Barclaycard PPI redress

[brown1950]

Thank you for your reply

 

 

however as i said the FOS will not accept on a Credit Card any PPI refund calculated with compound interest.

 

I had two recent credit card PPI claims and compound interest as calculated with your template forms were rejected by the FOS.

 

After rejections by two FOS Adjudicators

i passed one over to an FOS Ombudsman and again he rejected any compound interest redress.

 

Despite my protests that Barclaycard compound PPI premiums

the FOS Ombudsman did not agree and accepted the Barclaycard calculations were correct.

[dx100uk]

posts from another thread moved to your existing thread.

 

 

the issue here is that by persisting in using the CISHEET,

it probably does not take into account the actual balance of the card each time PPI is levied.

 

 

this I why we suggested in post 4 you try the FOSrunning sheet.

[brown1950]

Sorry to tell you but the FOS rejected my calculations as per the FOS running sheet from this site and accepted Barclaycards

calculations which were approx 50% less than the FOS running sheet !

[dx100uk]

And on another PPI credit card claim i have received another explanation from a different FOS Adjudicator as follows :

 

Quote '' I can see you have sent though a calculation for the interest charged due to the PPI.

 

As I have explained the additional interest added to your card because of the PPI will not be charged on a daily rate.

 

Your calculations show the interest rate charged in each month as a result of the PPI.

Therefore the interest should be worked out on the amount of the PPI in the balance for each particular month.

 

As an example in March 2000 the balance of your account was £1,188.02.

The interest charged on your balance was £17.95.

Your PPI charge was £7.91

we would expect the refund od associated interest to be proportional to the amount that was caused by the £7.91 PPI charge '' Unquote

 

 

something has to be wrong with your data somewhere

or something else is wrong..

 

 

the above is from post 16 in feb 2016...

 

 

I've never known the fosrunning to be wrong by very much in all the years we've used it.

 

 

dx

 

 

 

 

 

 

this is the first time I've heard of the fosrunning