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Have been successful on a few of my own accounts and now doing the Wifes. She had a Barclaycard whilst being a student (clearly unsuitable) and they applied their payment protector to it.
I sent off various letters and calculated from the statements that we recd that the premiums she has paid total £350 in premiums. I calculated a standard 8 % interest giving a total of £378 that we expecting.
Today however we receive a letter from Barclaycard offering £1204.60 as settlement and to sign enclosed if we accept.
Obviously was shocked at the large difference in sums and upon playing around with the figures it would transpire that Barclays (of their own accord) have applied a compounded interest formula to it. Am totally gobsmacked at this and cant believe they have done with off their own back, rather that the stat 8%. Not that Im complaining mind.
Thanks.
I sent off various letters and calculated from the statements that we recd that the premiums she has paid total £350 in premiums. I calculated a standard 8 % interest giving a total of £378 that we expecting.
Today however we receive a letter from Barclaycard offering £1204.60 as settlement and to sign enclosed if we accept.
Obviously was shocked at the large difference in sums and upon playing around with the figures it would transpire that Barclays (of their own accord) have applied a compounded interest formula to it. Am totally gobsmacked at this and cant believe they have done with off their own back, rather that the stat 8%. Not that Im complaining mind.
Thanks.
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