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MacGeorge2429

PPI Redress on Barclay Card to be revisited after FOS adjudication

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In August 2018 I had my complaint against Barclay card upheld for my PPI Insurance held on my Barclay card from 1992 until 2004, the card continued without PPI from 2004 to 2011.

I was unhappy with the redress offered as I knew that this card would have had an average balance of around £2400 a month during the period up to 2004.

Barclay card offered me compensation which was inadequate. They stated as they had no records of my account previous to May 2004 (my PPI was stopped in April 2004, I found that to be a little too convenient that all my statements prior to May 2004 had gone missing), that they had created an offer based on historical averages for a typical customer. 

I wrote to Barclay Card asking them to reconstruct the balance on the card from Nov 1992 to Apr 2004 based on my spending patterns on the same card from May 2004 to Nov 2011. They refused to do so. As a consequence of this refusal I contacted the FOS. At the same time I raised a GDPR request which I received in due course with statements from May 2004.  I passed these statements to the FOS as part of their investigation.

I have now received the FOS adjudication. The adjudication states that Barclay Card have acted unfairly in this instance and need to reconstruct my credit account from 1992 to 2004 using an average balance of my card between Apr 2004 and Feb 2007 when my credit limit increased. They are to use the average balance and then work from that point.

My question is what methodology will they use as I can find nothing indicating how a calculation will be done  either on the FCA or FOS websites.

I do have a copy of the FCA Handbook 10/12 which has working examples of how to calculate PPI in most instances, but I am afraid not in this situation.

I would like to be able to work out what is likely to be a fair and reasonable offer from Barclay Card if and when it arrives.

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see below

even give you the spreadsheets to use


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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Sorry, I  think I am being a bit dim, i can't seem to find the spreadsheet you are referring to. I already have a spreadsheet which i have used to calculate redress where I have all the necessary statements. Unfortunately until I know what methodology  Barclaycard will use to reconstruct my credit card account when they appear not to have statements for, I am not sure that spreadsheet will suffice. The spreadsheet I have was constructed based on the example in the FCA handbook. 

 

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it will be the PPI pence to £100 spent I expect

spreadsheets are in the very 1st post of link 1 

 


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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