Jump to content


  • Tweets

  • Posts

    • Lets put this into perspective. You wont ever get £1000's out of them most def not the £15k? you are after..wont happen even through court.   And if you dont get written evidence they knew but stupidly did it all on a phone without recording your calls up creek are you. Your word against a powerful bank.   If your pp account were to be sorted is your business one that would recover? And why didnt you simply open another pp account with differing details using another bank ac and link that to your business?   Dx
    • Hi i took out a contract back in May with Vodafone for superfast fibre 2, My speeds have been up and down all the time one moment the sync speed is 76mb then it goes to 33mb then back up to 76mb other providers in the area like BT, PlusNet, Sky or TalkTalk can only provide me with 33mb maximum apparently but Vodafone was adamant they can provide 76mb so i thought ok ill take your word for it so since may the internet has been working perfect no complaints, lately its absolute crap you speak to them on the phone and its the usual rubbish change your WIFI channels, take the face plate off your socket. I'm an internet engineer for a company called hyperoptic so I know a lot about routers and all that so its nothing knew to me you tell them you've done all this and they just repeat themselves over and over then tell you to see how it goes with the plate off may I add makes no bit of difference at all you call them back and the same rubbish is said all over again, When i complained first time about the half speed drop to 33mb they came back with this is all you can get in your area when i asked them why sell me a 76mb package if you know full well my line cant handle over 33mb as usual get told ill get a 3 pound discount for the duration of my contract which disappears once they boost your speed back up to 76mb then few weeks later your back to square one again. Tonight my speed is running at 3.5mb and 15mb upload webpages don't open and videos buffer all the time, i honestly think its the crap routers they supply to which you cant place into modem mode to use your own 3rd party router.   Is there anyway i can get out of this contract
    • Hi everyone, any help anyone can offer would be appreciated.   I purchased a bag for £375 + £8 postage from an individual via Depop. I’m not that familiar with the Depop service but the transaction wasn’t completed via Depop’s checkout just via messages with the seller on the app.   The seller posted the item a few days later and sent me a tracking number, and the item says delivered but it hasn’t arrived with me. When tracking online and asking for more info online it says the tracking number and delivery postcode (my home address) don’t match and the website doesn’t offer any further help. The online chat function is a bot and frankly useless and there is no phone number to call.   The seller can’t show me any proof that the tracking number marries up to my address (they sent me a photo of the box but that’s it) so feel at a loss and very silly (and sad).   I don’t have the seller’s postal address, only email and phone number, but can I (should I) make a claim via small claims for the without having a physical address?   I have asked the seller for a refund and advised they have to make a claim for compensation as the contract of sale (postage cost) was with them and the delivery company.    Thank you everyone. 
    • Its a common situation HB ... In how many laws broken how many times - yes somewhat complex   In caring and supporting your own its quite simple and straight forward It enables the younger members to work and school, while giving care to the older members, who have mainly lost their prior anchors - Nothing strange ... although Johnsons' monsters seem to be unaware or uncaring ...   Any in such a situation will of course have ALL their owns health and safety as the paramount consideration.
    • Jeez that's complicated. 😕
  • Our picks

Please note that this topic has not had any new posts for the last 1892 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Brief summary/history

Other half's card.

 

Commenced 1998, defaulted 2006 with interest frozen from that date.

Default card balance was £6,500 - progressively paid/reduced to just under £5,000.

PPI claim made October 2012 - initially refused but upheld by the FOS on adjudication.

 

March 2014 NatWest credited £4,664 to the card, leaving a balance of £323.

By my own (spreadsheet) calculations the payment should have been some £1450 more than they paid.

 

Their payment was arrived at as follows:

Refund of payment made 1998 to 2006 £2334.14

Compound interest based on rates charged £ 712.36

Sub total £3056.50

Gross interest at 8% £2010.43

Less income tax at 20% £ 402.09

Net interest £1608.34

Net offer £4664.84

 

It is their compound interest figure that I cannot agree with.

During the 8 year life of the card, monthly interest rates varied between 1.385% and 1.620%. The average card balance was about £3200.

My calculations show the compound interest figure to be about £2077 rather than their figure of £712. This would also increase the 8% gross interest amount due by about £1000. I reckon we want about another £2500 from them (before tax)

 

I have written to them several times asking for a breakdown of their compound interest figure and have been stonewalled each time. They say they cannot provide these (complicated) calculations but that they are in line with the FOS and FCA guidelines.

 

Their last reply even went so far as to 'explain' to me how compound interest works. I can scarcely believe the content of it.

 

Here is the relevant paragraph from their letter:

As a basic look at the compound interest aspect, if you compared the monthly balance of the credit card with and without PPI and the difference was £20, then the interest element would be determined from this figure. If the monthly interest rate was 1% and 12% per annum, this would mean that the starting figure for the compound interest is 20p (1% of £20.00) if your card then ran for 5 years, the compound interest on this PPI premium would accumulate as follows, year 1 = 22p, year 2 = 25p, year 3 = 28p, year 4 = 31p, year 5 = 35p. Therefore the total amount difference in balance of £20.00 in this example would be 35p.

 

So, this 'expert' from RBS thinks the compound interest would be 35p. Well, I calculate it to be £16.33. She seems to have worked it out at 1% per annum rather than 1% per month.

(I am not a mathematician so if I have got this completely wrong and she is right, please, someone, tell me I am making a numpty of myself).

 

So, ladies and gentlemen of CAG, where do I go next with this shower?

Suggestions and comments most welcome, thanks.

Love your enemies - it drives them crazy.

Thanks to Bobby Thompson (1911-1988) for the user name:"Let them knock, the paint lasts longer than the skin".

nec temere nec timide

 

So far, all done free for friends:

Cabot - F&F reduced debt by £7700 (70%)

NatWest - PPI claim - £1,800

NatWest - PPI claim - £6,200

NatWest - PPI claim - £3,000

Co-op Bank - PPI claim - £5,200

Halifax - PPI claim - £2,800

NatWest - debt identified as statute barred - £1,900

NatWest - debt identified as statute barred - £2,700

NatWest - loan identified as unenforceable - £13,400

Link to post
Share on other sites

so what spreadsheet did you use.

 

 

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
so what spreadsheet did you use.

 

 

dx

 

One written by Bill-K, IIRC.

Love your enemies - it drives them crazy.

Thanks to Bobby Thompson (1911-1988) for the user name:"Let them knock, the paint lasts longer than the skin".

nec temere nec timide

 

So far, all done free for friends:

Cabot - F&F reduced debt by £7700 (70%)

NatWest - PPI claim - £1,800

NatWest - PPI claim - £6,200

NatWest - PPI claim - £3,000

Co-op Bank - PPI claim - £5,200

Halifax - PPI claim - £2,800

NatWest - debt identified as statute barred - £1,900

NatWest - debt identified as statute barred - £2,700

NatWest - loan identified as unenforceable - £13,400

Link to post
Share on other sites

ideally you should be using the fos running

or the fosCIsheet

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

 

and converting your avg monthly int rate to apr using this

 

 

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

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 am prepared to have a go, but...

How do I calculate the necessary APR required by the CI sheet as the monthly rate changed several times during the life of the card?

Love your enemies - it drives them crazy.

Thanks to Bobby Thompson (1911-1988) for the user name:"Let them knock, the paint lasts longer than the skin".

nec temere nec timide

 

So far, all done free for friends:

Cabot - F&F reduced debt by £7700 (70%)

NatWest - PPI claim - £1,800

NatWest - PPI claim - £6,200

NatWest - PPI claim - £3,000

Co-op Bank - PPI claim - £5,200

Halifax - PPI claim - £2,800

NatWest - debt identified as statute barred - £1,900

NatWest - debt identified as statute barred - £2,700

NatWest - loan identified as unenforceable - £13,400

Link to post
Share on other sites

find the avg of your monthly rate

then use the stoozing site

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

OK, done that.

 

The Compound Interest Calculator shows a compound interest total of 2054.93. My own calculations came to £2077 so pretty close either way. Both way more than the £712.36 RBS paid.

 

What next, please?

Love your enemies - it drives them crazy.

Thanks to Bobby Thompson (1911-1988) for the user name:"Let them knock, the paint lasts longer than the skin".

nec temere nec timide

 

So far, all done free for friends:

Cabot - F&F reduced debt by £7700 (70%)

NatWest - PPI claim - £1,800

NatWest - PPI claim - £6,200

NatWest - PPI claim - £3,000

Co-op Bank - PPI claim - £5,200

Halifax - PPI claim - £2,800

NatWest - debt identified as statute barred - £1,900

NatWest - debt identified as statute barred - £2,700

NatWest - loan identified as unenforceable - £13,400

Link to post
Share on other sites

pers I think they are talking bowlarks..

 

 

unless the account goes into credit compounded int is still being charged every month

 

 

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
pers I think they are talking bowlarks..

 

 

unless the account goes into credit compounded int is still being charged every month

 

 

dx

 

Totally agree. The underpayment of £1450 or so plus the resulting statutory interest comes to best part of £2,500. I just cannot get them to accept they have got it wrong or to send me their calculations.

 

I am lost as to what to try next.

Love your enemies - it drives them crazy.

Thanks to Bobby Thompson (1911-1988) for the user name:"Let them knock, the paint lasts longer than the skin".

nec temere nec timide

 

So far, all done free for friends:

Cabot - F&F reduced debt by £7700 (70%)

NatWest - PPI claim - £1,800

NatWest - PPI claim - £6,200

NatWest - PPI claim - £3,000

Co-op Bank - PPI claim - £5,200

Halifax - PPI claim - £2,800

NatWest - debt identified as statute barred - £1,900

NatWest - debt identified as statute barred - £2,700

NatWest - loan identified as unenforceable - £13,400

Link to post
Share on other sites

you cant have both

either:

you get compounded int if the account is in the red [minus the PPI refund running total to that date]

or you get stat 8% on any credit balance in that month only

that's why the FOSrunning sheet is the best one to do but very hardwork to enter all the info.

 

 

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
you cant have both

either:

you get compounded int if the account is in the red [minus the PPI refund running total to that date]

or you get stat 8% on any credit balance in that month only

that's why the FOSrunning sheet is the best one to do but very hardwork to enter all the info.

 

dx

 

I obviously have not made myself clear here.

 

The account was terminated in 2006.

 

We have received the PPI premiums paid plus £712 in compound interest.

 

We are still some £1400 short in compound interest (as per the above calcs).

 

Stat interest will be due on this £1400 underpayment from 2006 until the date of payout. Hence, about £2500 in total.

 

But, the big question is...

 

How do I get them to accept they have underpaid me

 

or how do I prove it to them?

Love your enemies - it drives them crazy.

Thanks to Bobby Thompson (1911-1988) for the user name:"Let them knock, the paint lasts longer than the skin".

nec temere nec timide

 

So far, all done free for friends:

Cabot - F&F reduced debt by £7700 (70%)

NatWest - PPI claim - £1,800

NatWest - PPI claim - £6,200

NatWest - PPI claim - £3,000

Co-op Bank - PPI claim - £5,200

Halifax - PPI claim - £2,800

NatWest - debt identified as statute barred - £1,900

NatWest - debt identified as statute barred - £2,700

NatWest - loan identified as unenforceable - £13,400

Link to post
Share on other sites

Agreed ring the fos again

Tell them they are short changing you.

 

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
  • 4 weeks later...
I obviously have not made myself clear here.

 

The account was terminated in 2006.

 

We have received the PPI premiums paid plus £712 in compound interest.

 

We are still some £1400 short in compound interest (as per the above calcs).

 

Stat interest will be due on this £1400 underpayment from 2006 until the date of payout. Hence, about £2500 in total.

 

But, the big question is...

 

How do I get them to accept they have underpaid me

 

or how do I prove it to them?

 

This problem of 'associated interest' and underpayments is not just NatWest but many Companies

are short changing on PPI refunds. I am in the same situation as you but mine is with Barclaycard.

I asked the FOS to intervene on the subject of 'associated interest' some 18 months ago and i am still waiting for a result !

Link to post
Share on other sites
This problem of 'associated interest' and underpayments is not just NatWest but many Companies

are short changing on PPI refunds. I am in the same situation as you but mine is with Barclaycard.

I asked the FOS to intervene on the subject of 'associated interest' some 18 months ago and i am still waiting for a result !

 

Sorry to hi-jack thread but I am in the same boat with NatWest.

 

It's taken me a nearly a year to get a breakdown of their estimated premiums but still awaiting further explanation regarding associated / compound interest calculations. Same original response from Bank regarding complexity in which the FOS adjudicator agreed with and quoted the banks comments word for word when I spoke to them :shock:

 

I will be subbing this thread with interest as find it so frustrating in the way the banks just quote a figure without any concise breakdown.

Link to post
Share on other sites

Since I last posted I have complained to the CEO of RBS. My complaint was passed to the 'PPI Executive Concerns Team' in Manchester. (Yes, I know, another desk in the same quagmire).

 

I received a reply a few days ago, as always, telling me I am wrong and they are right. With it was a print-out of PART of a spreadsheet. It has five columns:

1. Statement date

2. Monthly PPI

3. Monthly rate of interest (1.39% - throughout the 8 year life of the card!!)

4. Compound interest on premiums.

5. 8% interest on surplus redress.

 

Naturally it showed very similar final figures as the PPI payout I am disputing.

 

Interestingly, from August 98 (the start date) until July 2001, their monthly PPI premiums are totally different to the actual ones on my statements. They total £52 under the actual premiums charged. They have no excuse for this as I have previously supplied them with copies of my early statements.

 

I have reconstructed the account on two (different) spreadsheets found on here and they both show I have been underpaid some £1600, which I suspect is to do with associated compound interest, a matter I have some difficulty getting my head around.

 

Please can anyone point me towards any relevant threads where I may learn more?

 

Thanks all.

Love your enemies - it drives them crazy.

Thanks to Bobby Thompson (1911-1988) for the user name:"Let them knock, the paint lasts longer than the skin".

nec temere nec timide

 

So far, all done free for friends:

Cabot - F&F reduced debt by £7700 (70%)

NatWest - PPI claim - £1,800

NatWest - PPI claim - £6,200

NatWest - PPI claim - £3,000

Co-op Bank - PPI claim - £5,200

Halifax - PPI claim - £2,800

NatWest - debt identified as statute barred - £1,900

NatWest - debt identified as statute barred - £2,700

NatWest - loan identified as unenforceable - £13,400

Link to post
Share on other sites
Since I last posted I have complained to the CEO of RBS. My complaint was passed to the 'PPI Executive Concerns Team' in Manchester. (Yes, I know, another desk in the same quagmire).

 

I received a reply a few days ago, as always, telling me I am wrong and they are right. With it was a print-out of PART of a spreadsheet. It has five columns:

1. Statement date

2. Monthly PPI

3. Monthly rate of interest (1.39% - throughout the 8 year life of the card!!)

4. Compound interest on premiums.

5. 8% interest on surplus redress.

 

Naturally it showed very similar final figures as the PPI payout I am disputing.

 

Interestingly, from August 98 (the start date) until July 2001, their monthly PPI premiums are totally different to the actual ones on my statements. They total £52 under the actual premiums charged. They have no excuse for this as I have previously supplied them with copies of my early statements.

 

I have reconstructed the account on two (different) spreadsheets found on here and they both show I have been underpaid some £1600, which I suspect is to do with associated compound interest, a matter I have some difficulty getting my head around.

 

Please can anyone point me towards any relevant threads where I may learn more?

 

Thanks all.

 

Would suggest you havea read of the following MBNA Interpretative Calculations

 

consumeractiongroup.co.uk/forum/showthread.php?372400-MBNA-PPI-Award-%93Interpretative%94-Calculations

 

If the FOS don't understand whats going on then we have no chance of getting

proper PPI redress refunds.

Link to post
Share on other sites

Thanks for that - that's my evening's reading sorted.

Love your enemies - it drives them crazy.

Thanks to Bobby Thompson (1911-1988) for the user name:"Let them knock, the paint lasts longer than the skin".

nec temere nec timide

 

So far, all done free for friends:

Cabot - F&F reduced debt by £7700 (70%)

NatWest - PPI claim - £1,800

NatWest - PPI claim - £6,200

NatWest - PPI claim - £3,000

Co-op Bank - PPI claim - £5,200

Halifax - PPI claim - £2,800

NatWest - debt identified as statute barred - £1,900

NatWest - debt identified as statute barred - £2,700

NatWest - loan identified as unenforceable - £13,400

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

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...