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lukeyboy1

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Posts posted by lukeyboy1

  1. lukeyboy,

     

    When I sent a SAR to RBS they sent me an agreement for and old Advanta Gold Card from October 1996 and copy statements from September 2001 to December 2005.

    Are you still at the same address when you took out the card.

     

    I had an old statement so knew account number ect.

     

    http://www.consumeractiongroup.co.uk/forum/showthread.php?328417-Old-RBS-Advanta-Card-***RESULT***

     

    I've a feeling I'm snookered, as I've moved house since then and don't look to have a note of the accout numbers. Darn it.

  2. Hi All.

     

    I've an old statute barred debt with a credit card with Bank of Scotland / HBOS and I'm sure that I was sold PPI as part of this.

     

    Last contact was 2007, so we're talking well over statute barred timescales.

     

    The question is - should I put in a PPI claim, or will this end up being swallowed by HBOS ( the remainder of the debt was in fact charges and interest and I told them I wasn't paying that, as it was unfair - I'd paid off what I owed them as the capital amount).

     

    Thanks in advance,

    lukeyboy1

  3. Just got this from the ombudsman - I think the existing offer will stand - not unhappy with that, to be honest, though :-

     

    =============

     

    Dear X

     

    I hope all is well with you.

     

    Just to let you know, your complaint is no longer on hold. We’re happy with Clydesdale’s approach when calculating offers, as they take into account all the things we’d expect them to.

     

    I will now look into your offer to see if they’ve followed our general approach. In case you’re not familiar with our approach to offers - we’d expect a business to refund all the premiums the consumer paid towards the policy with the associated interest. Lastly we’d expect 8% simple interest to be paid to the consumer, if their account would’ve gone into credit if the PPI wasn’t taken out.

     

    If their offer is fair, I’ll explain why I think it is. if it isn’t, I’ll also explain why it isn’t and what Clydesdale need to do for it to be fair.

     

    I know you’ve been waiting a while for you case to be resolved, so I’ll try to have it completed by next week the latest. If you’d like to add anything further, please can you send it to me as soon as you can.

     

    Thank you for your continued patience.

     

    Yours sincerely

     

    W J

    adjudicator

     

    Financial Ombudsman Service

  4. Indeed. I've made this point on a number of occasions to the adjudicator, most recently saying this :-

     

    -----

     

    Hello Mr Brierley,

     

    Thanks again for your time recently, and explaining the issues that are at hand.

     

    As far as our conversation goes in regards to the calculation of compensation, I've spent some time checking my calculations, and also trying to arrive at the figure that the Clydesdale offered me.

     

    From this work, I believe that the Clydesdale have calculated the sum of redress without taking into account that I've been running a balance on this credit card.

     

    In other words, they have done the following :-

     

    * Added up the PPI payments made, and given me 8% simple interest on these payments from 1997

     

    * Reconstructed my account using these backdated sums and then paid me 8% simple interest on any credit balances that have occurred since then.

     

    Using this method of calculation, I get the following approximate sums :-

     

    A. PPI Paid : 4320.97 * Estimated figures from 1997 - Aug 2000, no statements *

     

    B. 8% Interest on PPI Payments: 5865.85

     

    C. 8% Simple Interest on Credit Balances: 3,280.77

     

    D. Total : 13,467.58

     

    As you can see, this is pretty close to the offer that they've made.

     

    It is close enough, in fact, to lead me to believe that this is the basis of their calculation - I believe that their calculation is based on the assumption that the balance was paid off almost always.

     

     

     

    So - why is there such a difference in calculations?

     

    I believe that the issue is that, due to my running a balance on my credit card, I'd have mostly paid interest at the prevailing card rate of between 13.9% and 18.9% APR during this time on these PPI payments. These interest rates are as follows :-

     

    https://web.archive.org/web/20010401003426/http://www.cbonline.co.uk/interest/596.html - 2001 - 18.9% APR

     

    https://web.archive.org/web/20020805163725/http://www.cbonline.co.uk/personal/620.php - 2002 - 17.9 % APR

     

    https://web.archive.org/web/20030212212759/http://www.cbonline.co.uk/personal/620.php - 2003 - 16.9% APR

     

    https://web.archive.org/web/20040805094848/http://www.cbonline.co.uk/0,,40894,00.html - 2004 - 16.9% APR

     

    https://web.archive.org/web/20050702090925/http://www.cbonline.co.uk/0,,40894,00.html - 2005 - 18.9% APR (1.463% per month)

     

    https://web.archive.org/web/20060619180550/http://www.cbonline.co.uk/0,,40894,00.html - 2006 - 18.9% APR (1.463% per month)

     

    ....

     

    https://web.archive.org/web/20070203065429/http://www.cbonline.co.uk/0,,40894,00.html - 2008 - 18.9 % APR (1.463% per month)

     

    https://web.archive.org/web/20090318044936/http://cbonline.co.uk/personal/credit-cards/interest-rates-and-charges - 2009 - 19.9% APR

     

    .....etc....

     

    Therefore, since I was running a balance, I'd reasonably expect to be repaid the interest paid on my card at the prevailing rate --- rather than just 8% interest.

     

    Furthermore, since I ran a balance on my card, I'd have likely paid compound interest on this amount, meaning that the compound interest I'd ended up paying on each PPI payment was undoubtedly higher.

     

    As I had mentioned before, I have rejigged the spreadsheet to calculate interest paid at this rate, roughly speaking.

     

    With this in mind, my figures (again roughly, since i don't have figures pre-sept-2000) are :-

     

    A> PPI Paid: 4,320.97

     

    B> Interest on PPI Payments: 30,657.50

     

    C> 8% Simple Interest on Credit Balances: 11,268.29

     

    D> Total: 46,156.76

     

    (As I'd mentioned before, calculating the compound interest exactly is tough and can result in some variation, reflected in some figures previously - mostly down to assumptions on the prevailing rate).

     

    For the reasons outlined above, I believe that my assertion is still valid that thelydesdale have offered me considerably less than I'm actually due.

     

    I hope that this explanation of how I arrived at these figures makes sense.

     

    ----

  5. My latest update is that the ombudsman is talking to the clydesdale about how they're making their calculations. According to the ombudsman, this isn't *just* my offer, but affects a number of offers.

     

    "Thanks for your email. I hope you are well.

     

    I chased my colleagues for a response to your complaint on Tuesday and have been told that the talks are still ongoing.

     

    I sincerely apologise for the delay. I do appreciate that it’s been going on longer than first expected, but please rest assured I’ll continue to chase this on a regular basis and will be in touch with you as soon as I have an update.

     

    In the meantime, if there’s anything else that you need from me, please let me know."

     

    Earlier they said the following :-

     

     

    "At the moment we’re still clarifying Clydesdale’s approach to your calculation and as such, I’m unfortunately not able to comment on it exactly.

     

    However, based on what I’ve seen so far, I think it’s unlikely that you’d have paid X in interest on £4320.97 of PPI premiums as I mentioned over the telephone.

     

    Once we’ve clarified the business’ approach I’ll be in a better position to answer your questions, and I’ll certainly take into account what you’ve said below."

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