Settlement figure - how to go about this?

[mickrick]

I will finally be debt free in the next week or so.

 

But before that happens I need to agree a settlement figure with Barclaycard.

 

I had a card with them and egg and I have used neither in donkeys.

 

I now want to get a realistic settlement figure for both cards as a lot of what they say I owe is compound interest and charges.

 

I've thought about hitting egg with a proof of agreement request but to be honest, I'll just be happy to get rid of the millstone round my neck.

 

So can any of you offer me some advice on how I should go about this?

 

They have passed my accounts to Mercers but I want to settle everything directly.

 

And should I go ahead with the egg proof of agreement anyway?

[fkofilee]

Id check for any PPI etc, unless youve already claimed... But the choice is yours, MErcers are Barclays... So Id say try not to get fleeced...

When going for F+F remember... "Get the confirmation itll be FULLY Settled in writing"! otherwise youll get screwed over

[mickrick]

Oh don't worry about that,

 

I've been round a few corners in my time.

 

Are you saying Mercers and Barclays are the same crowd?

 

When I was talking to Mercers on the phone a few weeks ago they said ther are a DCA acting on behalf of Barclaycard

and I've gotten a couple of letters from them as well.

 

But I was surprised to get a statement from Barclays after I spoke to Mercers.

[dx100uk]

yes they are Barclays in house DCA:lol:

 

stay off that phone!

 

if you are going to settle you need to look for PENALTY charges £12 for late/over

and reclaim first.

 

what is the default date on your credit file?

 

settling wont change that

 

dx

[fkofilee]

Its all part of the Collections way...

They will pretend they are separate and actually they are one and the same... Working on behalf off but actually part of...

[slick132]

Hi mickrick,

 

In the past, we have seen CAGgers have difficulty getting BC to accept a F&F Settlement. This is often done by a new debt-owner after BC sell the debt on. As said, Mercers are BC's inhouse collection arm so the debt is still owned by BC.

 

You need to see what penalty charges have been added to the a/c over the years, and reclaim the full amount of every charge. We also recommend claiming compound restitutionary interest at a nominal 24.9% as this can have a huge impact in reducing the balance.

 

Do this BEFORE trying to reach a F&F.

 

Do you have all your old statements showing penalties over the years.

 

If not, do you think any penalty charges have been added in the last 6 to 8 years.

 

[mickrick]

Sorry for the delay in responding. I've been away for a few days for a double-dip birthday/retirement celebration

I didn't bother keeping Barclaycard statements as I never thought I would need to go through all this with them.

 

But yes, I will have had charges etc imposed in the last 6-8 years and

I'm determined to get everything offset against my final amount owing.

 

2 questions:

 

i) Why on earth would they give me a full and final figure lower than that owed?

Is it a trick to keep customers in debt so they can continue to impose charges? Surely that would be illegal?

 

ii) I seem to remember template letters on the forums to help members draft letters to their banks.

Are there any letters for this purpose?

 

Thanks for the advice, it is seriously very well received.

[dx100uk]

you'll need to send an sar to Barclays

and one to EGG at the Canadian square address

to get all the statements on both cards.

 

dx

[slick132]

Hi Mickrick and sorry if I misunderstood you. When you said you want a settlement figure from them, folk here normally use that phrase when hoping to get BC to accept a reduced settlement or a F&F Settlement.

 

BC are not going to accept anything less than the a/c balance at this stage. They will say their penalty charges are legit and in accordance with their T&C's.

 

If you want to reclaim the charges with compound int't, you will have to take Barclays Bank PLC t/a Barclaycard to court. Many have done this and have won, or rather they have accepted Barclays offer to settle before the court hearing.

 

Get the SAR off to BC and to EGG as per DX's advice above.

 

[SabreSheep]

One thing I have learnt along the way.

Its easy to use a template and do a targetted SAR for just transaction lists etc.

I now wish I had done a fully comprehensive SAR asking for all personal data as well so that if anything else comes out of the woodwork I will have the material to reference to.

 

"Full SAR and KEEP ALL THE THINGS" Oh and no phone.

[mickrick]

I've done my full SAR's for both Barclaycard and Egg but there is some confusion over the address I should send the Egg one to.

 

 

I opened my account with them in 2000 and it was transferred to Barclaycard.

 

 

So should I send it to the Pavilion Drive address or to the Canadian Square address?

[slick132]

Hi Mick,

 

If you can afford it, the quickest solution is to send separate SAR's to BC in Northants AND to Egg in Canada Square.

 

If you'd rather save the extra £10, tell BC you also require data relating to the period when Egg ran the a/c.

 

See how they respond and, if they don't supply any data for the Egg period, you may have to send off to Egg separately at Canada Square after all.

 

[dx100uk]

your BC sar will cover the EGG card from with them anyway

 

the egg card before then

as far as I've see

 

you can only get passed data from Canadian square.

[mickrick]

I've finally gotten all the paperwork from both Canada Square and Barclaycard.

 

 

For some reason, Barclaycard hasn't sent me an Egg statement in over 2 years which, I would assume,

it has been amalgamated with my Barclaycard balance.

Would this be right?

 

most of my BC charges, totalling £548, are for failed dd charges and late payment charges with the rest being over-limit charges.

 

 

Does any of this make a difference when applying for a refund?

 

Finally, what is my next step and which letters should I use/

[dx100uk]

I doubt they'd merge accounts no.

never heard of that before.

 

post 6 outlines what you need to now do.

 

this is the spread you need

 

This second spreadsheet is a compound interest calculator and can be used both for PPI claims and Charges Reclaims on Revolving Credit Accounts such as credit cards. Compound interest is not an award that fos will give in respect of PPI claims but it can be used in PPI cases that are pursued through the courts. It is the standard sheet that is also used for charges reclaims both on credit cards and loan accounts where interest in restitution is claimed.

 

CISheet v101.xls

 

 

put 24.9 in cell d15

 

list EVERY 'fee' on a new row inputting the date, amount, reason as required.

 

then post it up here

 

dx

[mickrick]

Hi mickrick,

 

In the past, we have seen CAGgers have difficulty getting BC to accept a F&F Settlement. This is often done by a new debt-owner after BC sell the debt on. As said, Mercers are BC's inhouse collection arm so the debt is still owned by BC.

 

You need to see what penalty charges have been added to the a/c over the years, and reclaim the full amount of every charge. We also recommend claiming compound restitutionary interest at a nominal 24.9% as this can have a huge impact in reducing the balance.

 

Do this BEFORE trying to reach a F&F.

 

Do you have all your old statements showing penalties over the years.

 

If not, do you think any penalty charges have been added in the last 6 to 8 years.

 

 

I've gotten all the information I need now on my SAR's. (Belated) Thanks for your reply, your input may prove invaluable.

[mickrick]

I doubt they'd merge accounts no.

never heard of that before.

 

post 6 outlines what you need to now do.

 

this is the spread you need

 

This second spreadsheet is a compound interest calculator and can be used both for PPI claims and Charges Reclaims on Revolving Credit Accounts such as credit cards. Compound interest is not an award that fos will give in respect of PPI claims but it can be used in PPI cases that are pursued through the courts. It is the standard sheet that is also used for charges reclaims both on credit cards and loan accounts where interest in restitution is claimed.

 

CISheet v101.xls

 

 

put 24.9 in cell d15

 

list EVERY 'fee' on a new row inputting the date, amount, reason as required.

 

then post it up here

 

dx

 

Thanks for that. I'll get on to it right away.

[mickrick]

I've all my listings done. How do I post them up here?

 

A couple of questions - can I only go back a maximum of 6 years from todays date? Also, why do I add compound interest of 24.9% when Martin Lewis's advice is that only 8% can be charged and then only if a court case has been successful.

Edited August 4, 2014 by mickrick
Incorrect apr used.

[dx100uk]

should be at the card apr not 2.9%

where did that come from?

[slick132]

Hi Mick,

 

You should put every penalty charge onto the spreadsheet, including any older than 6 years.

 

Regardless of advice on MSE, you should read threads here in the BC forum and the Barclays Successes forum. From the numerous success stories, it is clear that compound interest at 24.9% can be claimed.

 

When you have the spready sorted showing all charges and 24.9%, send it off to BC with the Prelim Claim letter from the Library.

 

Then use the next 4 weeks (before you send in the court claim) to thoroughly research the process so you know what to expect along the reclaim journey. See this thread - http://www.consumeractiongroup.co.uk/forum/showthread.php?421662-BC-penalty-charges-probably-**WON**-with-compound-interest**

 

Also see others in the forum - http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?97-Barclays-BCard-and-Woolwich-successes

 

Do your research and you should find pretty much all you need. If you get stuck, we should be able to guide you.

 

[mickrick]

should be at the card apr not 2.9%

where did that come from?

 

Sorry, should have been 24.9%. Something obviously lost in translation there.

[mickrick]

Hi Mick,

 

You should put every penalty charge onto the spreadsheet, including any older than 6 years.

 

Regardless of advice on MSE, you should read threads here in the BC forum and the Barclays Successes forum. From the numerous success stories, it is clear that compound interest at 24.9% can be claimed.

 

When you have the spready sorted showing all charges and 24.9%, send it off to BC with the Prelim Claim letter from the Library.

 

Then use the next 4 weeks (before you send in the court claim) to thoroughly research the process so you know what to expect along the reclaim journey. See this thread - http://www.consumeractiongroup.co.uk/forum/showthread.php?421662-BC-penalty-charges-probably-**WON**-with-compound-interest**

 

Also see others in the forum - http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?97-Barclays-BCard-and-Woolwich-successes

 

Do your research and you should find pretty much all you need. If you get stuck, we should be able to guide you.

 

 

Excellent work there.

 

I've my 3 prelim letters drafted and I'll get them away within the next couple of days.

 

Tell me this,

 

I got a "letter" today,

one of those perforated edge thingys, from "Power2Contact" saying my debt has been passed to them by Barclaycard

and they will be making a house visit if I don't contact CSL within 72 hours.

 

I don't frighten easily, as both MBNA and Capquest know,

but isn't it illegal to make these types of threats to try and solicit money?

[slick132]

Re the letter from Power2Contact, see here - http://www.consumeractiongroup.co.uk/forum/showthread.php?387366-Harassment-amp-Threat-of-Doorstep-Visit-(update-21.04.2014)

 

[mickrick]

Sorry, just one last question - what is the correct address for sending claims to BC? I read somewhere that a judge struck off a claim for charges as the Northampton address was used and not the correct one.

[slick132]

You can send the claim to BC Cust'r Svs at their Northants address.

 

If you come to make a court claim, you will cite Barclays Bank PLC t/a Barclaycard as the Defendant and use the Barclays HQ address. See the Contact details in the BC Stickies at the top of the BC forum page.