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Confused over Egg CRP settlement


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Hello there

- I had an Egg credit card which had PPI from 2004 to 2006

- inappropriately sold to me.

 

I complained and Barclaycard have offered me a settlement.

 

I'm confused about the compound interest quoted though

- they seem to have calculated the compound interest from 2004 to 2006

- whereas I had thought that given they have wrongly had this money since 2004 till now,

the calculation of compound interest should run till now.

 

Who is right?

Really grateful in advance for any advice!

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they are correct

 

but you should get 8% stat int on that figure from the closing date of the card to today

 

FosRunningPPI v102.xls

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Many thanks.

 

I'll have to admit to being confused about how this is precisely fair

 

- as surely if they 'created' this debt (I never signed up to it)

they should mop up the interest compounded on that debt for its entire extent

(as 8% simple interest comes to far less than compound interest).

 

Am I alone in thinking this?

 

But at least I know that they are following the regulations.

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why, you are not owed it!

 

when the account closed, they no longer chagred interest at all.

 

you should be thankful for getting the statutory interest that is above base rate from that point on

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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then the spready you have is the correct one

 

This third spreadsheet is a calculator that will work out a fos based PPI award on a Revolving Credit Account such as a credit card. It will also work out the additional 8% interest awarded where the account moves into credit as a result of the removal of the PPI from the account. Be aware that you will need ALL of the account statements for this spreadsheet to give the correct result.

 

FosRunningPPI v102.xls

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Really appreciate you getting back to me.

 

Thanks. Ok - I've got statements up to 2008 but not beyond so I'll have to get hold of those.

 

If you have time to answer one more question,

 

as a general rule, is it the case that if my credit card was not in credit, but in deficit (if that's the correct word) then in the years from 2006 onwards, compound (or compensatory) interest keeps accruing on the PPI amount that was charged between 2004 and 2006?

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the spresheet will do it for you..

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

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