Credit card ppi redress - not too sure about redress amounts!!

[PlanB]

Re: Credit card ppi redress - not too sure about redress amounts!!

seriously, TJP - put it all in (as the actress may have said).

Sorry to intrude. But I have to say I have always loved the saucy innuendo in Bill's posts. Keep it up Bill

[cookie2112]

Re: Credit card ppi redress - not too sure about redress amounts!!

Keep it up Bill

And PlanB's innuendo's!!!

[PlanB]

Re: Credit card ppi redress - not too sure about redress amounts!!

And PlanB's innuendo's!!!

Why not. It's a woman's privilege to be suggestive isn't it?

PlanB is a woman for those of you who don't know that yet

[cookie2112]

Re: Credit card ppi redress - not too sure about redress amounts!!

Absolutely, why should men have all the fun!!

[tjperfick]

Re: Credit card ppi redress - not too sure about redress amounts!!

Barsteward. I was hoping to skive off this weekend.

Nah - seriously, TJP - put it all in (as the actress may have said). The account balances from PPI cancellation to claim settlement are all needed, as this can affect the 8% simple interest awarded. When you're done, you can post the spready as an attachment. However - if you prefer some privacy - then I believe that AAD admin are considering a more private route for such information - so, stay tuned...

Bill, I think I will post it up here if thats ok, unless you can post attachments in a PM?
Just aware that time is running out for me - left it a bit late to query this, The 6 months runs out 20th May.

[tjperfick]

Re: Credit card ppi redress - not too sure about redress amounts!!

barclaycard spreadshet version2.xls

Here is the spreadsheet Bill, hope it has attached correctly.
I will post up shortly the breakdown for the redress amounts shortly.
cheers mate!!

[tjperfick]

Re: Credit card ppi redress - not too sure about redress amounts!!

Right breakdown is
ppi premiums: 4912.42
refund interest charged on premiums 8274.70
8% simple interest 5563.41
refund of default charges and interest 48.00
income tax deduction 1112.68

Hope this helps!!

[Bill-K]

Re: Credit card ppi redress - not too sure about redress amounts!!

LOL @ Plan B & Cookie !!! Well, we need a bit of a laugh in between the serious stuff, don't we ? !!!

Well done with the spreadsheet, TJP, and thanks for posting the redress breakdown. I have added 3 new worksheets (or pages) to the spready, which assume the first statement was 08/01/93.

Estimate 1 uses the Barclaycard PPI Total of £4912.42, and using my method of estimation, it appears that the first PPI payment may have been on 08/04/94. Whether Barclays used actual figures or estimated, I can't tell - but my estimated figures come to £4,912.01 for the PPI Total, which is just £0.41 less than Braclay's. It also only includes the final four £12 overlimit charges, as this appears to be the only charges refunded. However - although the PPI Totals correspond, the Account (Compound) Interest comes to £8,621.43, whereas Barclays have only offered $8,274.70 - which is £346.73 less. Oddly, the 8% Simple Interest comes to £4,800.07, which is actually £583.34 less than the £5,563.41 offered by Barclays. I suspect that Barclays may have used actual figures, as this might explain this anomaly.

Estimate 2 is identical, except that it includes all of the penalty charges, which now total £344.00. All of these charges were a direct consequence of the PPI, as the 'Notional' account balance was actually in credit at the time of every charge. This does not affect the apportioned Account Interest, as it is capped during the calculation, but it increases the 8% Simple Interest slightly.

Estimate 3 is identical to 2, except that it estimates the PPI back to 08/01/93. This increases the PPI Total to £5,092.01, the Account Interest to £9,337.49, and the 8% Simple Interest to £5,432.44.

As there is no doubt that all of the penalty charges should be refunded, then I think Estimate 2 is the 'worst case scenario,' in that - if my own estimates are correct, then we can show that you should have been offered at least a total of £18,737.36, which is just £61.17 less than you received.

I think this all hinges on what data Barclays were relying on in their calculations prior to 08/01/01. They appear to have data going further back than 08/01/01, but they may just have been estimating this themselves. One very important piece of data is the date of the first PPI premium. If you have a copy of your original agreement, then this might show that the card had PPI from day 1, and we can then use the Estimate 3 figures.

My suggestion is this. Ask Barclays for a detailed breakdown of their calculations, as required by the FCA rules and the FOS. You could perhaps explain to them that you have been "taking further advice" since they refunded your PPI, and that you are unable to make an informed decision on the acceptability of their offer without knowing how it was calculated. In particular, you will need to know if any figures were estimated, and how this was done. Once we get this from them, we can make our own calculations using Barclay's actual data, and can decide if their offer was fair.

If you don't have any proof of when the PPI was taken out, then Barclays may simply tell you a date, and you will probably have to accept that. However - if the account is still running - then you have some options. You can send them a CCA s.77-79 request, which will cost £1, and which should provide you with a copy of your original credit agreement. This should show if PPI was taken out at account inception. Another possibility is that the PPI underwriter may still have a record of the original PPI agreement, and I believe you are entitled to know who the PPI underwriter(s) was(/were) during the life of the account. You might then be able to get the PPI start date from them. I think Di might be able to help with this, as it is not something I have been involved with.

Hope that helps, TJP.

[tjperfick]

Re: Credit card ppi redress - not too sure about redress amounts!!

cheers for this bill - have you been up all night at this!!!
di, if you are about I might want to borrow your letter writing skills - they have not let me down yet!

thanks again for all your help.

[Bill-K]

Re: Credit card ppi redress - not too sure about redress amounts!!

Well - I had to prove to Plan B & Cookie that I could stay up all night, didn't I ?

Us raving insomniacs have our talents !!!

[di30]

Re: Credit card ppi redress - not too sure about redress amounts!!

Excellent Bill

And yes not a problem tjperfick, do you want me to message you with it now, or see what happens first with Barclays? not to confuse matters x

[di30]

Re: Credit card ppi redress - not too sure about redress amounts!!

When it comes to the Underwriter request, its just a matter of contacting them for the details, they will and must provide the details to you, we can then go from there.....

[tjperfick]

Re: Credit card ppi redress - not too sure about redress amounts!!

di, thanks for your input. Not too sure now where to go with this. Was thinking of emailing B'card tomorrow to try and get a date first.
What do you reckon?
cheers xx

[di30]

Re: Credit card ppi redress - not too sure about redress amounts!!

di, thanks for your input. Not too sure now where to go with this. Was thinking of emailing B'card tomorrow to try and get a date first.
What do you reckon?
cheers xx

Yes of course there is no harm in doing so and ask them at the same time, out of interest who the underwriter is/was? (they are used to being asked this and must provide the details to you).

[tjperfick]

Re: Credit card ppi redress - not too sure about redress amounts!!

just a quick update, the account was opened November 1993 with and the ppi was going from the start. Does this make a difference to the redress then bill?
cheers