Aman23 V Barclaycard***WON***

[slick132]

2 threads merged as requested.

 

[aman23]

Thanks Slick132!

[aman23]

Hi Everyone,

 

I haven't posted for a while but now I have an update from Bcard regarding my claim for PPI. They have admitted the mis-selling of PPI as they said " ... we feel there is a lack of supporting evidence to confirm that the sale of PPI was carried out in accordance with our standard procedures. As a result we offer a refund of the PPI premiums you have paid and associated interest on this amount..." Now I am not sure about their calculation so I would like some help here before considering the £1,796.87 they are offering.

Here are the figures:

 

25/06/04 £26.68 17.9%

27/07/04 £39.46 17.9%

26/08/04 £54.72 17.9%

27/09/04 £62.32 17.9%

27/10/04 £64.21 18.9%

25/11/04 £62.94 18.9%

29/12/04 £65.12 18.9%

28/01/05 £65.16 18.9%

25/02/05 £68.26 18.9%

29/03/05 £74.59 18.9%

27/04/05 £80.34 18.9%

27/05/05 £80.70 18.9%

27/06/05 £87.00 18.9%

27/07/05 £89.79 18.9%

25/08/05 £94.50 18.9%

27/09/05 £97.01 18.9%

27/10/05 £98.79 18.9%

Bcard offered £1,211.59 as PPI premium, and £136.06 as compound interest and £449.22 for the 8%. PLEASE any help will be appreciated.

[alanalana]

Hi Everyone,

 

I haven't posted for a while but now I have an update from Bcard regarding my claim for PPI. They have admitted the mis-selling of PPI as they said " ... we feel there is a lack of supporting evidence to confirm that the sale of PPI was carried out in accordance with our standard procedures. As a result we offer a refund of the PPI premiums you have paid and associated interest on this amount..." Now I am not sure about their calculation so I would like some help here before considering the £1,796.87 they are offering.

Here are the figures:

 

25/06/04 £26.68 17.9%

27/07/04 £39.46 17.9%

26/08/04 £54.72 17.9%

27/09/04 £62.32 17.9%

27/10/04 £64.21 18.9%

25/11/04 £62.94 18.9%

29/12/04 £65.12 18.9%

28/01/05 £65.16 18.9%

25/02/05 £68.26 18.9%

29/03/05 £74.59 18.9%

27/04/05 £80.34 18.9%

27/05/05 £80.70 18.9%

27/06/05 £87.00 18.9%

27/07/05 £89.79 18.9%

25/08/05 £94.50 18.9%

27/09/05 £97.01 18.9%

27/10/05 £98.79 18.9%

Bcard offered £1,211.59 as PPI premium, and £136.06 as compound interest and £449.22 for the 8%. PLEASE any help will be appreciated.

 

You will probably get the figures quoted for the dates but I do not believe you will get 17.9% or 18.9% that they have charged you. You should receive the following :

£26.68 plus 8% statutory simple interest from 25/06/04 up until the date a settlement is agreed.

 

Same for £39.46 plus statutory simple interest from 27/07/04 up until the date a settlement is agreed

 

and the same for all the other figures you have posted.

 

Here is a calculator to work out the simple interest.

 

simple interest calculator - Blake Lapthorn - Southampton, Oxford, London, Portsmouth, Winchester

 

This should help you to work out what you should be claiming.

 

there is an issue on claiming compound interest which is as I understand not yet resolved. Complaints have been issued to the Financial Ombudsman Service but it seems the banks are not prepared to agree to compound interest.

 

 

aa

[alanalana]

You will probably get the figures quoted for the dates but I do not believe you will get 17.9% or 18.9% that they have charged you. You should receive the following :

£26.68 plus 8% statutory simple interest from 25/06/04 up until the date a settlement is agreed.

 

Same for £39.46 plus statutory simple interest from 27/07/04 up until the date a settlement is agreed

 

and the same for all the other figures you have posted.

 

Here is a calculator to work out the simple interest.

 

simple interest calculator - Blake Lapthorn - Southampton, Oxford, London, Portsmouth, Winchester

 

This should help you to work out what you should be claiming.

 

there is an issue on claiming compound interest which is as I understand not yet resolved. Complaints have been issued to the Financial Ombudsman Service but it seems the banks are not prepared to agree to compound interest.

 

here is a compound interest calculator if you want to make life difficult for barclaycard.

 

Compound interest calculator

 

 

 

aa

 

Compound calculator added to the post.

 

aa

[aman23]

Thank you Alanalana for your reply. After using the simple interest calculator, I came up with £1,664.45, which lower than the £1,796.59 offered by Bcard: it is made up of £1,211.59 (premium paid) plus £449.22 (8% simple interest) and £136.06 (compound interest). Shall I accept this offer?

[aman23]

Bump :-|

[aman23]

I think I will accept the offer. Many thanks to everyone @ CAG. Can the title be changed to a win?

[slick132]

Hi Aman,

 

It is your decision to accept whatever offer you choose.

 

Let us know when they pay up and we'll change the title for you then.

[aman23]

Bcard has finally paid up £1,796.59 to my card :D:D. As I still owe them it will reduce the amount of my debt with them. Big thank you to all caggers!

[slick132]

Hi Aman.

 

Congratulations on this - title changed accordingly.

 

Any donation you can make will help others.