Barclays offer - am i missing something?

[Turboman]

Re: Barclays offer - am i missing something?

Theory

First of all-you need to understand that in practice there are 2 separate loans in parallel

see here:
Understanding PPI Calculations--- The Concept of 2 Loans Basic Spreadsheets - Legal Beagles Consumer Forum

Step 1

Cash Advance was £33,000 & PPI SPI Loan was £8,801

So---The ratio of your PPI SPI Loan to the Total Loans is 8,801/41,081 which is 19.6709%

So-

• -all premiums paid in total
• -settlement figures,(settled loans)
• - outstanding -balances
• -new revised monthly total monthly payments
• are always split in these ratios

19.6709% to PPI SPI Loan
80.3291% to Cash Advance Loan

Step 2

43 monthly PPI payments of £66.94(ie 19.6709% of £340.31) is £2,878.42 with added 8% interest to 15/12/2011 of £402.15

So you are due a total refund of £3,281.57 as a cheque

EDIT--remember you can't get back £8,081 + interest cos you aint paid it yet---you get back what you paid + a reduction on the outstanding balance with resulting reduced payment pm

Step 3

From your statement of the outstanding balance of £39,430 on May 2011---using Amortization I deduce that the outstanding balance would be £39,066 on 1/12/2011

Step 4

Soooo---your loan must be reduced by the PPI element (ie 19.6709%) to leave a total outstanding loan of £31,381 (80.3291% of £39,066) payable by 257 (300-43) payments of £273.37 pm

Thats it--really simple--heres a spreadsheet to illustrate it




So what are Barclays up to?

Sometimes,some lenders quote figures on what you would pay over the total loan ie revised TAP (Total amount payable)-but these figures on your post 1 don't fall into that scenario----its a total incorrect statement you have been given

Turbs


(Bill-please check for me---I have gone away from TAP to create v19)

[armyspecial]

Re: Barclays offer - am i missing something?

Thanks very much Turbo. Really appreciate your work on this.

So, my next step is to contact Barclays?

I wondered whether or not they have mixed up my case with someone else's?

[Turboman]

Re: Barclays offer - am i missing something?

Thanks very much Turbo. Really appreciate your work on this.

So, my next step is to contact Barclays?

I wondered whether or not they have mixed up my case with someone else's?

Its certainly possible

[Bill-K]

Re: Barclays offer - am i missing something?

I wondered whether or not they have mixed up my case with someone else's?

I have trouble sometimes, just keeping track of a half-dozen PPI claims in here - particularly where they appear to go dormant for ages, and then burst back into life. How these guys manage to retain their sanity is beyond me, as they must be handling a helluva lot more. So, I agree, it sure seems damned likely, and we must try and be sympathetic. That way - we can expect a bit of leeway when WE make a mistake !!! What do Brownie Points make ? - PRIZES !!!

It could be error, or it could be deceit. Let's be nice and British, and assume error - idiots that we are !!!

I took Army's declaration that all payments had been made on schedule, and factored that in to the example I sent Turbo - thus 43 payments. This needs to be double-checked, now, methinks.

As regards V19, Turbo, the only difference I can see between V18's and V19's totals is that the 8% SI is calculated to two different dates - 15/12/11 in V19, and today's date in V18. The re-scheduling seems identical.

My belief is that the SI should be calculated up until the date of Settlement - and NOT the date of the initial offer by the lender. But let's not split hairs, eh ?

I think we agree that Barclays have made an offer that is far too low - for whatever reason we choose to 'forgive' them for...

....As Tanz says....

Bar........s !!!!

[Turboman]

Re: Barclays offer - am i missing something?

Bill

I used the 15/12/2011 date so Armspecial could compare at "offer date".

No---Barclays have not made a low offer of refund---its far higher--ie £9,289 compared with £3,281

Sometimes we disagree on terminology though---I always like to class a REFUND as the amount offered by cheque (or to go to arrears if applicable) --and I believe the other 60,000,000 people in the country also-pmsl-

---where you sometimes talk about refunds as £Cheque Amount + £reduction in overall loan

I'll get you converted yet-lol

Turbs

I have trouble sometimes, just keeping track of a half-dozen PPI claims in here - particularly where they appear to go dormant for ages, and then burst back into life. How these guys manage to retain their sanity is beyond me, as they must be handling a helluva lot more. So, I agree, it sure seems damned likely, and we must try and be sympathetic. That way - we can expect a bit of leeway when WE make a mistake !!! What do Brownie Points make ? - PRIZES !!!

It could be error, or it could be deceit. Let's be nice and British, and assume error - idiots that we are !!!

I took Army's declaration that all payments had been made on schedule, and factored that in to the example I sent Turbo - thus 43 payments. This needs to be double-checked, now, methinks.

As regards V19, Turbo, the only difference I can see between V18's and V19's totals is that the 8% SI is calculated to two different dates - 15/12/11 in V19, and today's date in V18. The re-scheduling seems identical.

My belief is that the SI should be calculated up until the date of Settlement - and NOT the date of the initial offer by the lender. But let's not split hairs, eh ?

I think we agree that Barclays have made an offer that is far too low - for whatever reason we choose to 'forgive' them for...

....As Tanz says....

Bar........s !!!!

[Bill-K]

Re: Barclays offer - am i missing something?

I'm OK with your reasoning on the offer date, Turbo - but we should be clear as to why there is a difference. If these shysters make the same offer 2 years from now, because it has taken that long to agree - then why do we continue to apply 8% SI - if we are not going to claim it ? We need to be clear as to why we are providing the figures, I believe - for ALL concerned.

If Army accepts the £9K+ offer - as it has been put forward - in F&F settlement, then sure - THAT is more than the £3K+ offer. But WHERE - in that offer - is the loan re-scheduling ?

It appears to be somewhere on a different planet, in that they seem to be offering £9K - ON THE CONDITION THAT - they charge some stupid future loan re-scheduling that would far outweigh any advantage offered here and now.

I applaud your maths, Turbo - but I have to question your logic here, sir !!!

[Turboman]

Re: Barclays offer - am i missing something?

We are in agreement Bill

Its a total load of rubbish---I tend to agree with Armyspecials query that it looks like someone else's figures.

Using figures in post 1 in Pine Grove's Loan Calculator--

£50,000 over 257 months at £672 pm would mean an interest % of 15.55%
As you say---these figures are from onother planet.---I await Barclays explanation with amusement-lol


Turbs

[cappo]

Re: Barclays offer - am i missing something?

Hi and welcome to Legal Beagles.

First of all well done on your success.

If never sure on how they worked out the calculations and how they got to the balance of the loan, then it's always best to ask them to send you a detailed breakdown. They should send you this on request.

In my opinion the balance on the loan should be reduced after refund, but maybe one of the other folks here will have an opinion on this and post in due course.

Hi DI is this really you this time you change your avatar more times than most people have hot dinners lol, how are you girl?

[di30]

Re: Barclays offer - am i missing something?

Hi DI is this really you this time you change your avatar more times than most people have hot dinners lol, how are you girl?

Hi Cappo

And yes it is really me PMSL , I know a bad habit of mine tee hee hee, hope your well Steve, not too bad here thank you. x

Great work Turbo and Bill x

[cappo]

Re: Barclays offer - am i missing something?

Hi Cappo

And yes it is really me PMSL , I know a bad habit of mine tee hee hee, hope your well Steve, not too bad here thank you. x

Great work Turbo and Bill x

I know it's off topic but hope you had a good christmas and a great start to the new year hope dan liked his camcorder

[di30]

Re: Barclays offer - am i missing something?

I know it's off topic but hope you had a good christmas and a great start to the new year hope dan liked his camcorder

Had a lovely time Steve and Dan adored his new Camcorder, the PPI refund we received from Lloyds helped pay for that lol, and never puts it down, hope all went well for you too Steve xx

[Turboman]

Re: Barclays offer - am i missing something?

Hey Di

You 2-timimg me

[di30]

Re: Barclays offer - am i missing something?

Hey Di

You 2-timimg me

Nah I could never do that to you Turbo :flame::lol: Lol X

[Bill-K]

Re: Barclays offer - am i missing something?

No---Barclays have not made a low offer of refund---its far higher--ie £9,289 compared with £3,281

Sometimes we disagree on terminology though---I always like to class a REFUND as the amount offered by cheque (or to go to arrears if applicable) --and I believe the other 60,000,000 people in the country also-pmsl-

---where you sometimes talk about refunds as £Cheque Amount + £reduction in overall loan

I think it was Barclays that have referred to this as a refund, Turbo, but I agree that we should be clear about the terminology. Barclays appear to consider the £9289 as the "Total Refund," and have given Army the impression that is all he will get. You have used the same term to describe the £3281 which we have calculated. I agree though, that this refund amount should refer ONLY to the amount being refunded immediately (in the form of a cheque or account credit) - which represents the PPI already paid - plus attributed interest. The problem with referring to this as the "TOTAL Refund" is - I think - that this can be a bit misleading.

So, the terms "Total Reclaimed Amount" or "Total Redress" should apply to the total of the amount refunded - PLUS the amount by which the remaining balance should be reduced (by deducting the PPI as yet unpaid, and re-scheduling the loan).

I hope we're clear - and I think we more or less agree !!!

[Turboman]

Re: Barclays offer - am i missing something?

Academic Bill---wait for the revised figures mate---we dont agree on termingology and this is not the first time-lol--but lets discuss this in private-not on here-please-aswe'll confuse people

btw---You redone MY PPI as EX 6 FSA ---I am about to "spring into action"-rofl

I think it was Barclays that have referred to this as a refund, Turbo, but I agree that we should be clear about the terminology. Barclays appear to consider the £9289 as the "Total Refund," and have given Army the impression that is all he will get. You have used the same term to describe the £3281 which we have calculated. I agree though, that this refund amount should refer ONLY to the amount being refunded immediately (in the form of a cheque or account credit) - which represents the PPI already paid - plus attributed interest. The problem with referring to this as the "TOTAL Refund" is - I think - that this can be a bit misleading.

So, the terms "Total Reclaimed Amount" or "Total Redress" should apply to the total of the amount refunded - PLUS the amount by which the remaining balance should be reduced (by deducting the PPI as yet unpaid, and re-scheduling the loan).

I hope we're clear - and I think we more or less agree !!!