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Credit Card PPI Spreadsheets for Evaluating Redress Offers
Credit Card (and other 'Revolving Credit') PPI claim settlements should be calculated according to the current FCA rules, and the method prescribed in the FCA's PPI Redress Handbook (PS10/12) is shown in Appendix 2, Example 6. These spreadsheets have been developed from this somewhat simplistic example in order to calculate real claims - as opposed to the limited "Toytown" example given - yet they are based fully on this example, and are thus fully compliant with the PPI Redress Handbook.
The thing to remember about spreadsheets is that they may look like complex forms to fill in, but they are not. They do all the calculations for us - but they do need to have the information fed into them first !!! Doing this needs the claimant to assemble their records - preferably account statements - and carefully enter in the data. This doesn't need maths skills - just a slow and steady repetition of punching in the numbers. It is tedious, but it has to be done. Once you have entered 2 or 3 lines of data, you will quickly get the hang of it. I'm sorry - but the spreadsheet cannot do this for you.
Which spreadsheet program you use depends on what data you have. If you have a record of all the interest rates applied to the account over the claim period, then the "PPI Using Int.Rates" spreadsheet is the one to use. Please at least have a quick read of the "Instructions for Use" first, though - just to get the general idea of what to do. Then if you have any problems along the way, go back to these and read more slowly to find the solution. If you still can't sort it, then post a query, and we'll see if we can.
The second spreadsheet program ("Using Apportioned Int.") is for the many cases where the 'historical' interest rates are not available in your data, but where your records do show the actual interest charged each month. In this spreadsheet program, you need to enter the actual interest charged (£) each month - as opposed to the interest rate (%) that was applied. The spreadsheet then works out what portion of that interest was attributable to the PPI.
There are various other ways to adapt these spreadsheet programs to suit specific needs - but these will need some one-to-one help within the forum. The less data that you have, the more we will need to adapt - but we can usually do so in a way that challenges redress calculations properly.
Bon voyage - et bon marché !!!
The thing to remember about spreadsheets is that they may look like complex forms to fill in, but they are not. They do all the calculations for us - but they do need to have the information fed into them first !!! Doing this needs the claimant to assemble their records - preferably account statements - and carefully enter in the data. This doesn't need maths skills - just a slow and steady repetition of punching in the numbers. It is tedious, but it has to be done. Once you have entered 2 or 3 lines of data, you will quickly get the hang of it. I'm sorry - but the spreadsheet cannot do this for you.
Which spreadsheet program you use depends on what data you have. If you have a record of all the interest rates applied to the account over the claim period, then the "PPI Using Int.Rates" spreadsheet is the one to use. Please at least have a quick read of the "Instructions for Use" first, though - just to get the general idea of what to do. Then if you have any problems along the way, go back to these and read more slowly to find the solution. If you still can't sort it, then post a query, and we'll see if we can.
The second spreadsheet program ("Using Apportioned Int.") is for the many cases where the 'historical' interest rates are not available in your data, but where your records do show the actual interest charged each month. In this spreadsheet program, you need to enter the actual interest charged (£) each month - as opposed to the interest rate (%) that was applied. The spreadsheet then works out what portion of that interest was attributable to the PPI.
There are various other ways to adapt these spreadsheet programs to suit specific needs - but these will need some one-to-one help within the forum. The less data that you have, the more we will need to adapt - but we can usually do so in a way that challenges redress calculations properly.
Bon voyage - et bon marché !!!
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