Barclaycard PPI claim-Interest questions

[Hookes789]

Hi, I've had a refund from barclaycard for ppi on my credit card. This consists of :-

Total ppi premium refund- 977.90

Total Compound int- 98.81

Total int 8%- 69.39

final settlement- 1146.10

 

I'm unsure if the total compound interest refunded is correct, as I can't write all payments etc, but for example on march 2008 premium was £23.95 apr 19.9% monthly int 1.527% cumulative ppi £209.43 compound int £2.09. Does anyone know if this looks correct?? I'm not very good at things like this.

 

Thanks in advance

[slick132]

Hi Hookes and welcome to CAG

 

I'll move your thread into the PPI forum where I hope you'll get the advice you need.

 

[gezwee]

Hi, I've had a refund from barclaycard for ppi on my credit card. This consists of :-

Total ppi premium refund- 977.90

Total Compound int- 98.81

Total int 8%- 69.39

final settlement- 1146.10

 

I'm unsure if the total compound interest refunded is correct, as I can't write all payments etc, but for example on march 2008 premium was £23.95 apr 19.9% monthly int 1.527% cumulative ppi £209.43 compound int £2.09. Does anyone know if this looks correct?? I'm not very good at things like this.

 

Thanks in advance

 

 

Hi Hookes

 

Something screwy with the figures

 

Premium of £23.95 at 1st March 08 comes in at £21.67 compound + £6.83 stat

 

Did you use one of the online calculators or did you leave Barclays to do the math?

 

Gez

[Hookes789]

No this is from the schedule of charges I've received from barclaycard today. At the time I did say I wouldn't accept offer, but then they said they wouldn't change it. Now I have to go to the fos. I thought their figures didn't look right, for months I've been paying on average £24 premiums, so feel I should get more than the £98.81 total compound back.

[gezwee]

Hi Hookes

 

Go onto this thread http://www.consumeractiongroup.co.uk/forum/showthread.php?317736-Kandco-Catalogue-large-debt-PPI-included-advice-needed-please.

 

Save the spreadsheet and change the start date, interest rate etc. Input your own PPI premiums and let us know what you come up with.

 

Gez

[Hookes789]

Hi gez

 

Sorry to sound thick, new to all this.

 

I have clicked on the link but wasn't sure what I am looking for. What does post #6 mean??

 

Thanks

[gezwee]

Hi Hookes

 

Not to worry, I pointed you to the wrong post anyway [oops]. Click on the link, scroll down to the 12th entry on the thread [#12 in the grey header to the right hand side], there's a post by dx100uk with an excel spreadsheet attached. Left click on the .xls attachment and click on save.

 

Gez

[Hookes789]

Hi,

 

I have looked at that spreadsheet, however the Apr does change a bit on their schedule. But from what I have put in already, I feel their calculatons are incorrect. I have attached a schedule to show you their calcs. (not sure if you can see it??)

hookes.pdf

[gezwee]

Hi Hookes

 

Not sure what they've been up to with the figures but they don't add up

 

For example........ take the last 'static' interest rate applied premium [£24.92] 11.09.08 at 9.9% - this equates to compound int of 8.26 + stat int of 6.07, nowhere near their figures?

 

I'd be inclined to complete the spreadsheet including their varying int rates [it'll mean a few additional rows of data] and present it to them requesting an explanation of their calculations. If they still won't budge on the figures bundle it all up for the FOS to deal with.

 

Gez

[ims21]

Hi

 

first things first.....have you got all of your card statements?

 

ims

[Hookes789]

Hi, well initially it was a skycard then barclaycard took over, yes i think I have all statements.

[gezwee]

Hi Hookes

 

So long as you can reconcile the interest rates and premiums against their statement and are happy with that side of things I'd go for presenting the correct calculations.

 

Me thinks they are trying to pull a fast one..........

 

Gez

[ims21]

Hi

 

I've attached a compound interest spreadsheet you can use to calculate the premiums plus interest. Amend the personal information in the blue section and change the APR figure to the one being charged on your card. If the rate changed, work out the average of the rate they were charging you and use that.

 

Move to the white list section underneath the coloured bits. Go through your statements and enter each PPI payment giving the date of the payment, a description and the amount. The sheet will do the rest for you. Leave the "claim to" date as it is on the spreadsheet.

 

Please note that the spreadsheet is protected to prevent alteration to formulae. If you get a protection message it means you are trying to alter a protected cell.

 

I suspect you will find their figures are way under.

 

ims

 

CISheet.xls

[Hookes789]

Hi, i may be writing this in the wrong thread, just thought I'd ask if the ppi refund I received from tesco bank looked correct.

 

I took out the loan in Feb 2004

 

Main loan £10,500.00

Ins loan £1,430.00

Credit £11,930.00

 

Total chg for credit- £1905.34

Total amount payable - £13,835.34

 

Repayments - 54 repayments £256.21

 

Comprising

Main loan repayment £225.49

Ins loan repayment £30.72

 

I settled the loan in July 2006 £6553.98

 

I have been refunded

 

Refund all premiums -£829.44

Rebate shortfall-£494.31

8%interest - £620.60

Total refund -£1944.35

 

I would be grateful if you double check these figures.

 

Many thanks

[ims21]

Hi

 

Have a read of No1 in my signature and then downlaod the spreadsheets in the last post and you should be able to calculate what the case should be and then compare to what they have refunded you.

 

regards

 

ims