CO-OP Visa Credit Card PPI help please

[Baz1994]

On checking a previous payment protection payout, I noticed that I was only paid accrued amount plus interest to date when account was passed to debt management agency and not to date.

 

They also did not include 8% interest on any notional credit balances or credit card charges. Should this have also been included ?

 

My question is, with the recent announcement regarding underpayments by banks in which I believe has happened can I still go back to the CO-OP requesting the shortfall ?

[dx100uk]

yes you can

 

they should be paying card interest not 8%!!

 

dx

[Baz1994]

yes you can

 

they should be paying card interest not 8%!!

 

dx

 

Thanks dx for your reply.

 

They did pay card interest but not to date (only up to 2005). They also did not include 8% simple.

 

Should they have included period after 2005 or are they correct as account passed to debt management company and interest frozen ?

 

Sorry for the questions but just want some clarity on the matter.

[Baz1994]

Sorry and should they have included any charges ?

[dx100uk]

from the point their int stopped

you should get 8% from that date on top till the day they settle

 

and YES if charges are in the mix

they need looking at

 

dx

[Baz1994]

from the point their int stopped

you should get 8% from that date on top till the day they settle

 

and YES if charges are in the mix

they need looking at

 

dx

 

Many thanks again dx.

 

So calculate ppi plus interest using compound spreadsheet up to 2005 and then apply 8% interest to total ?

 

i.e. Total CCPPI accrued to 23 July 2005 £984.19

Plus C/Card interest 26.70% £262.80

Total £1,246.99

Plus 8% notional interest £ 99.76

 

New Total £1,346.75

 

or would it be 8% for each year from 2005 to date ?

 

Also why do they state 8% notional interest and not simple ?

 

Thanks

[ericsbrother]

it should be 8% per annum simple interest. That means interest is added annually rather than at say, 0.75% per month and compounded monthly, which makes the notional rate 8%pa but the APR would be 8.566%.

9 years interest at 8%pa simple, added anually comes to a total of £1245.75 and thus they owe you a grand total of £2492.74

No wonder they are trying to kid you into accepting 8% added to the total and even the use of the wording of notional interest shows that they know they are in the wrong.

[Baz1994]

it should be 8% per annum simple interest. That means interest is added annually rather than at say, 0.75% per month and compounded monthly, which makes the notional rate 8%pa but the APR would be 8.566%.

9 years interest at 8%pa simple, added anually comes to a total of £1245.75 and thus they owe you a grand total of £2492.74

No wonder they are trying to kid you into accepting 8% added to the total and even the use of the wording of notional interest shows that they know they are in the wrong.

 

Many thanks ericsbrother for your helpful comments.

 

Is there a particular worded template that I can send using the above mentioned figures ?

[dx100uk]

how the rebate should be calc'd is on the FOS site

dx

[Baz1994]

how the rebate should be calc'd is on the FOS site

dx

 

Cheers dx

[Baz1994]

it should be 8% per annum simple interest. That means interest is added annually rather than at say, 0.75% per month and compounded monthly, which makes the notional rate 8%pa but the APR would be 8.566%.

9 years interest at 8%pa simple, added anually comes to a total of £1245.75 and thus they owe you a grand total of £2492.74

No wonder they are trying to kid you into accepting 8% added to the total and even the use of the wording of notional interest shows that they know they are in the wrong.

 

Right I now have new figures as follows due to the bank missing some statements that I had sent them.

 

New CCPPI accrued to 23 July 2005 is now £1,149.67

Plus C/Card interest 26.70 % £306.96

Total £1,456.63

 

So can someone kindly confirm what the amount would be using the figures above, for 9 years 8% Simple interest added annually in order that I can calculate the grand total ?

 

I do have a figure but doesn't seem correct.

 

Thanks for any assistance.

[ims21]

You need to consider that this account was not paid off...it was passed (sold?) to another company.

 

What you should expect back in this situation is as follows:-

 

1 The PPI premiums charged to the account.

 

2 Any contractual interest charged to the account.

 

3 The account should be reconstructed with the above removed. If for any month the reconstruction shows that the account would have been in credit, you get 8% simple on that credit balance for that month.

 

4 Any charges which were applied to the account which you can show were triggered purely as a result of the PPI together with contractual interest on those as well.

 

If the account was not paid off and was sold on then there is no further 8% interest payable on this.

[Baz1994]

You need to consider that this account was not paid off...it was passed (sold?) to another company.

 

What you should expect back in this situation is as follows:-

 

1 The PPI premiums charged to the account.

 

2 Any contractual interest charged to the account.

 

3 The account should be reconstructed with the above removed. If for any month the reconstruction shows that the account would have been in credit, you get 8% simple on that credit balance for that month.

 

4 Any charges which were applied to the account which you can show were triggered purely as a result of the PPI together with contractual interest on those as well.

 

If the account was not paid off and was sold on then there is no further 8% interest payable on this.

 

Cheers ims so original figures were correct then but the latter incorrect ? No additional 8% simple per annum from July, 2005 ?

 

I've just got to add new PPI charge additional amount of £165.48 plus 26.70% £44.18 = £209.66 plus applicable charges ?

 

Thanks

[ims21]

And ask them for a full and detailed breakdown of their offer....the full calculations.

 

That way you can check against your records to ensure that they are not pulling the wool over your eyes.

 

You may need to do some work to find any charges that were triggered solely by the PPI though but it can be done.

[Baz1994]

And ask them for a full and detailed breakdown of their offer....the full calculations.

 

That way you can check against your records to ensure that they are not pulling the wool over your eyes.

 

You may need to do some work to find any charges that were triggered solely by the PPI though but it can be done.

 

Thanks again ims21 and will do.

 

Regarding charges I see that they add protection amount last.

[ims21]

Thanks again ims21 and will do.

 

Regarding charges I see that they add protection amount last.

 

Yes that is because the PPI covers the balance on the account which is calculated after any charges have been applied.

 

So you need to go to the point in the life of the account when charges started to try an work out which charges were applied as a result of previous PPI.

 

It does take some work but the lender should be truthful and ensure that this is taken into account in their offer. Of course we know that they are not truthful so it is always down to the claimant to check things.

[Baz1994]

Yes that is because the PPI covers the balance on the account which is calculated after any charges have been applied.

 

So you need to go to the point in the life of the account when charges started to try an work out which charges were applied as a result of previous PPI.

 

It does take some work but the lender should be truthful and ensure that this is taken into account in their offer. Of course we know that they are not truthful so it is always down to the claimant to check things.

 

Well that does make sense and see what you mean.

 

I have a list anyway so I will just check those applicable months.

 

Cheers

[Baz1994]

Just an up-date regarding my further complaint and advice to anyone that think they have previously been underpaid.

 

Today I received a further offer and would appreciate if someone could kindly review

the attached calculations especially the tax deduction figures, before I accept.

 

Just to recap,

in August 2012 I accepted an offer of £1,246.99 (£984.19 plus 26.70% interest being £262.80)

but no 8% simple or less any tax deductions as prior 1st October, 2013

HMRC basic rate application.

 

after further review and the recent publicity,

I located some extra statements and submitted a further complaint asking for redress to be looked at including charges.

 

 

As previously stated they have now responded with an additional offer of £1,753.83

including £95 charges but on looking at their calculations,

I am a bit confused how they have addressed the tax deductions.

 

Thanks for looking and any advice would be appreciated.

 

Sorry having trouble attaching figures will post up asap.

[dx100uk]

attach a pdf from the go advanced button bottom right

then manage attachment.

 

 

dx

[Baz1994]

apologies but for some reason cannot attach details so will have to type up figures.

 

Total CCPPI accrued from 20/3/98 to 30/8/05 £1,394.78

Credit card interest accrued on above period £ 483.19

8% interest on any notional credit balances £ 50.48

 

Post closure balance liable for 8% £1,877.97

Post closure interest at 8% simple from 30/8/5 to 9/9/12 £1,055.88

 

Total redress due £2,984.33

 

Total untaxed 8% interest payment £1,106.36

Less tax calculated £221.27

Net total 8% £885.09

 

Net redress payable £2,763.06

 

 

Total redress before taxation - original calculation £1,246.99

total redress before taxation - revised calculation £2,984.33

 

redress difference now due £1,737.34

plus 8% simple interest to today's date £ 297.20

Additional redress now due before tax £2,034.54

 

Untaxed interest included in calculations above £1,106.36

Untaxed 8% simple to todays date from above £ 297.20

Total Untaxed interest £1,403.56

Tax deductible at current rate £280.71

 

Additional redress now due after tax £1,753.83

 

Refund of charges included in total offer £95.00

 

Thanks

[Baz1994]

attach a pdf from the go advanced button bottom right

then manage attachment.

 

 

dx

 

Cheers dx

 

tried but not allowing me to do so - anyway I have typed up figures

[dx100uk]

have you got the name of the bank in the PDF title?

if so remove it

 

 

whats the name of the .PDF file you are trying to upload

and how is it failing?

 

 

dx

[Baz1994]

have you got the name of the bank in the PDF title?

if so remove it

 

 

whats the name of the .PDF file you are trying to upload

and how is it failing?

 

 

dx

 

Sorry dx,

 

its visa further redress.

 

When I select manage attachments, my pop up screen is blank ????

[dx100uk]

sounds like you need to flush/reset internet explorer.

[Baz1994]

sounds like you need to flush/reset internet explorer.

 

 

Sorry dx not much of a computer techy but is that straight forward ?