PPI On Overdarft Up Held....Not Sure If Calculations R Correct

[KnightRider]

Hello,

I just received a letter this morning from Barclays who are upholding my compliant on PPI I had on my overdraft account (phhhhew thought I was jinxed this year as so far its only been rejections)

I have tried looking at the spreadsheets that Bill K has posted but me + spreadsheets = lights r on...no ones home.

Basically what they r offering is a refund of payments made for ppi = £792.80 (paying £4.80 per month since 1999 I think...no paperwork, did not know I had the policy)
8% per annum simple interest on ppi overpayments = £424.33 Total amount £1217.13.

They have requested for me to send back the form signed if I accept their offer and also have written that this is their final response.
Does it seem right????
(oh I thought I'll mention sumthing I found funny , they have advised me my policy will b cancelled and if case of DEATH, accident or sickness my overdraft will not be covered.....What will they do send bailiffs to my grave lol)

Thanks in advance for any advice.

[brummie]

Re: PPI On Overdarft Up Held....Not Sure If Calculations R Correct

Hi

You do have the right to request a full statement on the account via a SARS request, which should show all the payments and dates of transactions relating to the PPI. You could also request that they provide you with a break-dopwn of their calculations. I think that you can request that the amount is put on hold until you do your own calculation and agree/not to their offer. 8% is the statutory amount payable on PPI amounts. Have they stated that the amout is "in full and final settlement"?
In the case of your death, if there was an amount owed to the bank without any cover, they could claim against your estate to re-coupe the amount.

[Bill-K]

Re: PPI On Overdarft Up Held....Not Sure If Calculations R Correct

Hi KnightRider, and congrats on that payout. Can't really tell if it's a fair offer or not - that's what the spreadsheets are for !!! You don't need much intelligence with the spreadies - it's more the mindless tedium of punching in dates and figures. The spready does the thinking for you.

You could ask for a more detailed and understandable set of calculations, but the lenders are not usually very helpful. If you have your statements - and/or you sent a DSAR before claiming, then you should have the data you need. If you don't, then you should have done this a while ago.

[KnightRider]

Re: PPI On Overdarft Up Held....Not Sure If Calculations R Correct

Thank you for your replies, I will have another go at the spreadsheets..... my mind works better after midnight!!! I have requested a SAR better late or never I suppose

[KnightRider]

Re: PPI On Overdarft Up Held....Not Sure If Calculations R Correct

Hi

You do have the right to request a full statement on the account via a SARS request, which should show all the payments and dates of transactions relating to the PPI. You could also request that they provide you with a break-dopwn of their calculations. I think that you can request that the amount is put on hold until you do your own calculation and agree/not to their offer. 8% is the statutory amount payable on PPI amounts. Have they stated that the amout is "in full and final settlement"?
In the case of your death, if there was an amount owed to the bank without any cover, they could claim against your estate to re-coupe the amount.

Thanking you for making it clear about the death scenario lucky for me don't have a huge amount of over draft facility.