lukeyboy1
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Everything posted by lukeyboy1
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It seemed high to me, I ran a balance on the card consistently for many many years - I wasn't so good with finances when I was younger much to my embarrassment - and I've checked and rechecked the sheet and it still comes back with this figure. Mind you, at 14.9% Apr, the figure is closer to 30k or so!
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Considering I've still got the credit card going, won't that be covered by the fos running sheet?
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FosRunningPPI v102 - june 2016 - csa forum.xls At last i managed to get all statements back from Clydesdale Bank, and I've managed to complete the FOS running PPI sheet from the balances and payments made. I dropped the following line to the ombudsman today (and will also do the same to the clydesdale bank) :- (BTW - I just filled out the balances and PPI paid in each column, rather than adding payments plus total spend, as it was taking too long, but the sheet works all the same!). ------------------------------------------------------ Dear Sir, Many Thanks for your update. I have now received all statements from October 2000 onwards for my Clydesdale Credit Card, and I’ve been able to almost fully reconstruct my account with the help of the FOS Running PPI Calculator (as found on the consumer action forum website - which I believe is the “de-facto” standard for calculating awards where statements are known). NOTE: 1. All balances and payments from October 2000 are correct from Statements supplied by Clydesdale Bank Plc 2. I have reconstructed my account from 1997 -> 2000 with best guesses of my account balances (as Clydesdale Bank would have done), 3. I have also estimated the card interest at around 16.9% APR (from what I can see, this seems like a reasonable guess of the “average rate”, since it seems to have moved between 15.9 -> 19.9% over the time I’ve had the card). Given that this uses real data, my estimate for PPI redress is as follows (ONLY for PPI - not covering charges refunds which are addressed by Clydesdale Separately) PPI Charges: 4320.97 Compound Interest: 26,137.28 8% Simple Interest on Credit Balance: 10,735.86 Total: 41,194.10 I enclose my spreadsheet for your convenience (I’ve filled all balances and PPI payments, with A denoting actual as per statements) - and this may assist when communicating with Clydesdale bank in this matter. I would be interested in your views on this, but it seems that myself and Clydesdale are quite far apart in our calculations - all the more strange, since we both used Statement based data. Yours Sincerely, ---------------------------------------------
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Letter sent recently to them asking for some clarification :- Thank you for your letter of 24th March detailing the Bank’s offer in relation to Payment Protection Insurance (PPI). I had a few questions in relation to this offer, and these are as follows :- 1. I would reasonably have expected there to be some compensatory element (outside of the standard 8% interest), as a good will gesture, bearing in mind that this matter has been on-going since 2013. 2. Re: Sum of GBP 5,183.25 – total associated interest in respect of premiums plus charges. Could you please confirm the basis of the calculation of this interest, as it doesn’t make sense to me. As I understand it, since I’ve effectively been charged this interest at the prevailing credit card rate, it seems that this rate isn’t reflective of interest potentially paid on a total sum of Premiums plus Charges of GBP 5,169.31 (made up of the sum of 3751.19 PPI premiums plus 1418.12 charges refunded). 3. Finally – could you confirm that the bank loan that was taken out in early 1997 had no PPI element associated with this – I assume that this was already assessed as a part of this complaint. Finally, please note that I’m not a UK tax payer, therefore any payment should be made to me without any UK tax deducted. I enclose both details of my non-UK tax coding and also a recent utility bill to demonstrate that I’m indeed resident outside of the UK for tax purposes. Yours Faithfully,
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(btw donation made already, thanks for all the help so far). Do I call the ombudsman, or call the bank directly, do you think?
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Does anyone think I should be asking for compensation in addition, considering I've been mucked around for 3 (nearly 4) years?
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Lukeyboy1 vs Clydesdale bank - Success 13.7k offered http://www.consumeractiongroup.co.uk/forum/showthread.php?464786-lukeyboy1-vs-Clydesdale-PPI-Ombudsman-upheld-complaint-awaiting-offer/page2
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The offer is: 3751.19 total premiums 1418.12 charges which would not have applied to my account 5183.25 - interest in respect of those premiums and charges 4512.22 - interest at 8 pc monthly credit interest in reconstructed balances It all seems about right - I guess my only real question is the 5k figure - could well be way way higher? What's anyone's throughts on this offer?
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Yeah. Wish I'd sent them before......
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Update: sucess : offer of 14.6k minus tax, ends up around 13.7 after tax! Woo! Need to decide if that offer is roughly right, though......
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Update : SAR request sent off, that should arrive just before the 8 week deadline, I don't expect Clydesdale to offer before then, from what I have seen!
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I still use it and sometimes I will have a balance on it - not at the same level of ten years ago though!
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Thanks! Yeah - the fact that the ombudsman is involved gives me a little confidence though......
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I will be making an SAR. I have my bank statements, and did have my statements, but misplaced them when I moved house.......taxi!!
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These are estimated values for right now, and yeah the card is active still!
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FosCISheet v101-lukeyboy1.xls Here's the FOS sheet. It shows a total of :- PPI Paid :- 3497.12 Compound Interest: £34,869.34 Total : £38,366.46 Seems like it's in the ball park, I guess? I don't have exact figures to hand, but I think it's fairly accurate as I hang my head in shame in terms of how I ran the account.....lesson learned!
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Thanks for the feedback. My prediction - total lowball offer of like 3.7k (the average) but I've still to wait 6 weeks or so at least.......
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FosRunningPPI v102.xls Well - okay - embarrassingly, here's a picture of my finances at that time. I was so stupid with my money and it took me a long time to (a) realise my issues, and (b) make sure I paid things off! Sheesh. However, the figures indicate around 57K owing: wow! Not sure how accurate it is, I don't have all my statements, but it's close enough to give an indication I'd say!
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Thanks for that. So since my card had a balance all the time would the interest at the CC rate be calculated back (18.9%) Apr in simple terms since it was incurred (ie is my calculation of interest on say PPI paid 24 pounds subject to CC interest until 2012 or so in theory, given that I never managed to pay my CC off until 2011?) Note: CC interest paid is NOT interest on the whole balance - it's a calculation of interest at the CC rate on each PPI amount from the date of the charge until now) - the assumption is that the card always had a balance.
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Hi. I recently submitted a complaint to Clydesdale Bank Plc regarding a credit card I had dating from early 1997. The complaint was declined, and I subsequently complained to the Financial Ombudsman. The good news is that the Ombudsman wrote saying that the Clydesdale were going to make me an "offer". Of course, I'm still waiting, and so to pass the time, I've put together a spreadsheet based on a previous one that I've seen used that calculates the PPI amount plus paid CC interest and then adds on statutory simple 8% interest to both. I guess I wanted to know if my assumptions are correct. Depending on the APR that I used, my calculations indicate that I could be due a compensation payment of anywhere from around 8K to > 40K even as high as 76K potentially (depends on how the calc is done). (As background, for a long time before my current job, I was stuck in the proverbial hole, card maxed out, paying interest by the bucketload and also paying late charges and the like - couldn't get out of it - mostly paid the minumum, or ran behind, it was a nightmare!). Potential Claim : 76,484.31 PPI Paid: 4,328.45 CC Interest Paid : 31,759.29 8% Simple on Principle Plus Int : 40,396.57 Two questions: 1. Have I got the calcs right? 2. Can I claim 8% on the credit card interest that I've calculated to have paid as well (i.e. 8% on the 31K as per my calls, or just 8% on the PPI figure of 4.3K?) Interested in your thoughts people! interestcalcs_pub.xls
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Hi. I wanted to give an update of my situation. About a year back, I'd got myself in a dreadful situation. I'd been taking the maximum amount of a loan from poundstilpayday.co.uk. I'd been rolling it over every month, and just doing enough to survive! Eventually, I couldn't pay it back. I got all manner of phone calls, accusing me of lying, and insinuating that Debt Collectors would use "aggressive tactics" (ie doorstep collection). Their agent was based in Ireland, I think. Here's an example of an email that was sent: "At this stage the loan is in arrears since XXX XXth and I will not be expending much more of my time on this file. I'm giving you till YYYY Yst to repay this loan, failure to do so will result in your details being passed to a debt collector who operate door to door collections and going forward you will not be able to reloan with ourselves." Of course, this scared the crap out of me, quite literally. Anyway, after reading a thread on here, I realised that, in fact, it would be passed to a Debt Collection Company - who, in fact, were very reasonable, and accepted a reasonable payment schedule, and I was able to pay it off. Clarity Credit Management. I was lucky enough to get a new, better paid job, and was able to offer them a lump sum to settle it. The moral of the story? Come clean - don't keep rolling things over. Make a reasonable payment offer to the DMC (I did 75 quid a month), and STICK TO IT. They will be more reasonable than these clowns at PTPD. Don't be scared. Stop running: things CAN and WILL get better.
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Hi. As can be seen their figures are fairly wildly off what has been illustrated. Dodgy as anything, I reckon... Any help / advice would be much appreciated at this stage. Thanks!
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I got a response with a "statement" of account. Basically, it said that they couldn't supply the calculation as it was done automatically. EDIT I'm going to sue. I don't care....! Anyone got any advice for me?
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I rather suspect then that they'll come after you, sadly. not exactly known for being understanding....but you might just have to keep paying it off. Not ideal at all.... but then again, it might be better to go through the courts: you can set a repayment level that suits you better tbh. Anyone else care to comment?
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Hi. Long story: I took out a loan away back in May, when I was slightly screwed financially. I now completely regret it, to say the least - and have been trying to get funds together to settle it. Asked in Nov 2010 for settlement figure. It came back as £2,019. Two months later, my new settlement figure is 1934. This is just shocking : only 67 pounds difference! Here's my email to LBL. I'll let you know how I get on: luckily, I can afford to settle it, so it'll sort itself out: but I don't like being held to ransom by a bunch of loansharks. Any advice / help is much appreciated at this stage. ---------------------- Dear Sir, With regard to my loan with you, taken out in Edinburgh, reference : XXXXX I find it very surprising that my calculation, despite payments of 618.00, has resulted in a reduction of my redemption amount by only the amount of £76.92. ( see below). I refer to my previous request of 12/11/2010 for an early settlement figure, which was given as £2,019.60. See the attached spreadsheet for a calculation of what I believe to be the true settlement figure. This would appear to be completely incorrect, in terms of my understanding of the loan, and also in terms of what has been said in the loan documentation. I understood that the early redemption would the balance plus one months interest (10%). Therefore, I require:- * A full statement of account, showing all payments made. * A full calculation of my early redemption amount - NOT just a leaflet showing the calculation. I require this within 7 working days. As I'm sure you are aware, I'm entitled to a full statement of account under the terms of Consumer Credit Act. I am very unhappy, and I am considering reporting you to the Office of Fair Trading. I believe that the extra interest (in the amount of 541.08 over two months to be an unfair penalty charge, and I am unwilling to pay this - it is clearly incorrect). In the meantime, I've today made a payment of £1200.00 to my account, pending resolution of this issue. Since this loan originated in Edinburgh, I've copied in Edinburgh City Council Trading Standards for their information. If I do not receive a satisfactory response, I'll have no hesitation in making a formal complaint to you. Yours Sincerely, XXXX
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