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

[tjperfick]

had a complaint upoheld in November , payout was based on premiums paid being £4900. I have recently come into possession of additional statements etc, and shows that from Jan 2001 - July 2010, I paid out £3965.00 in premiums, however the card was opened in 1993. Is it worth while writing to them and asking them to relook at it (I am terrified that they may decide that they have overpaid me if I do and demand it back) What would you advise?
cheers

[di30]

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

Just a thought, maybe the extra was the interest?

If they offered this as a goodwill then I should not worry, but feel free to wait for other opinions on this as well.....

[Bill-K]

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

I agree with Di that the additional £935 is probably interest, TJP - but it may be that Barclaycard have records going back further than 2001, and have refunded PPI from an earlier date. Most lenders are quite vague with explaining their calculations, so I doubt if they have said what date their calculation is from. If you took out the PPI when the card account was opened, then you will have been paying it for an additional 8 years or so, in which case it would appear that you should be entitled to more - the amount would depend on the monthly balances owing over that time. If you took out the PPI at a later date, then we would need to know that date, and it should then be possible to estimate an amount of PPI paid. However, if you claim further PPI based on an estimate, then you will probably need proof of when the PPI was taken out.

A further obstacle may be if you accepted the PPI refund as a "Full & Final Settlement," in which case they will almost certainly refuse to pay out further, and you will probably then need to refer the claim to the FOS.

I would suggest that you ask them to provide a clear explanation of how the refund was calculated, including a list of all dates and amounts as required by the FCA rules.

You may want to quote from the FSA Handbook on PPI Redress contained within PS 10/12, which states:

DISP APP 3.3.4 Where the complainant's account of events conflicts with the firm's own records or leaves doubt, the firm should assess the reliability of the complainant's account fairly and in good faith. The firm should make all reasonable efforts (including by contact with the complainant where necessary) to clarify ambiguous issues or conflicts of evidence before making any finding against the complainant.

DISP APP 3.9.4 The firm should make any offer of redress to the complainant in a fair and balanced way. In particular, the firm should explain clearly to the complainant the basis for the redress offered including how any compensation is calculated and, where relevant, the rescheduling of the loan, and the consequences of accepting the offer of redress.

If you put the figures you have into one of the PPI calculators here, you should be able to get an idea of whether Barclaycard have overpaid you - and I doubt very much if they have.
Here is a link to the PPI calculators:-

http://forums.all-about-debt.co.uk/s...Redress-Offers

[tjperfick]

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

di, the premiums paid was the £4900.00. I got seperate amounts of interest paid back (interest on premiums and simple/compensatory interest). Also got back £48 charges where they worked out that I had gone over credit limit because of premiums charged. I must say thought that the decision to uphold the claim came through relally quick and I did not have to sign anything - literally got the letter on the saturday and the money was in my account the following tuesday.
cheers. xx

[tjperfick]

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

I agree with Di that the additional £935 is probably interest, TJP - but it may be that Barclaycard have records going back further than 2001, and have refunded PPI from an earlier date. Most lenders are quite vague with explaining their calculations, so I doubt if they have said what date their calculation is from. If you took out the PPI when the card account was opened, then you will have been paying it for an additional 8 years or so, in which case it would appear that you should be entitled to more - the amount would depend on the monthly balances owing over that time. If you took out the PPI at a later date, then we would need to know that date, and it should then be possible to estimate an amount of PPI paid. However, if you claim further PPI based on an estimate, then you will probably need proof of when the PPI was taken out.

A further obstacle may be if you accepted the PPI refund as a "Full & Final Settlement," in which case they will almost certainly refuse to pay out further, and you will probably then need to refer the claim to the FOS.

I would suggest that you ask them to provide a clear explanation of how the refund was calculated, including a list of all dates and amounts as required by the FCA rules.

You may want to quote from the FSA Handbook on PPI Redress contained within PS 10/12, which states:

DISP APP 3.3.4 Where the complainant's account of events conflicts with the firm's own records or leaves doubt, the firm should assess the reliability of the complainant's account fairly and in good faith. The firm should make all reasonable efforts (including by contact with the complainant where necessary) to clarify ambiguous issues or conflicts of evidence before making any finding against the complainant.

DISP APP 3.9.4 The firm should make any offer of redress to the complainant in a fair and balanced way. In particular, the firm should explain clearly to the complainant the basis for the redress offered including how any compensation is calculated and, where relevant, the rescheduling of the loan, and the consequences of accepting the offer of redress.

If you put the figures you have into one of the PPI calculators here, you should be able to get an idea of whether Barclaycard have overpaid you - and I doubt very much if they have.
I'll post a link to the PPI calculators.

cheers bill, think my post has overlapped with yours!!
I would appreciate a link to the spreadsheets, but am aware I am up againt time now, with the 6 months being up on the 20th May.

Many thanks

[tjperfick]

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

crossed again!!

[Bill-K]

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

LOL - you're too quick for me, TJP !!! Link has now been added to my post above.

[tjperfick]

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

Bil, cheers for the link. Am I right in thinking that I will use the 2nd one(got interest amounts on copy statements, do not know interest rates). However will it make a difference that I do not have the previous 8 years statements though or should i I start with the ones that I do have?

[Turboman]

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

Just subscribing--you're in good hands with my mates di & Grumpy

[Bill-K]

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

Thanks for your vote of confidence, Turbo !

Yes TJP - if you don't have a record of the interest rates, then use the second spreadsheet. You will have to use the figures from the statements that you have, first of all. Make sure that they are in chronological order. We will then need to use these to try and calculate an estimate for the earlier period.

[tjperfick]

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

cheers bill, just in the process of filling in the spreadsheet now. Shall I post it up here when finished?

[di30]

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

Cheers Bill and Turbo

It will soon be resolved tjperfick x

[tjperfick]

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

Got a quick question about the spreadsheet if anyone can help?
The policy was cancelled by myself in 2010, but account was not closed until 2013. I have got statement balances etc for this period, do I put these in on the spreadsheet?

[Turboman]

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

Yep---put em all in then Bill can review everything

[Bill-K]

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

Yep---put em all in then Bill can review everything

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...