Reference Information for Calculating Actual Redress

[Never-In-Doubt]

Re: Reference Information for Calculating Actual Redress

A SAR should provide all data they hold on you including statements etc, yes.

[Sunshine]

Re: Reference Information for Calculating Actual Redress

Hi,

I know this is an old thread but I was wondering if you guys made any progress with this. I am absolutely certain that my account with B@arclays was not reconstructed the way that FOS ordered last year and have been fighting with them ever since. What is the best way to get hold of the 'reconstruction' paperwork? Will a SAR produce it or will I have to specifically request the documents. I have already asked them but all they will give me is totals.

[ken100464]

Re: Reference Information for Calculating Actual Redress

Hi Ken

Thanks for the comments they are most welcome as collectively we need to get a cast iron solution to calculating what the redress really should be ....then this can be challenged in court with confidnece.

To date I dont think anyone has done this or is able to do so.

May spreadsheet is based on / replicates one that HSBC eventually came up with after a lot of argument.

They went from offering me £4 K (which no doubt what most would have accepted / most claims companies would have accepted) to £24K, so it was worth the argument.

You are correct though I have made a mistake with the formulae at / around sept 05.
However if you alter the formulae to as it was for the previous months it makes the figures due ,even greater in my favour.

Re your comments about the 'event' near the end it is quite simply when I stopped paying them and went into dispute as I knew they owed me more than I owed them but they would not listen / do anything about it.

You could be correct with your comment re the contractual interest , but it is worth a try.

This really needs bottoming as I say above.....I think I am on the right track , but could do with someone who really knows what they are doing to either confirm that this is the case or discredit my thinking so that it can be rectified.

The banks are getting off lightly whatever the case and until somone proves otherwise ( sets precedence) they will continue to do so as it is easy for them to discredit and crush Joe public....and the FOS will not stand in their way.

I cant get anyone to sign up to it though and have been trying for a good while now.

Food for serious thought in the new year......any takers?

Merry Christmas all & keep fighting,

Matty

Havnt forgot this but has been a busy couple of weeks . Will try and get my head around it now while the nights are dark. Probably be at it still next winter

[ken100464]

Re: Reference Information for Calculating Actual Redress

Have now had a reply from the FSA.

They as is their want are not able to address individual consumers concerns but do take onboard what is sent and will look at stuff if the background noise becomes specific.

They are very interested in the fact the banks ARE not reconstructing the balance as per their guidelines.

They are also very interested if you have specific documents you can point them towards.

Yes maybe a lost cause for yourself, yes maybe doing some of the work the regulator should be doing itself, yes not likely to get any redress personally, yes will never learn what happens as its all shrouded in mystery but crucially if enough people complain then the background noise lifts and they see they have a problem.

So anyone reading this post if you think and have some proof you have been miss compensated then get this information off to the FSA. Name the documents you are referring to. Shame the banks with their own internal documents.

Dont expect anything back, dont get upset they dont seem to be doing anything and dont make it personal.

Think of all the punters who could be helped, think that your complaint could be the one that gives the vital shove to the regulator to start to act, think we are all in this together and anything to make a bank uncomfortable is worth your time and effort.

My next step is to get my MP to write to the FSA. Softly softly catch a monkey here.

[ken100464]

Re: Reference Information for Calculating Actual Redress

I will look at this abit more over the xmas break.

But can see where you are coming from

[MattyA]

Re: Reference Information for Calculating Actual Redress

Techy

This is the point really.

People are not happy with figures so let them bamboozle us.

There is something very perculiar about MBNA and the redress but no one is quite getting to grips with it.

Its not just MBNA Ken - they are all at it!


Matty

[MattyA]

Re: Reference Information for Calculating Actual Redress

I would have to sit down and have a look at the numbers as the spreadsheet isnt one I am familiar with.

Couple of things that I cant follow as I am unfamiliar with it is that the Running PPI should be the sum of the previous running PPI balance plus that months premium + interest? Look at month Aug and Sept 05 Not sure what happens here as the figure starts to rocket but the figures are not enough to bring this about.

Plus towards the end there seems to have been some event where PPI drops to virtually nothing or nothing? Also right at end actual balance doesnt alter. Almost as if you had an account freeze. Nothing in or out?

If you have an interest freeze contractual stops. FSA/FOS say interest arising from the PPI. If they aint applying interest I think you would be hard pressed to claim it???

And this is the problem with all this in my mind. Any spreadsheet I have people could pick holes in it just as MBNA could.

Whereas my thought is you just keep referring everyone to the FSA/FOS examples. Eventually hopefully someone will see they are being disingenous with the calculations and order a new set.

Another problem we have is our spreadsheets work monthly or with just one interest rate or various other limiters.

I can tell you MBNA's spreadsheet is calculating with daily interest. Our spreadsheets are not this sophisticated.

Therefore we are defending our figures before we even start to pull them to bits.

But going back to your initial thought not sure that if the balance was frozen which your spreadsheet seems to suggest then I am unsure any contractual was being added???? If nothing was being added then unsure how you can claim this element back?

Hi Ken

Thanks for the comments they are most welcome as collectively we need to get a cast iron solution to calculating what the redress really should be ....then this can be challenged in court with confidnece.

To date I dont think anyone has done this or is able to do so.

May spreadsheet is based on / replicates one that HSBC eventually came up with after a lot of argument.

They went from offering me £4 K (which no doubt what most would have accepted / most claims companies would have accepted) to £24K, so it was worth the argument.

You are correct though I have made a mistake with the formulae at / around sept 05.
However if you alter the formulae to as it was for the previous months it makes the figures due ,even greater in my favour.

Re your comments about the 'event' near the end it is quite simply when I stopped paying them and went into dispute as I knew they owed me more than I owed them but they would not listen / do anything about it.

You could be correct with your comment re the contractual interest , but it is worth a try.

This really needs bottoming as I say above.....I think I am on the right track , but could do with someone who really knows what they are doing to either confirm that this is the case or discredit my thinking so that it can be rectified.

The banks are getting off lightly whatever the case and until somone proves otherwise ( sets precedence) they will continue to do so as it is easy for them to discredit and crush Joe public....and the FOS will not stand in their way.

I cant get anyone to sign up to it though and have been trying for a good while now.

Food for serious thought in the new year......any takers?

Merry Christmas all & keep fighting,

Matty

[ken100464]

Re: Reference Information for Calculating Actual Redress

Techy

This is the point really.

People are not happy with figures so let them bamboozle us.

There is something very perculiar about MBNA and the redress but no one is quite getting to grips with it.

[The Tech Clerk]

Re: Reference Information for Calculating Actual Redress

MBNA payouts are rubbish as they never even get near the actual amount you paid in, the FOS agree with them so they are avoided and any claims company will accept the lower figure before you know it, also remember if you have a PPI claim in they may pay your monthly amount BUT then charge yo the normal PPI charge at the same time, hence the actual figure of you account tends to go up, even with no use of the account.

[The Tech Clerk]

Re: Reference Information for Calculating Actual Redress

I will post my alculations again if it helps - just look at the last bit.

Matty

Are you using my keyboard, because this new one I have, you have to really bang the letter "C",?

[ken100464]

Re: Reference Information for Calculating Actual Redress

Of course I may be barking and not seeing the wood for the trees but that was the initial thoughts late on in the night.

Maybe Turboman could scan his eyes over and see what he thinks? With this I think the more people looking at it the better the answer will be.

[ken100464]

Re: Reference Information for Calculating Actual Redress

I would have to sit down and have a look at the numbers as the spreadsheet isnt one I am familiar with.

Couple of things that I cant follow as I am unfamiliar with it is that the Running PPI should be the sum of the previous running PPI balance plus that months premium + interest? Look at month Aug and Sept 05 Not sure what happens here as the figure starts to rocket but the figures are not enough to bring this about.

Plus towards the end there seems to have been some event where PPI drops to virtually nothing or nothing? Also right at end actual balance doesnt alter. Almost as if you had an account freeze. Nothing in or out?

If you have an interest freeze contractual stops. FSA/FOS say interest arising from the PPI. If they aint applying interest I think you would be hard pressed to claim it???

And this is the problem with all this in my mind. Any spreadsheet I have people could pick holes in it just as MBNA could.

Whereas my thought is you just keep referring everyone to the FSA/FOS examples. Eventually hopefully someone will see they are being disingenous with the calculations and order a new set.

Another problem we have is our spreadsheets work monthly or with just one interest rate or various other limiters.

I can tell you MBNA's spreadsheet is calculating with daily interest. Our spreadsheets are not this sophisticated.

Therefore we are defending our figures before we even start to pull them to bits.

But going back to your initial thought not sure that if the balance was frozen which your spreadsheet seems to suggest then I am unsure any contractual was being added???? If nothing was being added then unsure how you can claim this element back?

[MattyA]

Re: Reference Information for Calculating Actual Redress

AAD Redress calculations example.xls

[MattyA]

Re: Reference Information for Calculating Actual Redress

I will post my alculations again if it helps - just look at the last bit.

Matty

[MattyA]

Re: Reference Information for Calculating Actual Redress

'Or are you saying if the reconstructed goes into credit what about all the other payments that wouldnt have been made? Wouldnt the payments just increase the credit balance which would then accrue more 8%

This one is throwing me somewhat? Or the debt that doesnt exist is actually increasing by contractual when infact it isnt there so shouldnt be increasing at all? '

This is the point - amd I really dont know why it is being picked up.

I think it just hasnt been thought about / is too complicated for the FOS?

If you have a spreadsheet amd the account is a long standing one it is worth a look.

Matty