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8% interest on barclays packaged account refund - is it correct?

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  • 8% interest on barclays packaged account refund - is it correct?

    Hi. I complained about a mis sold current account with Barclays, called additions. The complaint was upheld and I have been sent details of a refund. Is anyone in this site familiar with how the 8% simple interest is calculated as I would like to check it. The monthly fee was 6.50. Account refund from date of upgrade was from Oct 2006 to now, October 2015 which is 689 they say. In.actual fact 9 full years should be 702.

    The interest figure at 8% simple is quoted as 260.60 ( then of course income tax deducted from That).

    Tax deducted is 52.12.

    Total refund is 897.48.

    Does the 8% Interest look.correct?

    Melann
    Tags: None

  • #2
    Re: 8% interest on barclays packaged account refund - is it correct?

    At first sight it doesn't look wrong.

    Comment


    • #3
      Re: 8% interest on barclays packaged account refund - is it correct?

      Just doing you a spreadsheet--hang on for a few mins

      Comment


      • #4
        Re: 8% interest on barclays packaged account refund - is it correct?

        Hi Turboman

        Thanks, I tried to access the spreadsheet but on.my mobile, wouldn't let me download it.

        Melann

        Comment


        • #5
          Re: 8% interest on barclays packaged account refund - is it correct?

          Hi Turboman

          Thanks, I tried to access the spreadsheet but on.my mobile, wouldn't let me download it.

          Melann

          Comment


          • #6
            Re: 8% interest on barclays packaged account refund - is it correct?

            I get (assuming 6.50 from 1/10/2006 to 1/10/2015 inclusive) & 0.00022p per day (accepted by the courts)

            TOTAL AMOUNT DUE BACK FROM PAYMENTS: 708.50
            TOTAL GROSS 8% : 256.13 (NETT of TAX : 204.90)
            TOTAL DUE BACK: 913.40

            see spreadsheet

            MELANNS-SS.xls

            Comment


            • #7
              Re: 8% interest on barclays packaged account refund - is it correct?

              You must be sychic-lol--I hadn't posted

              Can you read the .xls file above--if not I'll attach it as a .PDF

              Originally posted by melann View Post
              Hi Turboman

              Thanks, I tried to access the spreadsheet but on.my mobile, wouldn't let me download it.

              Melann

              Comment


              • #8
                Re: 8% interest on barclays packaged account refund - is it correct?

                Here's it as a .PDF

                MELANNS-SS.pdf

                Comment


                • #9
                  Re: 8% interest on barclays packaged account refund - is it correct?

                  Thanks for that calculation. Much appreciated.

                  I have another far more complicated ppi one to ask about too which I have tried to work out manually but failed.

                  I will post it in next day or so, woyld you mind taking a look later in the week?

                  Melann

                  P.s wish I was psychic.

                  Comment


                  • #10
                    Re: 8% interest on barclays packaged account refund - is it correct?

                    No problem---if it contains very confidential stuff--first send it to me at address below: (which only myself & Amethyst can view) :

                    ppi@legalbeagles.info




                    Originally posted by melann View Post
                    Thanks for that calculation. Much appreciated.

                    I have another far more complicated ppi one to ask about too which I have tried to work out manually but failed.

                    I will post it in next day or so, woyld you mind taking a look later in the week?

                    Melann

                    P.s wish I was psychic.

                    Comment


                    • #11
                      Re: 8% interest on barclays packaged account refund - is it correct?

                      Hi Turboman

                      I have sent the calculations I have received from Barclays.

                      It is a 6 page letter, as it has my details on I have forwarded to the email address you advised.

                      I hope there is enough information for it to be able to be checked.

                      I have asked Barclays for an explanation, first they ignored me, then they just re sent the letter.

                      Kind regards

                      Melann

                      Comment


                      • #12
                        Re: 8% interest on barclays packaged account refund - is it correct?

                        Got them---will study them in next 2 days

                        Turbs

                        Originally posted by melann View Post
                        Hi Turboman

                        I have sent the calculations I have received from Barclays.

                        It is a 6 page letter, as it has my details on I have forwarded to the email address you advised.

                        I hope there is enough information for it to be able to be checked.

                        I have asked Barclays for an explanation, first they ignored me, then they just re sent the letter.

                        Kind regards

                        Melann

                        Comment


                        • #13
                          Re: 8% interest on barclays packaged account refund - is it correct?

                          Hmmmm---Interested in this:

                          "I have enclosed a leaflet from Which? and Moneysavingexpert.com that provides independent information on how the compensation should be calculated"

                          Can you post here (or send me) the leaflet?

                          Turbs

                          Comment


                          • #14
                            Re: 8% interest on barclays packaged account refund - is it correct?

                            its ok--found it here:
                            http://images.moneysavingexpert.com/...PPIleaflet.PDF

                            LOL--Here's a quote from a post on MSE forum:

                            It's good that the leaflet will be included with the redress offer from the bank but it doesn't actually give any detailed information on redress calculations.


                            All it will do is get people posting on MSE only to be answered by IFAs and the like with nothing better to do than question why they should be getting anything at all


                            Originally posted by Turboman View Post
                            Hmmmm---Interested in this:

                            "I have enclosed a leaflet from Which? and Moneysavingexpert.com that provides independent information on how the compensation should be calculated"

                            Can you post here (or send me) the leaflet?

                            Turbs

                            Comment


                            • #15
                              Re: 8% interest on barclays packaged account refund - is it correct?

                              Just to reassure you--I have some time now (this evening) so will examine your redress letters--

                              However-I always work bottom up from the detail--so can you supply me with the following from the original loan agreements + ensuing account activity::

                              For Loans prior to Loans 1 & 2

                              TOTAL amount of Loan--Subdivided into

                              A)--Amount of Cash Advance included within the Total Amount
                              B)--PPI Amount included within the Total Amount

                              Amount of Loan that was in fact carried over from previous loans (+ details thereof)
                              Date of first payment
                              Amount of First Payment & any inreases or decreases to the mthly payment throughout the period of the loan
                              Any missed payment dates ( or Amount shortfalls)
                              Date of Closure of Account & details of outstanding balances still owing and carried forward to a new loan
                              Any Amount actually paid to you in relation to any claims or loan redemption on this account


                              For Loan1


                              TOTAL amount of Loan--Subdivided into

                              A)--Amount of Cash Advance included within the Total Amount
                              B)--PPI Amount included within the Total Amount

                              Amount of Loan that was in fact carried over from previous loans (+ details thereof)
                              Date of first payment
                              Amount of First Payment & any inreases or decreases to the mthly payment throughout the period of the loan
                              Any missed payment dates ( or Amount shortfalls)
                              Date of Closure of Account & details of outstanding balances still owing and carried forward to a new loan
                              Any Amount actually paid to you in relation to any claims or loan redemption on this account


                              For Loan2

                              TOTAL amount of Loan--Subdivided into

                              A)--Amount of Cash Advance included within the Total Amount
                              B)--PPI Amount included within the Total Amount

                              Amount of Loan that was in fact carried over from previous loans (+ details thereof)
                              Date of first payment
                              Amount of First Payment & any inreases or decreases to the mthly payment throughout the period of the loan
                              Any missed payment dates ( or Amount shortfalls)
                              Date of Closure of Account & details of outstanding balances still owing and carried forward to a new loan
                              Any Amount actually paid to you in relation to any claims or loan redemption on this account



                              Thnx

                              Turbs
                              Last edited by Turboman; 3rd December 2015, 17:00:PM. Reason: subdividing to deduce PPI content

                              Comment

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