Thread: Barclaycard/ex Goldfish Ppi Refund Offer

Hi,

Much to our suprise (reading other peoples experiences with Barclaycard) they have offered to refund the PPI premiums on my husbands credit card which used to be a Goldfish card. But (there always has to be a but!) they state

"Our aim to to put you in the same financial position as you would have been if you had not taken out a payment protection insurance policy"

and then

"Calculating your refund involves:

Reviewing the statements we have available (over the past 6 years) and adding the total premiums you have paid with respect to your ppi and adding any interest which would have been paid on the total premiums paid"

However my husband has had the card a lot longer than 6 years (dont know exactly how long but more in the region of 12 years) therefore the settlement is clearly not going to put him back in the position he would have been had he not taken out ppi!

Also the 8% added on as interest is just a standard 8% on the refund offered (not compounded) and barclaycards current interest rate is 19.9% pa.

I phoned them and they said that they dont have any statements going back past 6 years and a cca request we previously done just gave us the usual crap that they send out and not the actual agreement.

Therefore we feel that the figure should be a lot higher than they have offered.

By the way when we were claiming charges on this card they send us statements going back to 2001 so they obviously do have more statements than they are letting on!

Tink

Hello tink,

Hi,

Much to our suprise (reading other peoples experiences with Barclaycard) they have offered to refund the PPI premiums on my husbands credit card which used to be a Goldfish card. But (there always has to be a but!) they state

"Our aim to to put you in the same financial position as you would have been if you had not taken out a payment protection insurance policy"

and then

"Calculating your refund involves:

Reviewing the statements we have available (over the past 6 years) and adding the total premiums you have paid with respect to your ppi and adding any interest which would have been paid on the total premiums paid"

However my husband has had the card a lot longer than 6 years (dont know exactly how long but more in the region of 12 years) therefore the settlement is clearly not going to put him back in the position he would have been had he not taken out ppi!

Also the 8% added on as interest is just a standard 8% on the refund offered (not compounded) and barclaycards current interest rate is 19.9% pa.

I phoned them and they said that they dont have any statements going back past 6 years and a cca request we previously done just gave us the usual crap that they send out and not the actual agreement.

Therefore we feel that the figure should be a lot higher than they have offered.

By the way when we were claiming charges on this card they send us statements going back to 2001 so they obviously do have more statements than they are letting on!

Tink

You are entitled to a true copy of the Consumer Credit Agreement but it does not have to bear the signatures.

This is a new tack the banks are taking, we do not keep records beyond 6 years.

Now banks by law are required to keep records on any account for 6 years after the last transaction on the account. But if the account is still running then they should supply all the information on that account.

I successfully claimed back to 1997.

I would suggest a complaint to the Information Commissioners Office or Court action for non compliance with a Subject access request under the Data Protection Act 1998 or a non compliance with A Consumer Credit Agreement under section 78 of the Consumer Credit Act 1974 which ever way you went.

If the account is still live and they refuse to give you all the relevant information insist that they provide all of the details on the destruction of your data.

I would also suggest your reclaim not just for the six years but if they do not provide the figures or statements just claim double the six years paperwork they do have and let them worry about proving the figures.

If they then refuse to pay up Financial Ombudsman Service is IMO the way to go. It takes an inordinate amount of time but they are upholding 90% of PPI complaints so chances are in your favour.

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Post removed

Alanalana,

I think your post relates to someones elses thread.

Anyway I have sent a letter to Barclays explaining that their offer of a refund does not put my husband back in the position he would have been had he not had PPI and that to do this he would need a refund of all payments made since inception (approx 1996) and interest at their rate of 19.6%. Waiting patiently for reply!

Tink

Update:

No reply yet - now waiting very unpatiently for reply!

I suppose its very hard to reply to something so straightforward

To summarise:

"They have offered to put my husband back in the position he was in before he took out the PPI, admitting that it was missold, they then go on to say they will refund all ppi payments made over the last 6 years (no interest added). As he has had the card and ppi for considerably longer than 6 years and interest has been added at their extortionate rate of 19.6% it certainly does not put him back in the position he would have been in before taking out the ppi!"

Somebody must be having to check their figures again and again on the calculator.

Sent Barclays a letter on 10th August giving my own calculations of how the account should be put back in the position as if my husband had never had PPI insurance - enclosed statements including interest at 1.52% per month and 8% on top of that and fos statement of how refunds should be calculated.

Had no reply so phone them - funnily enough the person that wrote the letter does not accept incoming phone calls but was advised that they are only dealing with letters received up to 1st August so couldnt give a timescale as to when I would receive a reply.

Clocks ticking and interests building but I'm getting very impatient.

(Looks like Saturday is update day for me!)

Now sick of waiting for this lot to reply so filling in form for fos involvement today and sending Monday.
The person who signs the letters in the PPI complaints dept does not even accept incoming phone calls - so another one for the FOS to deal with.

Well I havent sent fos form yet (thought I had but must have slipped my mind) - still waiting for a reply from Barclays - will wait one more week and then my patience will have run out, every time I ring them I am given a different date as to what correspondence they are dealing with - it would appear they are going backwards as one week it was the 5th August and the next week it was the 1st August. But then nothing surprises me with this bunch of .......

Originally Posted by TINK660

Well I havent sent fos form yet (thought I had but must have slipped my mind) - still waiting for a reply from Barclays - will wait one more week and then my patience will have run out, every time I ring them I am given a different date as to what correspondence they are dealing with - it would appear they are going backwards as one week it was the 5th August and the next week it was the 1st August. But then nothing surprises me with this bunch of .......

Plonkers

Just filled in the blank

I also have claims in with barclaycard it seems they are being totally obstructive in replying to PPI claims for mis-selling so we take the matter on to the FOS who seem to be upholding 90% of the claims for mis-selling against the majority of banks etc. So IMO barclays will eventually have to refund the mis-sold PPI it is just a matter of time

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