Morgan stanley / barclaycard cpp

[Bazza]

Hi hope someone can help.

I had a CPP for the above in which I have been successful in reclaiming. The only thing is I have today received a statement and Barclaycard have deducted protection amount owed from balance, Tax amount and also the simple interest amount ?

The card was suspended a couple of years ago (due to another barclaycard account that I had problems with) and I always make the regular minimum monthly payments that are due on this account.

I have had no contact from them regarding what they have done or any further contact from Card Protection Plan Limited. Is this correct what they have done as I thought that any interest less tax should have been returned to me and not applied to the account ?

Its not a large amount but its the principle of the matter that concerns me.

[enaid]

Re: Morgan stanley / barclaycard cpp

Hi hope this explains things for you http://www.hmrc.gov.uk/manuals/saimmanual/SAIM9115.htm

[di30]

Re: Morgan stanley / barclaycard cpp

Cheers for PM Bazza and thanks for for pm and can see you have started a thread as i suggested, and you beat me to it lol, cheers. :tinysmile_twink_t2:

[Bazza]

Re: Morgan stanley / barclaycard cpp

Hi hope this explains things for you http://www.hmrc.gov.uk/manuals/saimmanual/SAIM9115.htm

Many thanks for that but I was aware regarding the tax amount but I thought as PPI claims that any interest amounts should be returned to customer and not applied to the account balance ?

Also should the APR % been applied and not simple interest ?

[Bazza]

Re: Morgan stanley / barclaycard cpp

Cheers for PM Bazza and thanks for for pm and can see you have started a thread as i suggested, and you beat me to it lol, cheers. :tinysmile_twink_t2:

Thanks Di and took your advice. Hopefully someone will be able to assist or advice if there is a spreadsheet for calculations as cannot see how Barclays arrived at their figures :tinysmile_twink_t2:

[Bazza]

Re: Morgan stanley / barclaycard cpp

Sorry can anybody advise where to find the relevant template for calculations thanks ?

[di30]

Re: Morgan stanley / barclaycard cpp

Hi Bazza

Check the link below, i am not sure about templates but there are spreadsheets on there somewhere, but not sure if it works the same as ppi, take a look anyway :tinysmile_twink_t2:

http://www.legalbeagles.info/forums/...I-Calculations

[Bazza]

Re: Morgan stanley / barclaycard cpp

Hi Bazza

Check the link below, i am not sure about templates but there are spreadsheets on there somewhere, but not sure if it works the same as ppi, take a look anyway :tinysmile_twink_t2:

http://www.legalbeagles.info/forums/...I-Calculations

A belated thanks di much appreciated as usual

g/l :tinysmile_twink_t2:

[Bazza]

Re: Morgan stanley / barclaycard cpp

Just an up-date regarding successful Card Protection Insurance (CPI) reclaim for the pre 2004 period.

Today received a letter finally from Barclaycard apologising for not explaining calculation of refund and prior letters being sent to me (in which have now been enclosed February 2014) hence my previous query when refund appeared on my March statement.

What annoys me is that they are saying that because I hadn't responded (but how could I when letters had not been sent, requesting way of refund) they deducted from account ???? Mind you they have given me a goodwill gesture of £50 for the inconvenience but again they will deduct from my account. Am I still within my rites to request that they return by way of payment to my bank ?

Its not a large sum but still around £185 but would rather have the cash than reduction of card balance.

Also they have advised that Barclays apply 8% simple interest as it is not a company policy to award compound interest for such complaints. Is this correct does anyone know ? Should I request details where in their policies does it state this ?

I'm not looking a gift horse but the difference in refund is in the region of £600

Any advice would be appreciated before I respond or accept their offer.

[di30]

Re: Morgan stanley / barclaycard cpp

Hiya

I am aware it differs on the interest from credit card to loan ppi and it does sound about right, do await further clarification on this one if you wish though Bazza, as it seems some banks/business seem to do what they want.

If you feel they have not been fair in dealing with your refund, especially with them making that excuse for not paying in full, then it maybe a good idea to email the CEO and say this was unfair because........
and ask them to reconsider in refunding you the full total.

Its your money. (i am posting late posts because of it being so hectic in the daytimes lately lol). x

[Bazza]

Re: Morgan stanley / barclaycard cpp

Hiya

I am aware it differs on the interest from credit card to loan ppi and it does sound about right, do await further clarification on this one if you wish though Bazza, as it seems some banks/business seem to do what they want.

If you feel they have not been fair in dealing with your refund, especially with them making that excuse for not paying in full, then it maybe a good idea to email the CEO and say this was unfair because........
and ask them to reconsider in refunding you the full total.

Its your money. (i am posting late posts because of it being so hectic in the daytimes lately lol). x

No worries di and thanks your response as always appreciated no matter what time of day

Well just to let you know I spoke to barclaycard today and they have now transferred funds (2-3 working days) into my bank account including their £50 goodwill gesture.

I mentioned about their application of simple interest instead of compound interest, and they said it was company policy blah blah blah :blabla:

Anyway, I am going to kindly respond to letter received from Barclaycard and ask for evidence of the above mentioned Card Protection Insurance details etc just for a piece of mind but at least now I have funds in my pocket hopefully in a couple of days.