Thread: PPI and Barclaycard

Hi,

I'm going to be looking for advice regarding reclaiming PPI from barclaycard.

I've had an offer from Barclaycard which is for all premiums plus 8% flat interest on top.However i have refused this and asked them for ppi+contractual+8% simple.I know they are going to say no,but i do not wish to go to the fos as i am going to be waiting for up to a couple of years.I am looking to go the court route, but not having done this before,i am a bit apprehensive.

There are no problems with the account,for such things as late payment or arrears,but Barclaycard will not supply copy of the signed executed agreement,so i assume it does not exist.

Repayment of the PPI,plus simple interest from the date of payment should be almost enough to clear the account balance,but i'd really like to take them for the contractual compounded interest that they have charged me. However it does not appear the FOS ask companies to settle compounded contractual interest complaints therefore court appears to be the only route.

Thanks in advance for any comments,they'd be much appreciated.

Yes CCA and SAR requests have been made,but have i only received copies of statements and three copies of terms and conditions.I dont think i want to go down unenforcable route or stop paying,but the fact i they do not have any agreement should surely strengthen any court claim.

none compliance letter sent last week,just waiting for reply.

Thanks for your advice

just subscribing as interested in how you get on.

I've just sent my SAR and only received 6 years statements. Just about to write and ask for rest so will be able to reclaim my PPI.

Hi Jan4a,

Just for info for you,Barclays offer of refund of PPI premiums included those outside the usual six year time frame.

Herman

Thanks - I've seen other posts saying that but I don't understand how you claimed in the first place if you didn't know how much to ask for. I think the letter on here includes the figures you are claiming so you must have sent a different one?

But from what I've seen on other threads people are having to go to Information Commissioner to get them to supply older statements off microfiche, so it will take forever to just get the statements.

Sent letter to barclaycard re mis-selling of PPI months beforee i sent off for SAR.I asked for for refund of premiums etc and gave various reasons for mis-selling.

When barclaycard made their offer they averaged out premiums post 2003 to compensate for premiums made prior to 2003 even though they say they do not have the corresponding statements.

This seems to be their policy on my reading of some other thredas.

Hope this is of help.

Yes thanks, it probably will. I'm having a "finance weekend" this coming weekend to sort it out. I think I'll work the figure out on the statements I have got though (I mean including the interest they charged me) just out of curiousity and to see how much extra it is.

I've got a PPI claim started with a Northern Rock loan and was amazed that the interest charged made such a difference, it doubled the claim with the 8% as well, and that was only at a rate of 7.2%. Barclaycard interest rate will no doubt have been a lot higher.

Hi alanalana,

Thank you for your comments regarding my thread.

It seems dealing with the fos can sometimes be frustrating with seemingly similar cases having varying timescales before a resolution is reached.

I shall wait for Barclaycard to respond to my request for premiums + contractual + simple before proceeding one way or another.

Thanks again for your constructive advice

Letter today from Barclaycard in which they have added simple interest at 8% on each payment made,to their previous offer,instead of 8% flat interest.This makes a helluva difference but still no contractual,by the looks of things.

Looks like tonight is going to an evening doing calculations.

This is how the fos would settle the matter if it helps (for an example)

1 Where the card account and the PPI are still in force
a/ reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums.
b/ if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year: and
c/ send the customer a statement showing the resulkting blance on the account and details of how calculated

2 Where the card account is still open but PPI has been canceled
a/ reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
b/ if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year;and
c/ send the customer a statement showing the resulting balance on the account with details on how calculated

3 Where the card account has been cleared and closed and PPI has been cancelled
a/ reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
b/ if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year;and
c/ pay the customer the difference between the revised closing balance and the original closing balance;
d/ pay the customer interest on that difference at 8% simple per year from the date of closure to the date of payment; and
e/ send the customer a statement showing the resulting balance on the account with details on how calculated

Thanks for that.

The problem seems to be that i have yet to see cases where the fos award the compounded contractual rate we have been charged at.

The FOS seem to just award as per those guidelines, which seems to assume that interest was only charged for the particular month the payment was made.

Or am i wrong?

I shall let you know, the fos have just upheld my complaint, now iam just waiting for the offer.

Hi everyone,

If Barclaycard agree to my request for PPI premiums and compound interest paid on those premiums,how does the 8% simple interest portion work.Is it

a.based on the premium,or

b.based on the premium and compounded interest up to date.

If it is a,then the date the simple interest kicks in is obviously from the date the ppi premium was paid.If it is b,what date do we use for calculation?

bump

Right you need to work out each PPI payment separately like thus:

PPI payment + compounded interest + 8% stat interest

As this is a credit card and the interest rolls on month on month you calculate compounded from the date of payment to date of settlement but as you will not know this date I would settle for the date of posting claim

Same goes for the 8% stat but put something like interest calculated to posting date but is subject to change depending on settlement date in your letter.

Hope this helps if you need the calculators just shout and ill post them up for you.

Regards

PF