Reclaiming charges etc - are their figures correct?

[teamsquirrel]

Hi all

 

I finally got around to sending off a letter requesting the penalty charges on my account are refunded. Barclaycard wrote back (very quickly too) saying they'd like to credit me with some hundreds of pounds plus interest.

 

This would reduce my balance by over half, so I'm very pleased with it. However, their "schedule of charges" for 6 years show that for over three full years, I did not incurr 1 single charge.

 

As I cannot believe I managed my account so well, I just wanted to ask whether it is likely they have made an error in calculating the amount? Or omitted some charges accidentally?

 

It's looking good for me clearing off the remaining balance in September, but I don't want to accept a full and final settlement of my claim if it's not all that I am entitled to.

 

Another thing; they say "credit me with" in the letter. Is this a credit to my account or will I get a cheque?

 

Thanks

[rebel11]

Hi teams

 

It will be credited to your account. If your not sure about the figures or you think they have missed some charges. Send them a SAR request with a £10 postal order.

The £10 is refundable. They will send you all the statements for at least 6 years, which you can cross-reference against the schedule they sent you. What interest have they applied to the account? They have 40 days to respond to your SAR Request.

[slick132]

Hi TeamS,

 

The reason they're keen to refund quickly is to save paying you compound interest in restitution at the a contractual rate.

 

Many are happy with just the refund plus a bonus 8% which BC will pay easily.

 

If you wanted the higher interest on top, this should be claimed from the start . BC will normally refuse to pay it and you normally have to take court action to get it.

 

The £10 is refundable.

If there are charges disclosed by the SAR which are not on BC's SOC, you could reclaim the SAR fee but BC are under no obligation to refund it. If no further charges come to light from the SAR, you really have no grounds to reclaim it.

 

If you were to take court action, you could include the SAR fee and see if it gets paid.

[teamsquirrel]

I got a reply from Barclaycard in which they include a new 6 year Schedule and an offer of more hundreds in refunds. Hmm, no explanation was given as to why the previous Schedule stated no charges were incurred for three straight years but the new one included all of the charges of these three years! In any case, their combined offers have now reduced my oustanding balance by over 90%!!

[slick132]

Hi TeamS,

 

If you're happy with this result, then that's fine.

 

BC will be happy too, as this avoids them refunding the charges PLUS compound interest at their contractual rate.

 

If you claim this, you'll have to file a court claim as they won't refund compound interest voluntarily. This would probably result in the a/c being cleared with the balance being paid to you direct.

 

If you want to pursue this, start by putting the charges onto a compound int't spreadsheet, to see how the figures look.

 

See this thread for guidance - http://www.consumeractiongroup.co.uk/forum/showthread.php?271291-Barclaycard-4-cards

 

[rebel11]

Hi Team,

 

In any of your letters to Barclaycard, have you stated that you want to claim Compounded Contractual Interest?

[teamsquirrel]

No, just asked for a refund. I used the standard template off here for my first request and then just a letter for my second query.

[slick132]

Hi TeamS,

 

If you want to claim the higher interest, you should do so quickly, before BC refund only what THEY want to repay.

 

Otherwise, you may find you have no cause of action to go back and seek the higher interest in court.

 

Edited August 30, 2010 by slick132
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