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PPI Refund Offer from Barcalycard. Compound or simple interest??


Sausage1971
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Hi all

 

Need some help

 

Just received a PPI refund offer from Barclaycard.

 

PPI began on 4th Nov 1999 and ended on 7th Nov 2000. The account is now closed.

 

barclaycard dont have any statements etc from this time so have estimated the refund based on average figures.

 

The offer below is based on "average amounts we would refund someone who was sold a comparable policy on a credit card held for a similar time period"

 

Refund of Payments made for PPI cover charged on a comparable policy £240.55

 

Refund of interest charged on PPI Premiums charged on a comparable policy £126.28

 

Statutory Compensation £155.17

 

Income Tax Deduction £31.03

 

Total Refund £490.97

 

 

So, does that sound right?

 

Or can i add interest? if I can, is it simple or compound? is it 8% or circa 24.9% which I think was the rate charged by Barclaycard.

 

I have looked on the forums and googled this but have lots of differing answers and opinions but would really appreciate something definitive.

 

I remember the card limit being £2500-2700 and I would have been close to that most months

 

Thanks for the help

 

Sausage

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they've already done the interest

without info its very difficult to work anything out

 

 

I assume you have already sent an SAR?

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... 

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No SAR yet as they contacted me out of the blue, took some details and sent the offer

 

If the premiums paid are correct even with simple interest (£240.55*8% pa) * 16 = £307.90 which is over double their interest calculation

 

If compound interest is applicable then we are looking at at £523 in interest based on 8%

 

I have also read on CAG that the APR charged by Barclaycard can be used as the applicable interest rate

 

So, still confused what interest i can apply to the initial £240.55 premium if we take that figure as correct

 

Thanks

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Doesn't work like that

You get their int rate if in debt that month PPI was charged

If in credit you only get simple 8%

 

Fat chance without statements

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... 

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Hi Sausage,

 

An SAR should get you data that the bank holds about you but they'll say they only have data for the last 6 years. We know this is rubbish and they have data going back way further but I doubt you'll get data going back over 15 years.

 

If the PPI applied for just one year, it may be best to accept the offer, unless you have any older BC statements to prove the refund offer is too low.

 

I don't think you'll gain much by taking further action for disclosure of older data.Court action is a possibility to force disclosure but, in this case here, I doubt it's worth doing as the data you want is just too old.

 

:-)

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Ok, assuming I was in debt each month (this would have been the case at this time and I would have been close, if not over limit, circa £2500), i.e., an outstanding balance and premiums were charged in these months what can I claim and what would be the calculation?

 

i'm weighing up whether it is worth going back to Barclaycard and challenging the offer with a counterclaim.

 

If, knowing the calculation and if it presents itself as possibly worthwhile, I will SAR Barclaycard and proceed that way. But for the sake of a small uplift from their offer I wouldn't jump through the hoops but if it was significant I would.

 

Hope I'm making sense!!!

 

Thanks

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Hi Sausage,

 

Thread moved to BC forum.

 

You could go back to BC saying you require their calculations that led them to make the refund offered as you believe their offer is low, based on your recollection of the credit card balance at the time.

 

An SAR request will cost you £10 but it won't get you this older dater. Getting that via an SAR will probably involve court action, with no guarantee of getting data so far back.

 

Have a think ...............

 

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If you want their calc'ns, ask for them in writing.

 

:-)

We could do with some help from you

                                                                PLEASE HELP US TO KEEP THIS SITE RUNNING

EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHERS

 

                                            Have we helped you ...?  Please Donate button to the Consumer Action Group

 

Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

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