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About Splashy

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  1. Hi Everyone, Just thought I would give you an update. After being threatened that my legal costs would be very high since they would be using expensive expert witnesses I relented and accepted their offer. This was on the condition that I could refer it to FOS. They assured me that FOS were fully aware of their method of calculations and that they were fully confident in their calculations. The whole process really took it out of me and I did nothing, promising myself that I would get round to it at the weekend. Lots and Lots of weekends went past. Then I had
  2. I attach my FOS Running spreadsheet using their values. It is obviously quite clear that they are NOT using compound interest at ANY time, regardless of PPI balance. I will be forwarding this to FOS along with a transcript of the telephone conversation that I had with their analyst where he stated that they should be using compound interest and trying to tell me that the compound interest went down because of the number of days in the month. Very obvious that they don't actually know how to calculate the redress, they just rely on the software.
  3. I have accepted the Capital One offer but stated that I would only do so if they allowed me to refer the case to FOS (no barring due to time). I was fighting a losing battle when they would not/could not give me the calculations used and their threat to expose me to large costs incurred whilst trying to explain lots of hypothetical cases rather worried me. I did point out that I would rather they spend their time explaining MY calculations but apparently they are not able to do so. I think this is because they put blind trust in their VERY complicated software and don't really know how it
  4. Than that means that the FOS running spreadsheet is incorrect, as is the other CISheet (Compound Interest) Sheet.
  5. Here is the latest. "We have sent you a spreadsheet setting out the hypothetical reconstruction of your account month on month, and the calculation of redress accordingly. We have also invested a considerable amount of time in explaining to you how the calculation is performed. We have explained that calculation of PPI redress is complex, as is the software we use and which must account for numerous customer situations, actual and hypothetical. It is not as simple as disclosing a ‘formula’. We believe we have done all we can to assist you in understanding our approach."
  6. During a telephone conversation with one of their analysts they stated that column T should be compound interest. I questioned why the "compound interest" went down as well as up. He said that was because of the different number of days in the month. If you understand anything about compound interest then you must understand that the compound interest CANNOT go down. They are NOT paying compound interest.
  7. I have put it into a FOS running spreadsheet and the total comes to £17,000 Capital One dismissed this out of hand. That's not the way that the calculate the interest. What I can say with 100% confidence is that their offer of associated interest does not pay "interest on interest". They calculate the interest from a particular month and then add it to the previous months interest. The reason that I am slightly nervous about going to court if that they refuse to give me all the calculations and they have warned me saying that they would be getting legal representation and chargi
  8. Hi Everyone, Here is the long awaited update but it is more in the form of a question as to whether I am going mad. The attached spreadsheet contains 3 sheets. Month by Month data is the sheet that they sent me, it does not contain any calculations only values. Summary of redress is what they offered. Calculations including CI is my attempt to make sense of their calculations. Looking at Calculations including CI .. I tried to work out how they got the column T of Associated Interest since it is this column that gives the associated interest used for the redress.
  9. I was made an offer by Capital One in October 2013. As soon as I received the offer I questioned the amount and asked for full calculations. Due to handling another tricky claim with Mastercard I put this one on the back burner and only addressed it again in September. I spoke with Capital One and they agreed that it had been miscalculated. They offered £2000 in interest yet calculated the 8% as £900 .... which means that the payments plus interest MUST be 12.5 * £900. I have again asked for detailed calculations but they have declined to send these to me. I am opening a sm
  10. I am amazed that every time a claim is made the whole process starts again. Make a claim, claim rejected, complain, claim accepted, small offer made, offer rejected, larger offer made .... At one time the banks were serious (kind of) of making reparations. Now they are routinely rejecting every claim and waiting for the FOS to make them pay. The guys on this forum offer great advice but must be getting tired of helping people to find a solution when it is like groundhog day. Why won't someone (FOS maybe) make a statement that the banks are treating customers with a total lack o
  11. I attach my latest spreadsheet. The key thing here is that they offered me £900 for the 8% additional interest. This corresponds to the interest and premiums paid in reconstructing the balance as well as the amount that my account would have been in credit were I to not have had the PPI. £900 corresponds to some £12000 and I am entitled to that back as well. My calculations do not include interest up to today and are only for interest up till the date that the PPI was cancelled. There are lots of interpretations of PPI and the banks seem to use quite a unique one but if the
  12. I have now got a pretty good understanding of how to calculate what should be due according to the criteria that you listed above. I have made numerous spreadsheets and they all come to roughly the same value. The key thing is that if they calculate the 8% to be £958 then the additional element due must be 100/8 * £958 (this is the interest and premiums paid that they calculated in order to get to the £958) As I said, a guy on the phone confirmed that my calculation was incorrect (recorded) but they are saying that I can refer to FOS but they will reject since it is over 6 month
  13. Thanks so much. Your spreadsheet does indicate very similar figures. Will have to look at amending to take into account the interest accrued between the end of the spreadsheet and now.
  14. My claim was given a final response in October 2013. Capital One are saying that they don't believe that FOS should look into it since it is more than 6 months since their final response - they called it time barred. They are saying that it is their final response and they will not look into the calculations again and that is why I was asking if the FCA could force them into calculating correctly (they have admitted that it was incorrectly calculated).
  15. What does this story actually mean for us. Banks to reopen 2.5m PPI claims after FCA inquiry I have a claim against Capital One which they made me a final offer in October 2013. Due to a few personal reasons I did not put it back to the Ombudsman until this month and Capital One have admitted that it was incorrectly calculated but are saying it is time barred so the FOS cannot get them to recalculate. Does this story mean that they will be contacting me and coming clean about the miscalculation (I very much doubt this)? Will they be forced to open all claims where the amount w
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