MattyA's Masterplan....

[Angry Cat]

Re: MattyA's Masterplan....

Indeed, that is what I did in the end negotiated them into the corner of there office with there back up against the wall.

Members must negotiate and not just accept the first settlement offer.
It is all about getting the account back to the status quo:
how the account would have been if one had not taken out the PPI.

[MattyA]

Re: MattyA's Masterplan....

Members must negotiate and not just accept the first settlement offer.
It is all about getting the account back to the status quo:
how the account would have been if one had not taken out the PPI.

Thanks AC.
I have just written back telling them I want the redress re-calculating to include the interest applied to the charges at contract rate and compounded as they applied to my account + satutory interest @ 8%.
This would add £10K to the settlement figure - so will not hold my breath.
Matty

[Angry Cat]

Re: MattyA's Masterplan....

Thanks AC.
I have just written back telling them I want the redress re-calculating to include the interest applied to the charges at contract rate and compounded as they applied to my account + satutory interest @ 8%.
This would add £10K to the settlement figure - so will not hold my breath.
Matty

That should give them something to think about.

But, they will most certainly baulk at the 8% stat. interest on top of the compounded rate.

Hey Ho, what's good for the goose is good for the gander

[MattyA]

Re: MattyA's Masterplan....

Thanks AC.

What would you think be a realistic likely outcome.

Refund of PPI premiums + associated interest charged(not compounded) + 8% Stat.

I have a spreadsheet form Bill / Turboman which calculates the apportioned interest,which makes quite a difference to the claim - Is this a realistic aim or likely to get rejected by the banks.

I am now in the 3rd round of negotiations with HSBC and amount has gone up from £5K to almost £15K(without the consideration of apportioned or compounded interest) but I now feel that I am getting out of my depth regarding the interest argument,as quite simply I dont know enough about what I am talking about / can legitimatley expect (there is much debate / are many conflicting views on this on the various forums).


Matty

[pompeyfaith]

Re: MattyA's Masterplan....

MattyA,

My claim was originally over 25k with the compounded interest, like you Turbo and Bill prepared well put together spreadsheets.

Now theres worked my claim out to be 9.5k not compounded however it did include the interest I had paid plus 8% statutory interest.

I decided that getting compounded interest out of the banks would take a long time and no mean another court claim.

That I just did not want as putting together a claim that would succeed would he hard and cost a far deal as representation would be needed on such a claim for that amount of money.

I have since read two similar cases that went to court and they both failed.

In the end I decided to send a last chance saloon letter to my bank with a good offer that involved me clearing my loan balance in full on the understanding that they accept the offer I was proposing and return my overdraft fees.

They accepted that offer my loan of 6k was paid off and I had a balance of 3k plus another 1k in bank charges returned to me.

What I am saying is you need to sit down (with a beer lol) and have a long hard think of what is best for you taking into consideration how long will it take to reach your goal, would a court case be needed in achieving that goal etc and them come to your conclution on a way forward.

Hope that helps.

Regards

[Angry Cat]

Re: MattyA's Masterplan....

Thanks AC.

What would you think be a realistic likely outcome.

Refund of PPI premiums + associated interest charged(not compounded) + 8% Stat.

I have a spreadsheet form Bill / Turboman which calculates the apportioned interest,which makes quite a difference to the claim - Is this a realistic aim or likely to get rejected by the banks.

I am now in the 3rd round of negotiations with HSBC and amount has gone up from £5K to almost £15K(without the consideration of apportioned or compounded interest) but I now feel that I am getting out of my depth regarding the interest argument,as quite simply I dont know enough about what I am talking about / can legitimatley expect (there is much debate / are many conflicting views on this on the various forums).


Matty

At the end of the day Matty,
you have to get back to the situation that you were in before you took out the PPI.
If, you do not claim back the actual interest that accrued on the PPI premiums, as well as the PPI premiums, you will not obtain full redress.

[Angry Cat]

Re: MattyA's Masterplan....

Further to the above.

Let us have a look at what MBNA had to say about interest:

Interest
We will charge interest on card purchases if you pay any amount less than the full balance by the due date. This interest is charged on a daily basis from the date of the card purchase until it is repaid in full. We will charge interest on all cash transactions until the date it is repaid in full.
Therefore, interest will increase the longer full payment is delayed.

Understanding APR | Understanding Credit | UK | MBNA Official Site

[Angry Cat]

Re: MattyA's Masterplan....

Matty, you may find the following of interest:
Compound Interest | Cartoon Bankers

[MattyA]

Re: MattyA's Masterplan....

Matty, you may find the following of interest:
Compound Interest | Cartoon Bankers

Very interesting...I nearly didnt watch this as I thought it was a link one that I had watched sometime ago.
I have spoken to Alex in the past - I might just give him a ring and see what he thinks about my claims.

Thanks AC.

Matty

[MattyA]

Re: MattyA's Masterplan....

MattyA,

My claim was originally over 25k with the compounded interest, like you Turbo and Bill prepared well put together spreadsheets.

Now theres worked my claim out to be 9.5k not compounded however it did include the interest I had paid plus 8% statutory interest.

I decided that getting compounded interest out of the banks would take a long time and no mean another court claim.

That I just did not want as putting together a claim that would succeed would he hard and cost a far deal as representation would be needed on such a claim for that amount of money.

I have since read two similar cases that went to court and they both failed.

In the end I decided to send a last chance saloon letter to my bank with a good offer that involved me clearing my loan balance in full on the understanding that they accept the offer I was proposing and return my overdraft fees.

They accepted that offer my loan of 6k was paid off and I had a balance of 3k plus another 1k in bank charges returned to me.

What I am saying is you need to sit down (with a beer lol) and have a long hard think of what is best for you taking into consideration how long will it take to reach your goal, would a court case be needed in achieving that goal etc and them come to your conclution on a way forward.

Hope that helps.

Regards

Thanks Pompey

I agree fully with your comments - I dont want to cut off my nose to spite my face.
However nor do I want to roll over and give the banks the easy way out.
I have been through hell over the past few years,as you and many others have been and simply want what is rightfully mine ( whatever that be) back.

Time for expert legal advice me thinks.

Matty

[MattyA]

Re: MattyA's Masterplan....

At the end of the day Matty,
you have to get back to the situation that you were in before you took out the PPI.
If, you do not claim back the actual interest that accrued on the PPI premiums, as well as the PPI premiums, you will not obtain full redress.

Thanks once again AC.

I have been mulling this over....

Is accrued the same thing as apportioned?
I have have used a bill/Turboman spread sheet which calculates interest apportioned to the account,which as the accounts are long standing with long term high balance and interest rates , turns out to be more than the total PPI premiums.

I have questioned this and it was explained to me as follows:

'If you look in the spready at the earlier figures for apportioned debited interest, you will see that they slowly increase with each month, regardless of the actual interest charged. This is because the debited interest is debited to the account, and becomes part of the 'rolling' account balance. The part of it which is directly attributable to the PPI is what is shopwn as 'apportioned debited interest' - and this would NOT have been debited if PPI had not been sold. Therefore, it is reclaimed. Eventually, this cumulative total can actually exceed the total interest charged each month, and when it does this, the apportionment is 'capped' at 100% of the interest charged, as it cannot be more. This happens on 08/11/02 (line 191), and then on 08/03/03 (line 203), where it continues at 100% apportionment'

This is the crux of the matter and if re-claimable effectively more than doubles the value of my claims.

Do you know of anyone who has succeeded in reclaiming this?

Matty

[di30]

Re: MattyA's Masterplan....

Good luck Matty

When it comes to calculations that is not actually me, PPI reclaiming I'm Ok lol, but I agree that you should get all what you are entitled too.

[Angry Cat]

Re: MattyA's Masterplan....

Thanks once again AC.

I have been mulling this over....

Is accrued the same thing as apportioned?
I have have used a bill/Turboman spread sheet which calculates interest apportioned to the account,which as the accounts are long standing with long term high balance and interest rates , turns out to be more than the total PPI premiums.

I have questioned this and it was explained to me as follows:

'If you look in the spready at the earlier figures for apportioned debited interest, you will see that they slowly increase with each month, regardless of the actual interest charged. This is because the debited interest is debited to the account, and becomes part of the 'rolling' account balance. The part of it which is directly attributable to the PPI is what is shopwn as 'apportioned debited interest' - and this would NOT have been debited if PPI had not been sold. Therefore, it is reclaimed. Eventually, this cumulative total can actually exceed the total interest charged each month, and when it does this, the apportionment is 'capped' at 100% of the interest charged, as it cannot be more. This happens on 08/11/02 (line 191), and then on 08/03/03 (line 203), where it continues at 100% apportionment'

This is the crux of the matter and if re-claimable effectively more than doubles the value of my claims.

Do you know of anyone who has succeeded in reclaiming this?

Matty

Yes, but most were gagged by confidentiality agreements.

[MattyA]

Re: MattyA's Masterplan....

Another one has been upheld & is potentially my biggest.
It has been with FOS since Christams - but Barclaycard have contacted them telling them that they would like to settle and that their offer will be calculated in accordance with FOS guidelines.

[Angry Cat]

Re: MattyA's Masterplan....

Another one has been upheld & is potentially my biggest.
It has been with FOS since Christams - but Barclaycard have contacted them telling them that they would like to settle and that their offer will be calculated in accordance with FOS guidelines.

And a running account agreement!

Well, remember what the FOS agreed to re: credit card penalty charges

At the end of the day it is your choice; every case differs.