Thread: PPI settlment from barclaycard....should I sign it?

Personally I think that they have a damned nerve asking you to sign some agreement merely in respect of your own money.

How is the 8% being calculated? Lloyds quite recently calculated 8% on a flat percentage representaing one year only. This is not at all the basis on which interest is calcualted by the Ombudsman.

Furthermore, 8% doesn't reflect the profit which they have made from your money. They are still very much up on the deal.
Wile they have had your money, have you been in overdraft with Barclays? have you been paying interest on a loan? These interest rtes will be much more than the 8% wich Barclays are proposing to pay to you. There are very good arguments for rejecting the interest payment as too low and not representative either of your actual losses or of the profits which they have made from you.

What is it you are bing asked to sign? let us know.

I think that you might consider requiring the refund of the premiums whilst rejecting the proposed compensation and asking for this to be reconsidered by the ombudsman with a threat of legal action if it is not improved.
It is up to you.

What are they asking you to sign?

Hi....It is a 'Settlement Form' sent to me by the fos.
it states: "1/We conform our/my acceptance of the offer made by Barclays Bank Plc outlined in your letter dated 16 september in Full and final settlement of our/my complaint".

Then I have to sign, then print my name then date it and return it to FOS.
I have linked them here in photobucket for you to read:
http://i1002.photobucket.com/albums/af148/pezz_01/FOS1-1.jpg

http://i1002.photobucket.com/albums/af148/pezz_01/FOS2-1.jpg

http://i1002.photobucket.com/albums/af148/pezz_01/FOS3-1.jpg

http://i1002.photobucket.com/albums/af148/pezz_01/FOS4-1.jpg

http://i1002.photobucket.com/albums/af148/pezz_01/FOS5-1.jpg

It's up to you how you want to go.
Firstly, don't worry about signing - if it is the security of your signature which you are worried about. I think that it is inconceivable that your signature would be abused in these circs. However, if you are not confidence then sigin in a slightly altered way and keep a copy. If someone later comes up with a signed document which you do not recall, it will be easy for you to show that the signature was copied.

On the matter of whether you should accept - it is up to you.

i find the basis of calculation is very unfair. As I said, it does not at all take into account what you have actually lost and it certainly does not take into account what they have benefited by.

How much is at stake? Can afford to delay the refund?

I would suggest that you write back and say that you do not accept the basis of calculation of interest. However, you see no reason why this should old up the refund of your PPI payments - and indeed that they have a duty to mitigate their loss and so the premiums should be refunded now and the calculatin of compensation will be subject to further discussion.

We can then advise you on your arguments and the action you might take.

It is up to you if you want to attack them or you merely want to receive the money they offer you.

Yes please. I'm very interested.

You may be interested to know that I am just now challenging an award of interest in respect of premiums paid to Lloyds

Hi Pezz

Mr Landy had a similar scenario with MBNA - they rejected his claim, we passed it to the fos who upheld the complaint and sent an acceptance form like the one you have received. In the letter from the FOS Mr L was told that MBNA had agreed to return him to the position he would have been in had the PPI not been applied. They included examples of how the FOS calculates redress including refunding 8% interest.

We telephoned the FOS to enquire as to what the actual settlement figure would be. They said they couldn't confirm an amount, but that by signing the acceptance form we were only agreeing to the refund in principle. I was rather dubious about this - as it does say you are accepting in 'Full and final' settlement of the complaint.

We wrote to the FOS expressing our concerns and they confirmed in writing that once the refund was received we could still query it if we were unhappy.

As we had feared, the refund came and it was for the premiums paid plus £100 compensation and £30 interest (certainly not 8%!) - when the interest figure should have been around £800

On the advice of the forum we have written again to MBNA informing them we are accepting this in partial settlement only and included with our letter a highlighted printout from the FOS website detailing how redress for mis-sold PPI should be made. We have also written again to the FOS concerning this. As yet we have not had a response.

As we signed the acceptance form (on the instructions of the FOS) I am rather sceptical as to whether MBNA will refund the remainder of our money. If only it were possible for the FOS to establish exactly how much a refund is going to be so you knew what you were accepting it would be much better.

I would possibly add a note to your acceptance form before returning it, so that you have grounds to query it later if the amount is incorrect.

Good luck!

Regards,

Landy x

Thanks 'Landy Alert' for your comments & advice! it is much appreciated.

It does seem as though I am being directed by the F.O.S to accept a full & final settlement from Barclays 'BEFORE' I have had the opportunity to 'digest' the full details of the settlement offer from Barclays!!.....if that makes sense?