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

[melann]

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

[Debt Camel]

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

At first sight it doesn't look wrong.

[Turboman]

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

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

[melann]

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

[melann]

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

[Turboman]

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

[Turboman]

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

Hi Turboman

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

Melann

[Turboman]

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

Here's it as a .PDF

MELANNS-SS.pdf

[melann]

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.

[Turboman]

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

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.

[melann]

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

[Turboman]

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

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

Turbs

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

[Turboman]

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

[Turboman]

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

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

[Turboman]

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