Checking Successful Claim

[The Judge]

After three years from original claim including two and half years with Ombudsman I have received
notification that my claim is successful with a GM credit card (HFC) dating back to 1998 and removing
PPI in 2005. They will inform me of amount in 10 weeks time.
I have records dating back to 2000 and would like to produce a rough calculation of amount owed.
monthy PPI vary between £15 and £70 per month, the APR worked out 1.53% per month

Any advice would be greatly appreciated

[Amethyst]

Re: Checking Successful Claim

There's a spreadsheet here which should give you a guide - PPI+Penalties_400_V2.4.xls (308.0 KB, 261 views)

[The Judge]

Re: Checking Successful Claim

Many thanks for prompt response.......I'll try to work that out!!

[Amethyst]

Re: Checking Successful Claim

It's a bit complicated I know. Personally I say wait until the figure comes through from FOS, but I do appreciate 10 weeks is a long time to wait. Just don't spend it before you have it, and guestimate on the very conservative side.

[The Judge]

Re: Checking Successful Claim

It's a bit complicated I know. Personally I say wait until the figure comes through from FOS, but I do appreciate 10 weeks is a long time to wait. Just don't spend it before you have it, and guestimate on the very conservative side.

No intention of forward spending........... whatever will be a pleasant bonus!! I'm a bit old school on calculations and doing it abacus style and probably incorrect. ie if first payment was £30 i have added the 1.53% monthly interest then month two would be that total plus another £30
then add 1.53% again continuing for 12 months then after one year add 8% then continue for each year.

Excellent site, very informative.

[Amethyst]

Re: Checking Successful Claim

Thanks xx

Very rough Guess-timate wise then £4135 to £6250 ish.


A £35 payment made in 1998 might have £44.80 interest added to it. (8% pa over 16 yrs)

A £35 payment in 2005 might have £25.20 interest added to it.

[The Judge]

Re: Checking Successful Claim

Thanks xx

Very rough Guess-timate wise then £4135 to £6250 ish.


A £35 payment made in 1998 might have £44.80 interest added to it. (8% pa over 16 yrs)

A £35 payment in 2005 might have £25.20 interest added to it.

Appreciated. Will let you know outcome.

[The Judge]

Re: Checking Successful Claim

Sorry two more questiosn and I'll pipe down. Do credit cards not have compound interest? There seem to be conflicting views.
Also does the Ombusdmen see their calculations and pass comment?
Thanks in advance

[Turboman]

Re: Checking Successful Claim

The spreadsheet as listed above in Amethyst's post uses the FSA method as detailed in Appendix 2 Example 6 on page 115 of PS 10/12 (the current bible)

http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

Soo--as it stands--:

• it uses compound interest as FSA example
• it only adds 8% to each individual PPI Payment when the reconstructed "notional balance" [balance as if PPI had never been included] would have meant the account balance would have been in credit [but for the PPI]

If you read the "Read Me" worksheet (1st one before the "Data Input" one) you will see that you can alter the FSA method to use an apportioned interest method IF YOU INPUT EACH ACTUAL INTEREST from your statements

Sorry two more questiosn and I'll pipe down. Do credit cards not have compound interest? There seem to be conflicting views.
Also does the Ombusdmen see their calculations and pass comment?
Thanks in advance

[The Judge]

Re: Checking Successful Claim

Again many thanks for advice. Can i assume that after 2005 when credit card was paid off that 8% simple can be charged for the subsequent 10 years?

[Turboman]

Re: Checking Successful Claim

you would not have had a balance then so the 8% consideration does not apply

The spreadsheet calculates the 8% on each line on a monthly basis

I tend to specialize on SPI Loans & Bill used to specialize on Credit Cards (which hurt my brain immensely and I forget the theory very easily--lol)

Bill is no longer on this forum but his E Mail address is within the "Read Me" worksheet

Again many thanks for advice. Can i assume that after 2005 when credit card was paid off that 8% simple can be charged for the subsequent 10 years?

[The Judge]

Re: Checking Successful Claim

you would not have had a balance then so the 8% consideration does not apply

The spreadsheet calculates the 8% on each line on a monthly basis

I tend to specialize on SPI Loans & Bill used to specialize on Credit Cards (which hurt my brain immensely and I forget the theory very easily--lol)

Bill is no longer on this forum but his E Mail address is within the "Read Me" worksheet

Thanks Turboman. Think the simple interest is the easier formular!!

[grumpy]

Re: Checking Successful Claim

Dear Judge,

In the same boat with the GM card and awaiting an SAR they sent a dump screen to the Ombudsman which i might have completed can not supply the original agreement, I had an AA credit card with beneficial finance( part of the HSBC group) i was informed that the name of the card would be changing to GM card, which it did also i have supplied two copies of letters from HFC when i got into financial difficulties, saying ex AA card which they will not accept saying that i have to prove this, frustrating to say the least.

Grumpy