Barclaycard PPI

[brown1950]

Re: Barclaycard PPI

[QUOTE=brown1950;557698]

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 ?

UPDATE

FOS Adjudicator has rejected my claim for the Barclaycard underpayment redress ! Adjudictor thinks the Barclaycard redress was fair !
Still waiting for the FOS to tell me what rate of interest did Barclaycard use for the 'Associated Interest''

Should i take this to the Ombudsman ?
What i cannot find out from Barclaycard or the FOS is what rate of interest have they used for 'associated interest ?

Any ideas ?

[brown1950]

Re: Barclaycard PPI

Any Comments ?