Jump to content


Ombudsman calculations for PPI compensation vs compensation via the courts


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 2216 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

Hello - can I ask for some advice please?

 

 

I have found an almost complete set of statements from Sep 1998 to May 2002.

It covers an Alliance & Leicester credit card now taken over by Santander.

 

 

I have to say that Santander have previously been good within limits - paid out when statements missing and very quickly.

Of course, we should never have been in this position to start with but they do seem keen to be seen to be doing the right thing, unlike many others.

 

 

My questions are these:

 

1. Given that the start date is so long ago, if I went legal, the compound interest is likely to make the award much larger than using the simple interest method.

Can you please point me towards the spreadsheet that would enable me to work out the likely award please?

 

2. Also, how long does court action take, typically?

 

What I might do (as they are likely to make me an offer within the next 2 weeks)

is to suggest a compromise settlement to avoid court action but need to know what the likely sum is to start that discussion I think.

 

Thanks very much for your help

Link to post
Share on other sites
 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

Link to post
Share on other sites

Dear maroondevo 52 Thanks for this - in column I of the CI sheet, how do I calculate the charge please? Is it interest, plus PPI, plus spending, plus charges (annual, late payment or over credit limit) - so the same figure as in column C of the REDRESS CALCULATION UNDER FOS RULES - RUNNING CREDIT ACCOUNTS

 

Thanks again!

Link to post
Share on other sites

Hi pinny,

 

Sorry I'm not too sure myself, I've asked another Mod to have a look and advise.

 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

Link to post
Share on other sites

Thanks again! I think it's likely to be PPI only because otherwise with compound int all charges would tot up to nearly half a mil! I don't think that's likely, sadly!

Link to post
Share on other sites

If it's half a mil, we could do with a small donation :)

 
 

Any advice I give is honest and in good faith.:)

If in doubt, you should seek the opinion of a Qualified Professional.

If you can, please donate to this site.

Help keep it up and active, helping people like you.

If you no longer require help, please do what you can to help others

RIP: Rooster-UK - MARTIN3030 - cerberusalert

Link to post
Share on other sites

you simply take each and every PPI figure from the statements

and enter each one individually into the CISHEET

 

 

then workout the avg APR you were charged

 

 

enter that into cell D 15

 

 

then enter the claim to date as the date the card closed or int stopped.

 

 

then comeback here

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... 

Link to post
Share on other sites

Thanks dx

 

 

I've got 3 years statements to hand (rest at office so will get them tomorrow)

and the av rate from 1999 to 2001 is 23.39%.

 

 

To calculate monthly interest,

 

 

I've taken the starting balance, removed the credit, then divided the interest by the result, multiplied by 100. Is that right?

 

 

Spreadsheet attached.

Link to post
Share on other sites

dx hello again.

 

 

I've got the missing statements from the office and

 

 

when I average out the interest it rises to a whopping 31.44% pa!

 

 

What I've noticed going through the statements is that in months where I've almost paid off the balance and there's just a few pence interest,

that interest is very high as a % of the o/s balance and this is driving the overall average up. is this normal?

 

 

Please see revised spreadsheet uploaded and thanks again. Pinny

Link to post
Share on other sites

don't forget you can only run the claim to date till when they stopped interest

certainly not until today!

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... 

Link to post
Share on other sites

you misunderstand

 

 

whichever way you go

you can only charge interest at the OC's rate whilst they charged it.

 

 

from then, you take that total [from the CISHEET]

and input it for the day after in the statint sheet as a whole figure.

 

 

StatIntSheet v101.xls

 

 

you are entitled to simple int from the day theirs stopped till the day they settle

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... 

Link to post
Share on other sites

Thanks dx - is OC old card?

 

 

I've followed your instructions and attached both spreadsheets.

 

 

Would yoiu mind confirming please that these look right and the payment calculated on the sheet with just one date is what I should be looking for?

 

 

Really grateful for your help.

 

 

Pinny

Link to post
Share on other sites

you got it right well done.

 

 

now fill out the FOS CQ

 

 

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

 

 

and do a covering letter like attached

 

 

then the 3 go off to A+L or whomever satans bank sorry

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... 

Link to post
Share on other sites

Thanks dx! It really is a minefield and it's so good to be able to check out assumptions with experts. I will keep you posted. Onward and upward!

Link to post
Share on other sites

I would just like to say there aren't any letter templates

 

 

usual invaluable input from you MM - not!

 

 

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... 

Link to post
Share on other sites
I would just like to say there aren't any letter templates

 

 

usual invaluable input from you MM - not!

 

 

dx

 

I was referring to the letters attached in one of your posts above.

 

My input was to avoid using these - which is valuable.

Warning: Freemen of the Land Operate here. Think twice before accepting 'legal advice'.

Link to post
Share on other sites

in which the post said....and do a covering letter like attached

 

 

which are not templates .

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... 

Link to post
Share on other sites
in which the post said....and do a covering letter like attached

 

 

which are not templates .

 

Well so long as they are not copied word for word, all is well.

 

That's all I was pointing out.

Warning: Freemen of the Land Operate here. Think twice before accepting 'legal advice'.

Link to post
Share on other sites
  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...