Barclays PPI refund

[John65]

Hi everyone,
I have managed to get my first refund with a cheque of £1,001.72 regarding a mis-sold PPI from Barclays few days ago & hoping that someone would be able to provide some advice & guidance on what I am actually claiming for please.

The loan was taken out in June 2004 and was paid off early (19 months later) & the PPI was paid upfront of £939.60 plus £24.20 per month (19 x £24.20 = £459.60) total up to £1399.40 (without the 8% which I unable to work it out myself).

And their final offer:-
A. Original PPI policy premium £939.60
B. Interest incurred due PPI £129.43
C. 8% per annum simple interest £354.55
E. Less early settlement £421.86
(this is the partial refund of the original Ppi policy previously paid at early settlement on 20/10/05 to xxxxxxx) (seem cant find the refund in my statement)
G. PPI refund due = (A+B+C) – (D+E+F) = £1,001.72 ??

The question is in case that is the figures are wrong? Can I refused this amount and claim for the correct amount?

Thank you John

[Bill-K]

Re: Barclays PPI refund

Unfortunately, with the info you've posted so far, it's not possible to check their offer very accurately. Although I guess the PPI premiums are probably correct, the interest is often wrong. For that, you would need to know the original loan amount, along with loan repayments and dates.

If you fill in the top of the attached spreadsheet, John, it should show you what to expect.

If you settled the loan in full, then the actual final settlement payment should be put down as the final payment, to check if the PPI 'settlement rebate' was sufficient. Any problems with this, just post up with your spreadsheet, and we'll try and help.

[John65]

Re: Barclays PPI refund

Thanks for the quick reply Bill. Yes the loan was settled in full. I have work out the spreadsheet with 8% statutory interest, which added up to £1,326.00? Here the details below from my original credit agreement.

If it get too compliated, i think I have to accepted it although I know the figures are wrong.

Thanks John

Cash Loan
Amount of Loan: £10,000
Total charge for Credit: £2485.64
Total amount payable: £12485.64
Monthly repayment: £260.12
Number of repayments: 48

Insurance Premium Loan
Amount of Loan: £939.60
Total charge for credit: £221.97
Total amount payable : £1161.57
Monthly repayment : £24.20 = £284.32 per month
Number of repayments: 48

[Bill-K]

Re: Barclays PPI refund

My apologies, John. I meant to attach a spreadsheet to my post, and forgot to - I'm ALWAYS doing that !!! Well done for having a go with the one you did. I've taken the info from that, and the info from your last post and put it into the spready which IS now attached !!!

The only thing left to do is to check what the actual amount was which you settled the account with - and the settlement date. This is the 18th (and final) payment, in effect. The figure I have put in there is the Total Amount Payable, minus the Payments made, minus the 421.86 early settlement rebate. If this is correct, then your claim should be over £1700 - but the settlement figure needs to be checked for sure, and altered if necessary.

[John65]

Re: Barclays PPI refund

Thank you so much Bill for your help, much appreciated & apologies for the delay as I've had a look through my bank statmenets to see if I did received the less early settlement of £421.86 but no sign of it.

Anyway the loan statements showed on 17th it was £7852.58 in debt, the settlement figure was £7876.66 which I paid it off on the same day then I got £24.08 refund on 20th, as you wil see from the attachements (all personal details removed)

Is this just another ploy by them to shake us off & if so what do you think what we can do next, write back for the proper amount?