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Posts posted by makkapakka69

  1. 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 etc etc etc.

  2. 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 was never actually a barclaycard account, it was a morgan stanley card which later become goldfish.

  3. urm...


    i cant see that.

    yes they could poss wriggle set-off in there somehow.

    but that can only be ARREARS





    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.



  4. 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 paperwork, they have sent me statements of the balance of the account at the time the ppi was refunded.


    According to these statements, the original refund was credited to the account, as was the refund of interest. However, the amount that was refunded to me by cheque was added back onto the account. This was approx £3,200.


    What I want to know is is this correct? Does this figure have to be put back onto the loan? In their letters at the time, they state that I was put back into the position of not taking out the ppi, but how can this be the case when they have given me something with one hand and taken it back with the other?


    After over 4 and a half years repaying this loan which was for £57,000, and with monthly repayments of at least £570 per month (with ppi removed from monthly repayment) the balance is still at £54,000!!! If the £3,200 hadn't been added back onto the account, the balance would be £50,800.


    I've only questioned this now because they refuse to lower their interest rate on the loan which is currently at 12% and I'm looking at the possibility of the whole loan being missold.


    Any advice on this would be really appreciated.



  5. 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!!!:eek:


    I'm currently not paying the DCA anything due to various CCA defects and missold ppi and I am certain it is unenforceable, so obviously dont want this to happen. To be honest, i'd rather take the £3,000 and run, knowing that the rest of the debt is unenforceable.


    DCA have thretened court action, but so far its all been hot air. I've got them well and truely snookered on the default notice. Also, the amount they claim is owed includes this now confirmed missold ppi, so they cannot legally claim I owe it, right?


    Was thinking of offering a really low full and final and see if they bite.


    Any advice on all of this?



  6. 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 budget.


    I've stopped paying the DCA due to their incompetence and lack of respect of the CCA1974. Basically, they haven't been playing ball with my requests for information so I removed them from my now self managed DMP. The account is completely unenforceable as per many Morgan Stanley accounts from the time (2000). And as for the default notice, well.......:eek::eek::eek::D


    They have threatened me with court action and believe that I am wrong. They also offered a 50% reduction in settlement in the same letter. I politely refused and asked them to take me to court if they want. Not heard back yet, but if I do then I'll let you know!:cool:



  7. 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?



  8. 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!

  9. 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 really do with the settlement money now, but i know that the mis-selling is vertually 100% cast iron as I never applied for it on the application form and it was automatically added onto the account from the very first statement, so I know that I should win in court (if it got that far). Does anyone have any idea how Barclaycard would defend this?

  10. Hi all,


    Firstly, I'm brand new to these forums, so I hope this has been posted in the right place!:confused: 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 (6 Years). I replied back with copies of additional statements and asked for a full refund back to the start of the account. They have now replied again with an increased offer of around £2,900.


    All good so far, however they say that this figure includes compound interest and an additional 8% simple interest payment. They have provided a breakdown of each ppi payment made and the compound interest they believe is due on each payment. However their figures are tiny and differ greatly to the calculations I made myself using a link to one of the many compound interest calculators on the internet.


    What I would like to know is are their figures correct, or are they trying to fleece me of the correct amount of interest? Here are a couple of examples of their figures:


    PPI Payment of £27.86 made on 21st Dec 2004 @ APR of 20.9%


    They calculate compound interest of £2.38 is payable on this amount, however I calculated compound interest of £55.85 (when I complied the letter about a month ago).


    In total, nearly £2,000 has been paid in ppi payments since 2000 (account was closed in 2007). From this amount, they calculate that the total compound interest due is a mere £260 with a further £600 in 8% simple interest on top of that. The interest rates ranged from 16.9% to 20.9% over that period.


    According to my figures, this should be thousands more. Have I calculated correctly or am I way off the mark? They have asked for the acceptance form to be sent back within 14 days and have issued their final response.


    Should I accept, or let it go to the FOS. I've had previous ppi complaints with the FOS and these have all taken over a year to sort out, so I know this could put the settlement back ages. Or could I accept their offer in partial settlement and then refer the matter of compound interest to the FOS?


    I'd be greatful of any advice on this.


    Thanks in advance,



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