Help with PPI reclaim for Credit cards please

[kate999]

Thank you to anyone who has the patience to help me with this.....

 

I have numerous credit card companies that I am claiming back PPI insurance for both my partner and I. I am worried I have got the calculations wrong. On the notes for the compound interest calculator it advises you to add interest at their interest rate say 16.9%, from the date you were charged up to todays date. Then add 8% statutory interest.

If the credit card account has ended then can you only add their interest rate for the time of the agreement?

I have been adding their interest rate and the 8% from the time of the charge up to todays date - for example

 

15/03/2001 - £14.99 + 16.9% + 8% = £76.20

 

I selected the compounded monthly on the drop down box. Is this right?

 

Thank you for your patience!

kx:-?

[dj1971]

Hi Kate999,

 

Somehow that doesn't look right to me. I get it to be:

 

£14.99 + £23.70 + £11.22 = £49.91

 

Not sure what is going wrong for you. Are you using 16.9% per annum and 8% per annum?

 

DJ

[kate999]

DJ I am obviously doing something wrong! I am using the compound calculator

 

Compound interest calculator

 

I have put 14.99 in the amount

16.9% in the interest rate

15/3/01 as the start date and todays date as the end

I was doing it monthly as advised by middenmess in previous post but have tired it as annually but still coming up with 14.99 @ 16.9% as £49.589 interest accrued totaling £64.58.

 

I am really loosing my tether - can I ask how you are working the calculations?

[dx100uk]

comes out as int=57.07

total=72.06

dont forget to change the number of rests to 12 - compounded monthly

 

dx

Edited July 21, 2010 by dx100uk
oppss

[kate999]

Ha - dx my hero - I was doing it right then. Not so dizzy after all!

Does it make a difference if the credit card was never paid off and is with a DCA?

Also I would really appreciate it of you could have a look at my previous thread and see if you agree with what has been said about a loan PPI I had with Halifax.

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/268638-halifax-miss-sold-ppi.html

[dx100uk]

you didn't indicate the a/c was closed

 

you can only charge their interest rate for the time they charged that [closure date of the a/c]

 

as for the 8%

 

you need to take that months ppi payment, add interest at their rate for that month only,

 

then use the calculator to add 8% to todays date [claim date]

 

dx

[kate999]

Makes perfect sense - and this is how I have been doing it - just wanted to check for a closed account I have as well. Thanks.

kx

[kate999]

My partner and I are claiming back PPI on credit cards and charges, the only problem is that a couple of the accounts we are claiming back from have been sold to DCAs. I know from previous advice that I am still able to claim but my questions are?

 

1) Some of the accounts were are trying to claim back from we in the process of proving them unenforceable - 2 have even stopped collections of the debt - is this still an issue when trying to claim? or will it cause problems with our claims. The issue of enforceability is with the DCA and we are claiming back from the original creditors?

 

2) Can the original creditor pass the money we have claimed back and give it to the DCA to clear part of the outstanding balance? I have read somewhere on the forum that they can't.

For example Barclaycard have offered to pay back the charges but are advising HFO to take it off the outstanding balance.

 

All help appreciated as always

kx

[dj1971]

Hi Kate,

 

Hope you enjoying your weekend.

 

On your first question, I suspect it should not affect your claim but am going to suggest you ask this question on the legal forum, or perhaps someone here can give a definite answer.

 

On question 2, they can only take the amount of any outstanding arrears from your refund. This is called the right of offset. Any other monies due must be refunded to you by whatever means you stipulate.

 

However, does HFO now own the debt, or are they just acting as collection agents? If they own the debt this may put a different angle on things.

 

DJ

[kate999]

Thanks DJ - as for my first question I will put a post on the legal forum.

 

In regards to question 2 HFO own the debt - does this make a difference?

 

kx

[dj1971]

Hi Kate,

 

I believe as barclaycard no longer own the debt, that they cannot refund your money to HFO without your agreement. But knowing barclaycard as i do, that doesn't mean they won't do it anyway.

 

If this is something you do not want to happen, I suggest you write to Barclays pretty sharpish and point out that you want the charges refunded to you and it is for you to decide whether to pay HFO or not.

 

Good luck

 

DJ