No Response from Barclays to SARs

[samcam]

ALSO,

 

just working on my barclayloan.

 

Using the "PPI Calculator - Single Premium Polices" spreadsheet from this site.

 

BUT... how do I calculate the MONTHLY interest %?

 

on my barclayloan agreement it only says 7.9% APR and then under other financial information it says 7.765% p.a. (confused as to why they are different of course)

[slick132]

Hi Sam,

 

Have you read (and re-read) the Interest Tutorial which Steven has written for the Site.

 

Just click on the link in his signature in the post at the top of this page.

[samcam]

yes, but it doesn't make much sense to me

 

I'll try again, but the one thing I can't see on there is how to calculate the monthly rate.

[slick132]

Hi Sam,

 

I'm a poor sub for Steven, but I'll try.......

 

It's covered in the Int't Tutorial here:-

 

For 12 months we have

 

£100 * (1 + 0.02) * (1 + 0.02) * …… (12 times), which we write as

 

£100 * (1 + 0.02)^12

 

If your monthly rate is 2.05%, I calc the EAR to be 27.57 so the APR is 27.6%.

 

The "^" symbol means the sum is repeated, in this case 12 times. So, with a principal sum of £100, it works thus:-

 

Month 1 - 100 * 1.0205 = 102.05

Month 2 - 102.05 * 1.0205 = 104.14

Month 3 - 104.14 * 1.0205 = 106.28

Month 4 - 106.28 * 1.0205 = 108.46 etc, etc

 

Mnth 12 - 125.01 * 1.0205 = 127.57

 

A quick way to do this on a calculator is to enter 1 + the int't rate (1 + 0.0205 = 1.0205) then use the "constant" feature which is done if you hit the "*" button twice. Then, each time you hit = , the function is repeated, thus:-

 

1.0205 * * 100 =102.05; =104.14; =106.28; =108.46; =110.68; =112.95; =115.26; =117.63; =120.04; =122.50; =125.01; =127.57

 

The answer is therefore, APR = 27.6%. Hope this helps you.

[samcam]

Thanks slick. makes sense if you know the monthly rate.

 

But how do I work it back?

 

for my Barclayloan I only know 7.9% APR and then under other financial information it says 7.765% p.a.

 

So how do I work back to get the monthly rate for the spread sheet?

[thekat1979]

I can see where the confusion is lying though at usually, and as a computer would read it, the ^ is 'to the power of', not simply the number of times something occurs. For instance 2^3 is actually 2 x 2 x 2 = 9, not 2+2+2=6.

 

I think your worked example makes it much clearer, but if someone was to put in the caret symbol, surely they would come up with the wrong answer each time? Worth a think about at least for the interest newbies (like me!)

[thekat1979]

Have you got statements where they have applied the interst on a month? That may help...? Never had a loan so wouldn't know if that appears on there.

[slick132]

Hi Sam,

 

The only way I can do this is to work backwards using trial and error.

 

To get an APR of 7.9%, I used a monthly figure of 0.635%.

 

[samcam]

Hi Sam,

 

The only way I can do this is to work backwards using trial and error.

 

To get an APR of 7.9%, I used a monthly figure of 0.635%.

 

 

hehe, yeah, that's what I was doing all last night. hope someone knows a better way.

 

Really appreciate your help slick.

 

-------------------

thekat1979,

 

no, no proper statements for my loan, only computer prints from my SARs. So no details of monthly rate - which is why I've been trying to work it out - so I can put it in the PPI calc.

[slick132]

Hi Sam,

 

It didn't take long - perhaps 10 mins.

 

But the monthly rate is 0.635% and you can use this for your spready.

 

Steven's Int't Tutorial included an APR calculator and converter but the link's not working. I'll report this but at least you won't be delayed now.

 

A web search will also give links to special Int't rate calculators.

 

[samcam]

Hi Sam,

 

It didn't take long - perhaps 10 mins.

 

But the monthly rate is 0.635% and you can use this for your spready.

 

Steven's Int't Tutorial included an APR calculator and converter but the link's not working. I'll report this but at least you won't be delayed now.

 

A web search will also give links to special Int't rate calculators.

 

 

maybe not for you, but since I didn't know wtf I was doing it took quite a bit longer:)

 

Eventually it clicked into place and I came up with the same result 1.00635 (or 0.635%)

 

REALLY appreciate your help. Lets just hope I get a positive result from the bank.

 

Cheers

[samcam]

Hi Sam,

 

No surprises there, then !!

 

Time to prepare to take this on to court for DPA Non-Compliance.

 

While Barclays appear to be playing ball (although I've discovered a few gaps in the 10 years statements they sent me), I'm still getting the same response from Barclaycard - "pre 2004 on microfilm so we don't have to supply, blah, blah, blah - 6 years statements as gesture of good will".

 

I took out my card in 2000 and have been paying a missold PPI ever since! I want those extra statements! So ...

 

Which form do I use? N1, N244, EX343A ... ???

 

Also, as I'm unemployed, do I fill in form EX160 and send it with the above form? The first question is asking for a case number - but I don't have that yet!?

 

Would really appreciate some advice on this one. Cheers.

[slick132]

Hi Sam,

 

It's Form N1 using these POC's - http://www.consumerforums.com/resources/templates-library/48-bank-templates/130-data-protection-act-non-compliance-particulars-of-claim-.html

 

If you're just missing a few statements, why not proceed using estimates for the missing ones. If you estimate reasonably and can justify the figures, do that and let Barclays suggest alternative figures if they want.

 

Edited March 11, 2009 by slick132

[samcam]

thanks slick. Do I send the EX160 with it?

[samcam]

Sorry none of this is very clear - never done anything like this before:confused:

 

It's asking for the name, etc of my solicitor's firm. I don't have a solicitor, so I assume this should be left blank?

 

Same with the claim number. I assume this will be provided later?

 

Obviously Claimant is me. I put my name, but do I add my address? It asks for it on the other side of the form, but do I put it here as well?

 

Defendant is obviously Barclaycard, but same question again? Do I include the address here or just at the bottom where it says "defendant's name and address?

 

Do I put the Customer Services address or Head Office, or what?

 

 

Re: point 4 of this:-

http://www.consumerforums.com/resour...of-claim-.html

Do I have to quantify in what way they have not complied? i.e. list what information is missing (statements before 2004, signed executed agreement, copies of any and all correspondance, etc)?

 

Should I include details about contacting the ICO to discover that Barclaycard totally lied about their microfilm status as a relevant filing system and their subsequent ignoring of this fact when I wrote to them with the ICO's response?

 

Can I get them to provide my executed agreement via this as well? So far they haven't produced it, only copies of unsigned standard agreements (the usual rubbish).

 

 

For damages I assume I just put in the cost of the postage for the two follow up letters, plus the time it took to write and research the content of those letters?

letters sent, research time of relevant laws 5hrs per letter at £30 per hr, preparation time 1 hour

per letter @ £30 per hour

submitting this claim to court, research time of relevant laws and how to complete form 5hrs @ £30 per hr, preparation & writing/compiling time 1 hours @ £30 per hour

Should I claim for "emotional distress" due to the worry and concern over loss of monies I may be owed? How do you actually prove "emotional distress" anyway?

Anything else anyone can suggest? Has anyone done one of these?

[slick132]

Hi Sam,

 

Re EX160, not sure but court will tell you this.

 

Here are the relevant Guide notes for reference - http://www.hmcourts-service.gov.uk/courtfinder/forms/n1a_0406.pdf

 

I thought this was your Barclays thread but you're talking about BC and Microfiche, Credit Agreement, etc.

 

If this is about non-compliance with your SAR on your bank a/c, did you see my comments in post #38 about using estimates if you're only missing a few state's.

 

[samcam]

Hi slick,

 

Yeah, sorry. It's all getting a bit messy on here because I'm doing stuff for Barclays account, Barclayloan and Barclaycard and I'm getting cross over with problems and advice.

 

It did START as my Barclays Account thread, but has slowly degenerated into a general free-for-all:D

 

I thought your #38 message about missing statements was to do with my Barclays account, 'cos I got bits missing from them too:rolleyes:

That's easy to estimate though, 'cos the amounts are steady each month.

 

With my Barclaycard it's a bigger problem because I paid a different amount of PPI each month depending on the balance left on the card. (i'm sure the was a big period in 2002 where the balance was cleared, so no PPI would have been paid).

But I assume I can make up any figures and Barclaycard will put me straight. More concerned with getting my executed agreement - can a court order for non-compliance of SARs get that for me?

[slick132]

Hi Sam,

 

Anything which relates to your BC a/c needs to be moved from here to your BC thread, and vice versa.

 

Let me know the post numbers of any posts that need moving from here, or to here.

 

Keep this thread for one account only, or keeping track will be impossible.

 

If you need another thread for a 2nd bank a/c or CCard a/c, feel free to open them.

 

When I know what the N1 relates to, I'll be glad to help.