cost of the PPI paid back into the loan
2. The interest that has been accumulated while the PPI has been attached paid back into the loan.
3. The over payments that have been made to the loan due to the PPI been added to the loan,
4. Recalculate the loan to lower the monthly payments to reflect what they should be if you hadn’t added the PPI to it.
5. And all the payments that I have made to date to be taken of the loan amount borrowed.
Once you have done this I would accept and consider the matter closed. If I have not heard from you within 14 days to say if you can do this, I shall be taking my complaint to the Financial Ombudsman.
I've recieved my statements today from Barclay's after asking them for the calculations that they used to work out the refund. Got the statements but no calcs the figures do not look correct to me so would appreciate it if someone could have a look and tell me if they are right. I couldn't scan the page in so I had to type it in similar to how it's presented on the page.
I'll give you the part of the statement that is bothering me from the last payment (direct debit):
Original cash loan amount £55000.00
Original PPI Loan amount £13469.50
Original total Loan amount £68469.50
Loan agreement date 16/09/2005 over 20 years. apr 8.4% variable
Sorry if it looks a mess but struggled to line it all up
What it looks like to me is that they paid back the PPI and the interest on that PPI to the loan, which what they were supposed to do. But it looks like
the refund which I recieved, (which is the overpayment - £4681.86) has been paid back into the loan amount. That is what doesn't make any sense. The whole idea was that I was put back into a position I would have been in if the PPI had not been taken out and according to their figures I have only paid off £2955.48 after 3 and a half years payments. Am I way of the mark or have they got this right
This has jst happened to a friend of mine. Ive looked at the offer they have sent himm and it basically sounds like they are only refunding the bit of the insurance that has left to run. ie. if you are half way through a 5 year term, it is the remaining 30 months they are refunding to you.
This would ususally be a 'disproportionate' refund , say for example 20% of what should have been due.
In your case and i belive my friends, they are offering 78% of the remaining 30 months payments back and nothing at a,ll back for any payments you have already made and been covered for.
Basically this is not a refund. It is exactly what it says (if slightly confusing) it is - an 'enhanced rebate'.
Phew, I think that might need an example as the above was very much stream of consciousness.
Thanks for you reply. I should have made it clearer, I went to the fos and they upheld my complaint. I must admit though it does look like they may have done what you said and just refunded a percentage of what they should have. Hopefully someone who is good with figures can work this out for me.
Barclays PPI advice needed please
where in they say that this is a Full and final
response. I must say that they have been really quick to respond.
. They want me to confirm acceptance in writing. They enclose a form for us to sign and accept.
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Originally Posted by Doingmybest
the figures do not look correct to me so would appreciate it if someone could have a look and tell me if they are right. I couldn't scan the page in so I had to type it in similar to how it's presented on the page.
