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Everything posted by makkapakka69

  1. I used one of the compound interest calculators to calculate. The card did have a limit of £7,500 and was maxxed out towards the end. Some of the ppi premiums were in excess of £60 per month and the interest rate was 20.9% for the majority of the time!
  2. Not got exact totals as i've not calculated the charges yet, but I expected the ppi refund to be roughly the same as the amount outstanding, around the £7,000 mark. There's about £300 worth of charges plus interest too. When I started the reclaim, all I wanted to do was clear the debt off with the refund, but they're offering to give me £3,000 direct to my bank, hence the temptation to accept and then fight the DCA against the outstanding balance. I'm certain the debt is completely unenforceable. Flawed Morgan Stanley CCA from 2000, no historic T's and C's and invalid default notice
  3. Bumping this up guys! Basically what I need to know is can 1st Plus issue me with a refund cheque for overpayments with one hand, and then add this amount back onto the balance of the loan account with the other? MP.
  4. Thats the thing, I dont owe them any money on the account as it was sold to a DCA. I believe the true arrears are already repaid to the DCA, yet the DCA still believe the remaining balance of £7,000 is due. It was the solicitor that said the debts can be bought back form DCA's. This obviously threw me for six! I always thought that the ppi refund would come off the outstanding debt, but barclaycard said they would refund me directly and the DCA refuse to accept that the ppi is an issue. So obviously, the thought of a nice cheque from Barclaycard is very tempting. This account wa
  5. They have already offered 50% @ approx £3,500. I refused and counter offered £1,000. They refused! Its a well known highly aggressive DCA and I want rid ASAP!
  6. Solicitors said that the court may take a dim view of me trying to claim from Barclaycard when I owe DCA £7,000 for the same account debt. Something about having your cake and eating it! Their advice was to take what is being offered by Barclaycard and use it to negoiate full and final with DCA using missold ppi as an excuse for unenforceablity and clear the debt that way. He said missold ppi was easier to prove than defective default notice because Barclaycard had already offered to settle and therefore accepted that ppi was missold. MP.
  7. In need of some advice on this. I had a successful PPI reclaim from 1st Plus a couple of years ago, without the need of the FOS. I thought everything had gone fine and received the rebate. This was made up of: 1) Full refund of original ppi premium credited to loan account. 2) Interest paid on ppi part of monthly repayment refunded and credited to loan account. 3) Overpayments of monthly premiums already paid refunded to me by cheque. All good so far, however, I have recently received information from 1st Plus after sending them a SAR request. Along with a mountain of paperw
  8. Update on this. Well, had a reply from Barclaycard. Their final offer of a little under £3,000 is totally final and they wont budge on the compound interest figures. So I decided to seek some legal advice on the matter and contacted a local firm of solicitors. After fully explaining the situation, they said that I did have a case, however they also stated that if I won in court, the court could decide to have the amount awarded deducted from the total amount still owed to the DCA! (Which is approx £7,000) Apparently, creditors can buy back debts sold to DCA's!!! I'm current
  9. Thanks for all the replys guys! Barclaycard should have received my offer by now, so i'll post back when I get a response. The thing with this account is that I always thought that any refund of ppi and charges (not even started on the charges yet) would come off the balance of the debt with the DCA which is currently about £7,000. But becuase the debt has been sold, Barclaycard have indicated that they will be refunding me directly! (Sorry DCA:D)This means money into the pot for full and finals from my other debts which will be a great help, plus cash in the bank to help with my DMP
  10. So this would mean that all figures calculated using one of the compound interest calcalator links are incorrect! Account was closed in 2007 and no interest paid since, yet compound interest calculations were calculated in early April 2010 from date applied to account to that date. Should be much less than I quoted then? OOPS!
  11. Oh yes, a couple of other things! Does the fact that there was once a credit balance on the account affect the compound interest due? This was for about a year around 2005ish. This was being debated on another forum. Just need to be sure of my figures if they decline my offer. Secondly, this account was flogged to a DCA in 2007 (who have washed their hands of the ppi and refuse to accept that it is an issue - but thats another story!) and the balance reduced to nil with the OC. Does the fact no interest has been applied to the account since then affect anything? Ta!
  12. Hi all, Just a quick update on this. Sent Barclaycard an offer of settlement half way between their offer and what I believe is due to me. To be honest, i'd be pleased if they do agree, even if it is short of the total amount. If they dont then its off to court we go! I'll post back with their reply. MP.
  13. Just being re-reading their settlement offer letter which reads: "I can confirm that our redress calculation process is in accordance with the guidance we have received from the Fianancial Ombudsman Service". So this means PPI payment + Compound interest + 8% simple interest The thing is they claim that they are already paying me the compound interest due, but why is it so low? Anyone know how they could have reached the figure they did and what formula they used? Slick, what is a SOC? - Not clued up on court lingo....... yet! Never been to court - either way!
  14. Thanks for the input guys. So I am right in thinking that if I refuse their offer and take it to the FOS, the chances are that the FOS will just rule that they only have to pay roughly what they are already offering me? If so, then no point in using FOS as i'd be waiting over a year for roughly the same settlement figure. So that only leaves the court route. Can I accept their offer as "partial settlement" and go on to pursue the compound interest through the courts, or would accepting their offer in any way stop me from doing that? The thing is with this is that I could re
  15. Hi all, Firstly, I'm brand new to these forums, so I hope this has been posted in the right place! I've been an avid reader for ages and this site is great for advice so I've finally registered! I've been reclaiming mis-sold ppi from Barclaycard from an old Morgan Stanley account opened in 2000, with ppi attached from the very start. I've previously received copy of original CCA and this confirms no ppi was not applied for, and was automatically added to the account. Barclaycard replied with an initial offer of settlement of around £1,500, but this only went back as far as 2004
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