barclaycard PPI helps please

[mccarthybaby]

Hi,

 

i have received my sar today and am trying to find the calculator for the interest. I can only see the single premium one?

 

Can anyone point me on the right direction?

 

Also i cant find anywhere on my statement what my apr is and they have only sent me the statement under the full sar?

 

thanks

 

mcc

[pompeyfaith]

Here you go

 

Compound interest calculator

 

That one works out the compounded interest for you

 

Blake Lapthorn - simple interest calculator

 

And this one will work out the 8% statutory interest for you.

 

Regards

 

PF

[mccarthybaby]

oh thanks pf, can always rely on your help .

 

All seems to go over my head though, me and numbers are rubbish.

 

is there an average apr percentage that i can use as i cant find my apr for this card only the purchase interest and they wont provide cca.

 

thanks

 

mcc

[pompeyfaith]

Can you scan and post up one of the statements ( editing out name, address , account number then ill take a look for you the APR must be on there somewhere it is usually shown as a monthly rate instead of APR

 

There should be a box showing purchase rate and cash rate.

 

PF

[mccarthybaby]

hi,

 

got a purchase rate of 1.492%

 

any help?

 

mcc

[pompeyfaith]

Indeed one moment and ill convert that to the APR

 

Be right back

 

PF

[pompeyfaith]

Here you go

 

Enter the interest rate % convert Monthly to Yearly Yearly to Monthly

If your monthly interest is 1.492%, that means an annual rate of 19.45%

 

SO THE APR IS 19.45%

 

PF

[pompeyfaith]

Anymore questions pop them on here and ill be back tomorrow

 

Signing out now

 

bedtime

[mccarthybaby]

oh thanks again pf,

 

yes just another question or two lol.

 

do i do the contractual and stat interest seperatly and then add the figures together or do i do the contractual then add the stat interest to that figure?

 

Does that make sense?

 

thanks

 

mcc

[pompeyfaith]

PPI payment +contractual+stat do that to each payment then total all to give a grand total

[pompeyfaith]

Hiya McCarthy,

 

Just popping by to check you are ok with your calculations and see if you need further help.

 

Regards

 

PF

[mccarthybaby]

hi pf,

 

yes i have got total but those 2 links you gave me each give me different amounts and i am struck which one to use?

i will post up the fugures that i got and can you see if they look ok?

 

thanks

[pompeyfaith]

McCarthy,

 

You have to use both calculators as one works out the compounded interest using the rate they charged you and the other one is a simple interest calculator to work out the s69 statutory interest.

 

Below is instructions i posted on Shirei's Thread thank you Shirei

 

using this calculator:

 

Compound interest calculator

 

Principal put in £49.67

 

next box enter the APR Rate

 

Next box select 12 rest days this will compound the interest by 12

 

Start date is the date of payment

 

End date is todays date or whatever date you do the calculation

 

Then hit calculate

 

The result will be in amount due.

 

Do this for each mth you will only need to change the start date each time

 

Write all the results on a sheet of A4

 

Right now you have the the principal sum with compounded interest added next is to do it all again this time using the 8% simple calculator here:

 

Blake Lapthorn - simple interest calculator

 

This time input the results from the first calculation

 

So the principal sim this time will be principal plus contractual yes ?

 

Right that goes in the principal box

 

Interest rate will be 8% so put in 8

 

then the dates from and too

 

Hit calculate again and the result will be in bottom box

 

Again write these down and once you have done then all total up and that will be the grand total of principal + contractual + 8% s69 statutory interest.

 

This is the amount you will be claiming

 

Atidy sum no doubt.

 

Regards

 

PF

[mccarthybaby]

ok,

 

not many payments made but this is what i have worked out. hopefully correct lol.

 

Assuming APR is 19.45 as worked out by monthly rate of 1.492 (thanks pf)

 

10.08.04 PPI applied 20.97 inc interest 73.87

09.09.04 PPI applied 21.77 75.23

11.10.04 PPI applied 22.00 74.47

09.11.04 PPI applied 21.04 69.90

09.12.04 PPI applied 22.57 73.55

12.01.05 PPI applied 24.07 76.73

09.02.05 PPI applied 25.22 75.36

 

So i have taken the intial charge, using the interest calculator that was linked to me added compound interest at 19.45 % then address 8% stat interest to that figure leaving me with the final figures you see. So i should be asking for a total of £519.11????

 

Have i done this right???

 

Hope that all makes sense

 

thanks

[pompeyfaith]

Right give me an hour and ill have a cup of coffee then check those figures for you.

 

PF

[pompeyfaith]

81.22

82.58

81.63

76.51

80.39

60.74

83.73

86.03

_______

£632.83

[pompeyfaith]

There you go your claim is £632.83.

 

PF

[mccarthybaby]

wow thanks again pf, was i even close to the correct way of calculating things? I know my math is pretty useless but how were our figures so different? Thought i had it sussed on how to work this stuff out - oh well back to the drawing board for me i guess lol.

 

Thanks again for your help.

 

mccarthy

[pompeyfaith]

Did you put a tick in 360 days a yr and select compound by 12 ?

 

PF

[mccarthybaby]

Did you put a tick in 360 days a yr and select compound by 12 ?

 

PF

 

 

no i left that but i had it compounded annually too

[pompeyfaith]

Thats why the figures are higher then as you have to compound 12 times a year not once a year.

[hermanthegerman]

Sorry to butt in on your thread Mc,

 

PF,is a 360 day year what the credit card cos use?

 

Herman

Edited October 5, 2009 by hermanthegerman
spelling

[mccarthybaby]

ok, now i know i am being dumb here - where is the template letter again to ask for these ppi charges back?

 

thanks

 

mcc

[mccarthybaby]

ok found one but seems to be aimed more at loans rather than credit cards? is there one aimed for cc or should i just edited the loan one. Seems i would be removing a whole paragraph that seems so important??

 

thanks

 

mcc

[alanalana]

hello mc,

 

this is a letter I used please see if any of it is applicable to your own case and copy the relevant parts to suit your own claim.

 

I am now convinced that I was mis-sold these PPI policies for the following 7 reasons:

 

1. Responsibilities When Underwriting a Policy of Insurance: On each occasion, when the details of a loan were discussed Your sales advisors failed to check my personal circumstances at the time of the sale, which they are under obligation to do when underwriting a Policy of Insurance. If they had done so, they would have realised that the PPI policies were useless to me. At no time was any attempt made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed it was required at all.

 

2. Alternative Insurance Cover: Your sales advisors in each case failed to ask me if I had any alternative arrangements for insurance cover. My employer has a generous illness package which would cover a period of sickness as follows: 6 months full pay followed by 6 months half pay. I would also be entitled to a generous redundancy package and a substantial payment would be made in the event of my death in service (more than suffice to clear the balance of the loan).

 

 

3.Failure to Supply Important Information with Regard to Significant Policy Exclusions: I was most definitely not informed that the PPI policies could contain certain exclusions which could affect me and my ability to claim on the policies if I should need to. Additionally I was never told that Pre Existing Medical Conditions could invalidate my policy and I was never asked if I had any Pre Existing Medical Conditions. Indeed your Loan Customer Duty of Care Checklist and the Loanguard Certificate of Insurance to which the Customer Duty of Care Checklist refers (forwarded under cover of Reference N) contain no reference to any Pre Existing Medical Conditions or includes any questions to me on the subject. I am in fact in receipt of a 40% War Disablement Pension from Her Majesty’s Government (HMG) since 1991. One element of this pension includes back injury which I now know is an exclusion in your PPI Policies. I also believe that I would also be excluded on at least one other existing condition.

 

4. Widespread PPI Mis-Selling: I cancelled the PPI policy on xxxAccountNo xxx on 7 Jan 2007 after becoming aware of the widespread mis-selling of PPI by some financial institutions, following recent media coverage and recent OFT and FSA investigations regarding the mis-selling of PPI. I believe this is borne out by Point 3 above. I am also aware that the question of PPI cover is the subject of an ongoing inquiry by the Competition Commissioner.

 

5. Wholly Inappropriate PPI Selling Bonuses: I understand that some employees are paid higher bonuses if they get prospective creditors to take out PPI with loans. How can the best interests of the customer possibly be met, if there is a clear conflict of interest between your responsibilities to me, and the drive of your employees to sell Payment Protection Insurance whether it is suitable or not in order to receive bonuses?

 

6. PPI Loan Interest payments miscalculated: Since I cancelled the policy, I have actually received a smaller reduction in the PPI loan interest payments than the figure stated on the agreement. The explanatory letter sent to me has, I believe, confirmed that I have paid for single premium PPI policies on each loan taken with your establishment.

 

7. True Nature of Single Premium PPI Not Explained: No explanation was forthcoming from any advisor on any occasion on the full extent of single premium PPI policies or the fact that they would offer little or no refund if the loan was settled early or if the insurance was cancelled. The statements you have forwarded on accounts xxx and xxx, show no element of any refund of PPI or PPI interest when the accounts were settled on refinancing. There was also no explanation that the cost of the PPI premium would be added to the total cost of credit and interest added for the full term of the agreement. I believe this practice is unlawful.

 

I now believe that the single premium PPI policies attached to the loan accounts were both extremely unfair and totally unreasonable and offered me very little, if any protection value whatsoever. I am therefore requesting a full refund of all costs including all single PPI premiums that have been paid, the interest added to these premiums and the payments, that I have paid to date.

 

Furthermore as I believe I have been unlawfully deprived of this money, I also expect the repayment of the interest at the Statutory Interest rate of 8% applicable to of each of the single premiums.

 

aa