Barclays ppi claim

[weej]

I've been asked to sort out a claim for the refund of PPI charges on 2 Barclays accounts (1 x Barclaycard and 1 x catalogue).

 

 

I sent in the SAR and

yesterday received all the account history etc.

 

 

I've gone through it all and identified all the PPI payments and used the 8% compound interest calculator to come up with a figure

which I want to chase Barclays for.

 

 

My question is this.

 

 

1. Is there a template for saying "here's how much you owe me, please send a lovely cheque" and

 

 

2. What's Barclays normal tactics (if any) for delaying/ deferring or trying to put you off.

 

 

Any help would be most appreciated as I'm just wondering what my best next step should be and what to expects.

 

 

Many thanks

[dx100uk]

for a credit card and cat account you should using their int rate not 8%.

 

 

CISHEET.

 

 

see the shelley threads in the Barclays successes

 

 

don't forget the FOS CQ either

 

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

[weej]

OK, I've got the FOS form filled in as far as possible.

 

 

Is there a covering letter I should include with the form (and spreadsheet) when submitting the claim?

 

 

Also, the interest rates listed on the statements vary almost on a monthly basis.

 

 

They range between 1 - 3%.

 

 

This seems very low to me as I remember my own credit cards used to be around 18%APR.

 

 

Don't suppose anyone knows what rate I should be using for the interest calculator?

 

 

Thanks for any help,

 

 

just want to get this right as my neighbour hasn't had the best of luck recently and this would give him a real lift.

[dx100uk]

don't forget

the PPI and the PENALT charges are TWO SEPARATE CLAIMS.

 

 

the PPI [use the CISHEET.xls at THEIR INT RATE]

use an avg APR

if you need to calc monthly to yearly use:

http://www.stoozing.com/calculator/apr-rate-converter.php

 

 

same MO for the PENALTY charges.

 

 

the PPI should be

FOS CQ

Spreadsheet

Covering letter

 

 

the PENALTIES

Spreadsheet

covering letter

 

 

...

 

 

PPI covering letter examples

ADAPT THEM TO SUIT.

 

 

The Complaints Department

[Lender’s address]

[Date]

Dear Sir/Madam,

Ref – policy number

I believe I have been mis-sold a payment protection insurance policy and would like to request a full refund of my premiums, plus interest paid.

I took out a £xxx loan/credit card at your [branch name] branch on [date] and also bought a payment protection policy which would cost me an extra £xxx over the life of the loan. [The name of the salesperson who sold me the policy is …] The total amount of my premiums plus interest is £ xxxx.

When I took out the loan, I was told that my application would be refused if I did not also buy a PPI policy. The Financial Services Authority’s advice to consumers is that, while it does not breach FSA guidelines, a borrower should not be refused a loan if they choose not to buy an insurance policy.

Possible additional paragraphs – include any which apply to you

[i also told your salesperson that I had adequate insurance cover through a separate income protection policy.]

 

[i said I did not need the PPI as my employer provides a generous illness and redundancy package.]

[You are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in the quoted interest rate, which you did not do.]

[in forcing me to buy this policy, you have also breached paragraph 8.6 of the Banking Code, to which you are a signatory.]

I do not believe being forced to buy this policy as part of the loan was a fair and reasonable obligation as I did not need this insurance and said at the time of taking the loan that I did not want it.

I am requesting a full refund of all my insurance payments, plus interest, which total [£ xxx].

If I do not receive a favourable response from you I will pursue this claim through the Financial Ombudsman.

Yours faithfully,

or

http://www.thisismoney.co.uk/money/bills/article-1606652/LETTER-TEMPLATE-Mis-sold-PPI.html

 

 

 

 

...............

 

 

 

Dear Sir or Madam,

Re:

 

I am writing in relation to the above payment protection (PPI) policy which i believe was mis-sold to me in relation to my

I believe you have not treated me fairly for the following reasons;

· The PPI was added without my knowledge..

· You have been punished by the Financial Conduct Authority for failing to treat customers fairly and I do not believe that the PPI I bought was sold in my best interest.

Unless you can prove that the policy was fair and reasonable and that I was treated fairly when I was sold the insurance, I demand a full refund of all premiums, and subsequent interest on these payments, that I have paid in relation to this policy. I also expect 8% interest to be added to each payment I have made as this is the statutory amount a court would pay.

I look forward to your full and prompt response to this letter. If this matter is not settled within eight weeks of this letter I shall be contacting the Financial Ombudsman to investigate my complaint.

This letter is in respect of the above account that was issued by

Yours faithfully

 

 

...................

 

 

charges reclaiming covering letter

 

 

adapt to suit.

 

 

adapt to suit........

 

 

 

Account number

 

 

Dear Sir/Madam

 

 

 

I recently became aware of media reports on the investigation into credit card charges by the Office of Fair Trading.

 

 

I now understand that the regime of fees which you had applied to my account in relation to late and over limit charges

are unlawful at Common Law & under both Statute and Consumer regulation as they do not represent a genuine pre-estimate of your actual costs, but more a fixed PENALTY.

 

 

 

I would draw your attention to the terms of the contract which you agreed to at the time that this account was opened.

 

 

It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law

and in consideration of fair business practices and good faith.

 

 

 

It is my contention that you have failed to operate my account in a manner conducive to the above and have demonstrated a lack of fiduciary duty.

 

 

 

I calculate that you have taken £240.00 plus £878.70 which you have charged me in interest which totals £1,118.70.

 

 

 

Therefore this letter demands a refund of all PENALTY charges indicated including interest to the date you settle,

 

 

 

As the account concerned is closed, I request that payment is made directly to me, either by cheque or by BACS transfer.

 

 

 

I trust this clarifies my position.

 

 

 

 

 

Yours Faithfully

 

 

 

Enc; Schedule of charges

[weej]

Thanks for that, it's only PPI, not penalty charges, so I've just stuck with the 8% at the moment.

 

 

I would be happy to get that (if the interest rate was higher I'm sure they'll come back and tell me I've underestimated the interest lol)

 

 

I've now put everything together and get it off in the post today.....

 

 

will be interesting to see whether they simply roll over or if they put up a fight and deny/ deflect.

 

 

Will keep everyone posted, and thanks again for the help.

[dx100uk]

its a credit card and a catalogue account

 

 

you should be using THEIR Interest rate compounded the CISHEET.

 

 

.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

 

Barclays will be 24.9%

 

 

 

 

 

its only on LOANS that you use 8% on PPI.

 

 

dx

[Hortz]

I've been asked to sort out a claim for the refund of PPI charges on 2 Barclays accounts (1 x Barclaycard and 1 x catalogue).

 

 

I sent in the SAR and

yesterday received all the account history etc.

 

 

I've gone through it all and identified all the PPI payments and used the 8% compound interest calculator to come up with a figure

which I want to chase Barclays for.

 

 

My question is this.

 

 

1. Is there a template for saying "here's how much you owe me, please send a lovely cheque" and

 

 

2. What's Barclays normal tactics (if any) for delaying/ deferring or trying to put you off.

 

 

Any help would be most appreciated as I'm just wondering what my best next step should be and what to expects.

 

 

Many thanks

 

1. Do you actually have any valid grounds for complaint? You haven't given any so far. Just writing to them and asking for money is likely to elicit a response along the lines of "we're a business not a charity, if you wanna beg there are plenty of shop doorways out there". If you have then you need to state them.

 

Don't use template letters, they are obvious a mile off and just make you out to be a chancer rather than someone who has genuine grounds for complaint.

 

2. Like anyone else, they will investigate the complaint fully. They are not just going to hand out money because you ask for it. If they feel your complaint is nonsense they will say so. Thus far there's not much more than that to say since you haven't given any indication what you're proposing to complain about.

 

Complaining about charges is a waste of time, the court case several years ago ruled they were not unlawful and FOS will not consider complaints about the matter. Unless you're in serious financial hardship and even then it would only be out of pure goodwill.

[weej]

I know about charges. I claimed mine back before the door was closed and it is for this reason that my neighbour ask me to help with their PPI claim.

 

 

The grounds for the claim are simply that they did not need, would never have needed, never made a claim and basically didn't question anything and can't even remember this being an option. They are not well off and its only because of the publicity surrounding this that they have thought "that's me to". So IMHO, they have valid grounds to make a claim. My only concern was that as they had asked me to help deal with this, I want to try and make sure I get it right.

 

 

As for the interest rate, some of these PPI payments go back 10 years, so the difference between compound interest of 8% and 24.9% is very large. Have Barclaycard already been paying out at 24.9% compound?

[ims21]

Hi weej

 

Stand back a little from this and consider things.

 

Re the PPI you need to have a valid reason for a mis-sell. You stated earlier that..."they did not need, would never have needed, never made a claim and basically didn't question anything and can't even remember this being an option"

 

The question is "why did they not need it and would never have needed it"? the statement "Never made a claim" is not valid unless I have misunderstood you.

 

PPI claims are not the same as charges reclaims, the main reason being that the regulatory bodies that are (and have been in the past) have sorted out redress schemes for PPI redress. They have not done similar for charges claims.

 

Now, if you put in a standard claim for mis-selling of PPI there is are set criteria for what redress would be given if the complaint is upheld. This comprises the following...

 

1 -> a refund of the PPI premiums charged to the account

 

2 -> a refund of any contractual interest charged to the account as a result of those premiums

 

3 -> the account should be reconstructed with the above removed. If the reconstructed account shows that the account would have been in credit for any month then 8% simple interest is awarded on that credit balance for that month.

 

4 -> if the account was paid off and closed then there will be a difference between the amount paid and the reconstructed balance at the time of settlement. 8% simple would be awarded on that difference running from the date of payment to the date of settlement of the claim.

 

5 -> if there were any charges applied to the account which were triggered purely as a result of the above PPI then they should be refunded too along with any contractual interest charged on them and the 8% calculation as mentioned above.

 

To work all of that out you would need to do some work if you are going to try and get to a figure which is anywhere near correct.

 

Don't forget, the banks are not on your side and may well try to stiff you again on any redress they offer. For example, they will almost certainly leave out any charges which were triggered by the mis-sale of PPI.

 

As regards interest rates, I believe this is covered in my description above....you should get back any contractual interest charged as a result of the mis-sold PPI. That means it is the rate they charged the customer. It is not pure compound as much depends on the behaviour of the account.

 

Now, if you want to go for other charges i.e. those which are unconnected with the PPI debacle, there is a different route to take and it may be wise to start a new thread on this subject.

[weej]

Thanks IMS21, that's a constructive and helpful answer.

 

 

Basically my neighbour paid their account off most months, occasionally only a portion thereof depending on what the Barclaycard was used for. They never got into trouble and made regular payments. The account is still open, but hasn't been used in about a year.

 

 

They wouldn't have taken out the policy as they were employed (and still are) by the NHS and would have got 6 months full pay in the event of sickness, no chance of redundancy and they had (back then anyway) some savings they could call on if necessary. Admittedly a bit naïve, but they simply thought this PPI was all just part of the deal so to speak.

 

 

So, there aren't any "charges" so to speak. They just want to claim back the PPI payments + interest for their Barclaycard as they wouldn't have taken it out if it had been explained properly. Does that all make sense?

 

 

ps, I'm just trying to help. Hortz comments aren't useful and he/ she seems intent on just putting people off making claims (there are numerous other threads where he/ she tries to put people off). I wonder if they have a hidden motive

[dx100uk]

if they were gov't employees then that's all you need to put on the FOS CQ,

[ims21]

Hi

 

If your neighbour paid the account off in most months then the redress is likely to be fairly low I would guess. The reason being is the the PPI would have been there to protect a balance on the account. If there was no balance then there would not have been a PPI premium in that month a there was nothing to protect if you see what I mean.

 

I understand that employers such as the NHS offered very generous sickness/redundancy and other packages included in the contract of employment and they generally rendered a lender's PPI as pretty much useless.

 

I think the reasons for your claim should revolve around this aspect. The savings aspect is a bit less important but still valid. Most PPI policies would have paid out for six months but if someone had savings which may have covered six months or more then it adds grist to the mill so to speak.

 

Sadly some on here are to be taken with a pinch of salt and you seem to be a wise owl who can pick up on those. If such people were to have been believed in the days of bank charges reclaims then CAG would not be here today. As you have been here since 2006 you will know what I mean when I say it was only due to some who fought for what was right that CAG is here and, although a relative late comer myself, I am proud to be part of this group which has helped bring the banks and other institutions to book and repay their victims the sums of money which they took from them unlawfully, immorally, unfairly and by any other means which they thought fit in order to line their own pockets.

[weej]

Thanks IMS21, your and the other help is most appreciated. Yes, I was here in the early(ish) days and helped quite a few people successfully claim back charges. I'm now really grateful for the advice I'm being given and this kind of information cooperative is a godsend.

 

I've amended the draft letter and FOS questionnaire to complain on the grounds of his job being government (NHS) and the fact he would have had full pay for 6 months and then half pay, as well as the fact that the costs/ benefits of a policy were never explained. It was just kind of added on.

 

 

I've included 8% compound interest for the catalogue and 24.9% contractual interest for the credit card as advised. Hopefully this will work out.

 

 

I'll keep everyone posted (apparently, they might have a few more PPI claims in the offing)

 

 

The more I hear about this, the more annoyed I get on their behalf. It really was money down the drain.

[Hortz]

Thanks IMS21, that's a constructive and helpful answer.

 

 

Basically my neighbour paid their account off most months, occasionally only a portion thereof depending on what the Barclaycard was used for. They never got into trouble and made regular payments. The account is still open, but hasn't been used in about a year.

 

 

They wouldn't have taken out the policy as they were employed (and still are) by the NHS and would have got 6 months full pay in the event of sickness, no chance of redundancy and they had (back then anyway) some savings they could call on if necessary. Admittedly a bit naïve, but they simply thought this PPI was all just part of the deal so to speak.

 

 

So, there aren't any "charges" so to speak. They just want to claim back the PPI payments + interest for their Barclaycard as they wouldn't have taken it out if it had been explained properly. Does that all make sense?

 

 

ps, I'm just trying to help. Hortz comments aren't useful and he/ she seems intent on just putting people off making claims (there are numerous other threads where he/ she tries to put people off). I wonder if they have a hidden motive

 

No personal interest at all. I just speak the facts. If someone has valid grounds for complaint then I'm perfectly willing to assist them. But part of doing so is pointing out pitfalls they may face. However, I have no truck with the bandwagon compensation culture. Your original post gave no ground for complaint so I pointed that out. I still think you could do with being more specific I.e are they saying they don't think they ever asked for the cover at all, or they did but we're not given full information and if so what specific dialogue went on at point of sale?

[weej]

Now going to approach Bank of Scotland re their classic visa ppi. Does anyone know the contractual rate of interest for this?.... Nothing on the statements.

 

I know Barclays was 24.9%

Many thanks

[iconoclash]

5 -> if there were any charges applied to the account which were triggered purely as a result of the above PPI then they should be refunded too along with any contractual interest charged on them and the 8% calculation as mentioned above.

 

 

Hi - I am interested in this bit here about charges during PPI claim as I had a lengthy dispute with my bank on the same issue

but they refused to refund costs that I incurred whilst they prevaricated,

in the end they made a goodwill gesture offer of £100 but I rejected that.

I am thinking I should raise this with them again as I wasn't really sure how to challenge it further.

 

 

Seems there is a good reason why I shouldn't just accept that situation.

I was in financial hardship for a few years and sent my DWP letters to the bank but they continued to refuse settlements for over a year

using the test cases as their reason for delaying, as I recall.

 

 

I also note that they have not provided me with any loan statements or full data on my 3 accounts,

latest letter says that I have to ask my branch for any data relating to the accounts themselves

and the rest has come from head office??

[iconoclash]

"Complaining about charges is a waste of time, the court case several years ago ruled they were not unlawful and fos will not consider complaints about the matter. Unless you're in serious financial hardship and even then it would only be out of pure goodwill."

 

 

 

 

Hi - have you seen this case??

http://www.dailymail.co.uk/news/article-2763083/Victory-bank-charges-open-payout-floodgates-Court-backs-customer-hefty-overdraft-fees.html

 

 

I am hoping this will help me.