Thank you we will give it a go

Hi Thanks for getting back to me - as this was an account that was started before GE Capital (as it was then ) joined FOS and was under the FLA I think that all he is going to get is 8% simple interest. It reads Our figures have been calculated in accordance FSA Guidance. This comprises of the premium paid on your policy plus 8% simple interest per annum (from the start of the policy to today's date) less any claims paid. Premiums paid on the policy XXX Simple Interest (net amount) xxxx Less claims xxx Total Redress XXX I assume I can use the first spreadsheet and put 8% in the interest section and then list all the statement amounts ?

Store Card from 1998 through to 2006 .......

A friend has received (no really is a friend ) an indication from Financial Ins Company that they will pay his claim for PPI but the amount is incorrect he has all his statements and they have asked him to supply copies and they will recalculate as it is from before he will only get simple interest per annum. How do we calculate this ? Is it from the first year or from when the amount is closed ? Thank you

Hello just thought I would give you an update - rang the company last week and when I said the dates were wrong they said that is as far back as they can go but I then said I had statements from earlier they asked me to send copies and they will recaluclate the offer; when I queried the tax on the compensation (?) they described it as not compensation but compound interest. I have also calculated the interest on the initial payments and when I take it through to their date and finish it when the card stops it is roughly correct and then its simple interest on top from then on so basically its ££ x 8% = simple interest not ££ x 8% per annum. As regards the interest I am going to ask if they will pay it gross - if not I will ask them to give me a certificate of deduction of tax - presumably they are going to need my tax details for this ? I will quote the relevant section from the link above. Will keep this updated as I hear from them.

Thanks for that IMS; can you link me to Sempra Metals please ?

Thanks for that IMS - I will query it with them when making the claim I think and check about the activity on the account.

comments please

Just changing the title

Does anyone have any idea about the interest and incorrect dates - should I write ? thank you

Thanks for getting back to me landy; the other company said it was taxable but that i had to declare it. Was the calculation of your calculation of interest etc correct ? by the way .............talking to my friendly neighbourhood tax adviser (the other half) they said that you are not too late to claim it back - get a cert and amend your tax return .............you have till end of january next year to amend a 2010 tax return and then January 2013 to amend a 2011 tax return if just google how do i amend my tax return and make sure you get pages from the UK.

Have just read the letter and apparently it is a gesture of goodwill with no liability admitted! they call the interest compound interest based on the amount charged on the card at the time. I rang the FOS today for some clarification and they weren't much help and there is about a nine month delay so if I can sort this out myself all the better. I would appreciate some help on this as it looks like I will need to rebuild the account The queries I have are : How are payments to a card allocated ? Was I right in using the calculator for the compound interest and should I have stopped on the date the card closed or continued to the claim date ?Can someone please confirm that there is no tax due on the compensation - as I read I believe not. I am OK about the tax on the interest but I can ask to have it paid gross ? thank you

Hello and thanks for your commenting- its one of the RBS group ! I used a spread sheet similar to the simple one in this tutorial.......I had made a clain on the ppi in early 2004 and so the claim amount deducted is for that.- it won't let me link but its from an interest tutorial posted by librarian in June of this year. I will have a read of the link as regards interest. Still doesn't seem a lot ! for the length of time.

Hope someone can help I have received a letter upholding my claim in respect of PPI sold; but I can't make head nor tail of their repayment calculation. Refund of premiums 900 paid between 2000 and 2005 Compound interest 300 Refund of over limit fees 20.00 Compound interest on fees 1.20 less claims paid 800 Total Refund due 421 Gross int @ FOS rate 60.00 less tax @ 20% 12 as your complaint has taken more than eight weeks to resolve 20 less tax @20% 4 Total Offer 485 I have changed the figures for anonyminity purposes but they are broadly the same. Using the statements I have the PPI began in 1998 not 2000 and I have most of the statements - there is a diff of around £200; also using the spreadsheet downloaded from here the interest is much more .............do I use the card interest to the date the account closed and then 8% from then on ? or do I use the card interest all the way through to the claim date; but even if I change the card interest to the date the card closed it is still a lot more than they have offered ? What about the tax charged - they don't know my tax status ? I have read something in the FOS website that they have to rebuild the account as if the PPI wasn't there - is there something about the way payments to the account are allocated that may affect their calculations or are they just trying it on. I recently had a claim upheld from another company and basically I got about three times what I had paid in so I expected this one to come out at about twice what I had paid less what they had paid me whichis quite a bit more than I have been offered. Any help would be welcome here.

Both my OH and I have had barclayloans in the past = whilst looking for some other paperwork we found the PPI policies for both loans both for the early 00's : it states quite clearly in both sets that pre-existing conditions are not covered. This was never explained to us and so on; so we thought lets get a claim going but, a big but. We both still have accounts (with O/D ); mine is used as a fallback each month but my OH's is their main account with all the usual stuff. We do both use the reserves on occasion ! The overdrafts are quite high ! If we make the claim can barclays withdraw our facilities and close our accounts ? Has anyone had experience of this ? Look forward to some feedback