Barclaycard PPI

[brown1950]

Re: Barclaycard PPI

As this latest payment from Barclaycard was made in Dec 2013 am i entitled to extra 8% interest from 2007 (when PPI was cancelled) to (payment date) Dec 2013 ?

Any idea's ?

[brown1950]

Re: Barclaycard PPI

UPDATE

Following involvement of the FOS i have now received a final offer of redress from Barclaycard covering my PPI claim
I have attached the calculation schedule and feel the associated interest parts seems very low to me ?
Would appreciate comments on the calculation schedule.

[brown1950]

Re: Barclaycard PPI

Would appreciate any comments on the Barclaycard redress schedule.
Associated interest looks low to me ?
Have asked FOS how Barclaycard have calculated the associated interest.

[Turboman]

Re: Barclaycard PPI

Having a look--have re-engineered PDF by converting to Excel SS--will experiment a bit over next few days

[brown1950]

Re: Barclaycard PPI

Having a look--have re-engineered PDF by converting to Excel SS--will experiment a bit over next few days

Many thanks for your help.

[Turboman]

Re: Barclaycard PPI

To help me derive the methods Barclaycard are using--can you please list the detail for 1 complete mth from your statements--(say)--APRIL 2005

[brown1950]

Re: Barclaycard PPI

To help me derive the methods Barclaycard are using--can you please list the detail for 1 complete mth from your statements--(say)--APRIL 2005

Turboman

Thanks for your response. As required i give hereunder required info :-

Summary of Account on 25th April 2005

Previous Balance £572.89
Payments Received £ 20.00
New Transactions £ 52.87
New Balance £605.76

Purchase APR 18.9%
Cash APR 23.4%

Detailed information:-

2 Mar Payment £25.00 cr
23 Mar Late Payment charge £20.00
23 Mar Exceeded Limit £20.00
23 Mar PPI £ 4.49
23 Mar Interest @ 1.456% £ 7.66

New Balance £ 572.89


Trust this is the required information. Please let me know if you require further information.

[Turboman]

Re: Barclaycard PPI

have you accidently given me the summary from 25/4/05

but the detail from the statement for 25/3/05???

Turboman

Thanks for your response. As required i give hereunder required info :-

Summary of Account on 25th April 2005

Previous Balance £572.89
Payments Received £ 20.00
New Transactions £ 52.87
New Balance £605.76

Purchase APR 18.9%
Cash APR 23.4%

Detailed information:-

2 Mar Payment £25.00 cr
23 Mar Late Payment charge £20.00
23 Mar Exceeded Limit £20.00
23 Mar PPI £ 4.49
23 Mar Interest @ 1.456% £ 7.66

New Balance £ 572.89


Trust this is the required information. Please let me know if you require further information.

[brown1950]

Re: Barclaycard PPI

have you accidently given me the summary from 25/4/05

but the detail from the statement for 25/3/05???

Sorry for the confusion. Herewith is the correct info :=

Summary of Account on 25th April 2005

Previous Balance £ 572.89
Payments received £ 20.00
New Transactions £ 52.87
Your new balance £ 605.76

Purchase APR 18.9%
Cash APR 23.4%
Next months estimated interest £ 8.82

1 Apr Payment £20.00CR
25 Apr Late Payment fee £20.00
25 Apr Exceeded Limit fee £20.00
25 Apr Payment Protection £ 4.75
25 Apr Interest 1.456% £ 8.12

25th Apr New Balance £ 605.76

Trust this is the required info you need.

[Turboman]

Re: Barclaycard PPI

Thanks -thats better

The reason I asked for this info was I wasn't sure what Barclaycard meant by "Sales Interest Charged"----which we now know from your reply should be really "TOTAL INTEREST CHARGED"

SOO---we now need to verify the "Assiciated Interest" & the "Statutory Interest" in accordance with "CALCULATION OF INSURANCE REFUND ON CREDIT CARDS USING THE EXAMPLE 6 METHOD IN APPENDIX 2 OF THE FSA/FCA PPI REDRESS HANDBOOK WITHIN PS 10/12"

I understand it--(Barclaycard have opted to apportion the ACTUAL INTERST CHARGED rather than using historic interest rates btw--still ok

I will also enter your figures into the very latest SS's which Bill has updated (not on here btw--the old ones are on here)

I can only spend a couple of hrs a day (these things are complex) so expect to summarise on Sunday evening

Sorry for the confusion. Herewith is the correct info :=

Summary of Account on 25th April 2005

Previous Balance £ 572.89
Payments received £ 20.00
New Transactions £ 52.87
Your new balance £ 605.76

Purchase APR 18.9%
Cash APR 23.4%
Next months estimated interest £ 8.82

1 Apr Payment £20.00CR
25 Apr Late Payment fee £20.00
25 Apr Exceeded Limit fee £20.00
25 Apr Payment Protection £ 4.75
25 Apr Interest 1.456% £ 8.12

25th Apr New Balance £ 605.76

Trust this is the required info you need.

[brown1950]

Re: Barclaycard PPI

Great thanks for your help very much appreciatef.

[brown1950]

Re: Barclaycard PPI

Thanks -thats better

The reason I asked for this info was I wasn't sure what Barclaycard meant by "Sales Interest Charged"----which we now know from your reply should be really "TOTAL INTEREST CHARGED"

SOO---we now need to verify the "Assiciated Interest" & the "Statutory Interest" in accordance with "CALCULATION OF INSURANCE REFUND ON CREDIT CARDS USING THE EXAMPLE 6 METHOD IN APPENDIX 2 OF THE FSA/FCA PPI REDRESS HANDBOOK WITHIN PS 10/12"

I understand it--(Barclaycard have opted to apportion the ACTUAL INTERST CHARGED rather than using historic interest rates btw--still ok

I will also enter your figures into the very latest SS's which Bill has updated (not on here btw--the old ones are on here)

I can only spend a couple of hrs a day (these things are complex) so expect to summarise on Sunday evening

Just wondering if you have any news on the calculations. ?

[brown1950]

Re: Barclaycard PPI

Here is a copy of my latest email to the FOS :-

On the subject of associated interest can i also draw your attention to the associated fees of £808.charged by Barclaycard.
These associated fees were over credit limit fees/ late payments .
Based on terms & conditions i have from 2000 the rate of interest charged by Barclaycard was 26.4%
Based on the above a late payment fee charged in March 2003 would attract interest of £337.67 up to todays date.
On the Barclaycard refund schedule the £20.00 fee and PPI charge of £1.80 only shows a total credit interest amount of 1 pence

Have also pointed out to the FOS Barclaycard in numerous letters relating to my PPI claim Barclaycard stated the following :-

Compound Interest is a term used to explain the type of interest being charged on the account . When a PPI premium is charged
it is added to the balance of the account and attracts interest charges at the purchase rate applicable . Interest is also added
to the balance and the following month any outstanding balance will attract interest.
WE HAVE CALCULATED THE INTEREST CHARGED ON THE PPI PREMIUMS THROUGHOUT THE TERM OF THE POLICY TAKING INTO ACCOUNT THE EFFECT OF COMPOUNDING AND USING THE PURCHASE INTEREST RATE CHARGED THROUGHOUT THE TERM.

Based on the above i gave the FOS the following examples which clearly show incorrect calculations from Barclaycard :-

Dec 94 PPI £2.18 £1.15 associated interest- yet Barclaycard purchase rate = 26.4%
Dec 00 PPI £3.78 £5.99 associated interest - yet Barclaycard purchase rate = 17.9%
Mar 04 PPI £3.95 £3.98 associated interest - yet Barclaycard purchase rate = 17.9%

What rate of interest have Barclaycard used for associated interest ?

Still waiting to hear from the FOS !


Any comments ?

[brown1950]

Re: Barclaycard PPI

[QUOTE=brown1950;557016]Here is a copy of my latest email to the FOS :-

On the subject of associated interest can i also draw your attention to the associated fees of £808.charged by Barclaycard.
These associated fees were over credit limit fees/ late payments .
Based on terms & conditions i have from 2000 the rate of interest charged by Barclaycard was 26.4%
Based on the above a late payment fee charged in March 2003 would attract interest of £337.67 up to todays date.
On the Barclaycard refund schedule the £20.00 fee and PPI charge of £1.80 only shows a total credit interest amount of 1 pence

Have also pointed out to the FOS Barclaycard in numerous letters relating to my PPI claim Barclaycard stated the following :-

Compound Interest is a term used to explain the type of interest being charged on the account . When a PPI premium is charged
it is added to the balance of the account and attracts interest charges at the purchase rate applicable . Interest is also added
to the balance and the following month any outstanding balance will attract interest.
WE HAVE CALCULATED THE INTEREST CHARGED ON THE PPI PREMIUMS THROUGHOUT THE TERM OF THE POLICY TAKING INTO ACCOUNT THE EFFECT OF COMPOUNDING AND USING THE PURCHASE INTEREST RATE CHARGED THROUGHOUT THE TERM.

Based on the above i gave the FOS the following examples which clearly show incorrect calculations from Barclaycard :-

Dec 94 PPI £2.18 £1.15 associated interest- yet Barclaycard purchase rate = 26.4%
Dec 00 PPI £3.78 £5.99 associated interest - yet Barclaycard purchase rate = 17.9%
Mar 04 PPI £3.95 £3.98 associated interest - yet Barclaycard purchase rate = 17.9%

What rate of interest have Barclaycard used for associated interest ?

Still waiting to hear from the FOS !


Any comments ?




UPDATE

Have now received a reply from the FOS as follows :-

Quote

''
On a more senior level, are now looking at how Barclays are calculating redress settlement specifically relating to the interest that consumer’s such as yourself have paid. From what we’ve seen, consumers may have had to pay more in credit card interest because of PPI being applied on the account. This is something we'd expect Barclays to refund to you.

We have been in touch with Barclays about how it works out the extra interest you had to pay. So we're asking them for some more information about this - so we can see if what they're doing is fair.'' Unquote

Interesting ?

[brown1950]

Re: Barclaycard PPI

Oh Dear !

http://www.bbc.co.uk/news/business-33567564