Hi Calcutta, Thanks for the reply Yes I’m in three minds which way to go with this at the moment. a) Accept the offer b) Go down the FOS route c) Go the court route and claim compound interest in restitution I have prepared 2 spreadsheets at the moment using the figures I have available. The missing figures are from Jan 95 to Jan 2001. It is accepted that the first PPI payment shown on record (£23.63) from Jan 2001 is then reduced in equal amounts to the inception of the account (Jan 95) The first Spreadsheet is the compound interest calculator which shows a total figure in excess of 20k The second spreadsheet is the FOS running PPI sheet. This has been tricky to reconstruct because I do not have the statements for the missing years. The way I did this was to fill in all the sections with the available statements and then add in the missing PPI payments (reducing back to zero) in the correct column. I then worked out the likely monthly balance on the account using the PPI figures (PPI charged at approx 79p per £100). I then put in approx minimum monthly payment figures and this gave me a rough idea of what I spent per month. This gave me an approximate idea of the account throughout its history. Unfortunately the total figure is very close to the offer of refund (7k). If I go down the FOS route I may be waiting a very long time for a result and I cannot be sure that they would just agree with the banks offer. Having looked around this forum I have noticed that those who have been successful with the court route have been claiming quite a bit less than 20k and the banks have always relented at the 11th hour. It may be different given the amount in question. I have looked at previous court cases (eg Sempra metals) but this was not specifically banks or PPI claims. So there it is. My heart feels that the unnecessary PPI payments I made since 1995 should attract compound interest at the purchase rate of the credit card in restitution. My head feels that I should accept the offer on the table and get on with my life. Decisions, Decisions.

I spoke to FOS to find out their views on compound interest relating to PPI refunds. They emailed me a compensation fact sheet which states If the card account is still open but the PPI has been cancelled (as in my case) The Financial Business should - a) Work out what the balance of the account would be if the consumer had not the PPI policy but had still made the same monthly payments (taking into account any interest and charges related to the PPI policy) b) If this calculation puts the account into credit for any period, pay interest (simple, not compound) on the balance for that period at the rate of 8% a year c) Pay the consumer the difference between the revised balance and the current balance d) Write to the consumer and tell them how the revised balance, the interest and the difference were calculated This is impossible to work out because I do not have balance figures from 1995 to 2001. It also seems that FOS will not look at compound interest for the PPI payments made since inception and prefer to use a simple 8% calculator. Not sure at the moment whether getting FOS to investigate will get me any further. Any ideas

Thanks for that. 2 other questions if i may 1) the compound spreadsheet shows PPI paid plus compound interest to date, Do I add 8% redress or is that pushing it 2) Can i use the running credit accounts spreadsheet, which calculates payments, compound int and 8% redress, if I don't have all of the statements.

I am preparing another FosCISheet v101.xls to send to Barclaycard after receiving more statement figures to 2001 and just wanted to clarify the “CLAIM TO” date. The card ran from 1995 and I cancelled the PPI in February 2010. The card is still running and I was made an offer in September 2012.

I assume fos is the route you are now following anney63. Have they given you any idea of timescale? Does anyone know how fos would view this with regard to the interest rate in the calculations and are there any similar cases that have set a precedent ?

My sentiments exactly. I do have figures for the first 2 statements and have used those to decrease to zero (jan 1995). Any ideas on the use of 19.9% on spreadsheet and FOS views on the subject?

After a lot of pressure on Barclays to provide more information regarding their refund offer, I have now received statement figures to January 2001. That pressure included a letter and email to David Chan (CEO of Barclaycard) threatening court action citing non compliance under the data protection act, A written complaint including all correspondence to ICO and more letters to data protection and customer relations. Firstly I received statements to 2004 and after complaining further, a letter and statement figures to 2001. In the letter they still confirm that their offer is correct and state the following (abridged) “ The refund is made up of the insurance premium you paid plus the interest. The payment also includes an extra amount of 8% interest per year as compensation. Premiums The premium refund is calculated by adding all premiums paid since inception of PPI policy. Your policy was active from 24th Jan 1995 until 3rd Feb 2010. The value of payments made since Jan 2001 has been taken directly from statement records we still hold. We use details from first available statements on our records and work back to the point at which the policy was sold. This is based on the assumption that your PPI charges and balance would have reduced at a steady rate to zero for the period dating back to when the policy was sold. If the first two statements available for your account show a value of Zero then we have assumed that the balance on your account was also zero for the period dating back to when the policy was sold This averaging method has been used to calculate the period from 24th Jan 1995 until Jan 2001 Compound interest When a PPI premium is charged it is added to the balance of the account and attracts interest charges at the purchase rate applicable at the time. Interest is also added to the balance and the following month any outstanding balance will incur interest charges. We have calculated the interest charged on the PPI premiums throughout the term, taking into account the effect of compounding and using purchase interest rate. 8% interest (simple interest calculation) We calculate 8% interest on the individual figure concerned for the number of days from the date of the charge until the date of calculation. We will pay a simple interest amount if the calculated cumulative total refund amount is greater than the original card balance in any month. If this occurs we will pay 8% on the difference between the two, and if there is a time difference between when the PPI policy was cancelled and when we made the offer. The 8% interest amount is in line with the recommendations from FOS.” Ok, I don’t really understand a lot of this and hoping someone with more knowledge than I can explain. I have now added the new figures to the spreadsheet (figures now to Jan 2001) and have calculated (from what they state in the letter) the following figures for the remaining dates from Jan 2001 to Jan 1995 - The first two figures from Jan and Feb 2001 were £23.63 and £23. 49 (average £23.56) I then reduced the amount in monthly increments until zero (Jan 1995). I have put the interest rate at 19.9% (purchase rate) and the total , although less than original calculations, is still 2½ times more than offer. How would this spreadsheet stand up with regard to an FOS investigation?. Any other advice or comments would be welcome? 　 　 　 　

Thanks for the replies. Dx100uk. Non compliance is what I meant by submitting the N1form to county court to get Barclays to release the requested statements and basis of calculations. I may send a letter before action and then wait to see if ICO get back to me before proceeding. Unless you advise differently?. Wilco 999. I know its frustrating to say the least. Have you got a link to your own thread as I would be interested to see the similarities. Hi Anney63. I’ve been following your thread with interest and I will take your advice to contact the CEO in order to make my intentions clear. Have you had any response in this regard?

Update on progress Still being fobbed off. Every time I request statements from 2001 (the ones they state that they based their calculations on) and a detailed breakdown of calculations, they send me a copy of the final response letter first issued on 11th Oct (3rd one now) On 10th Nov I gave them 7 days to comply with my requests and threatened ICO On 30th Nov I sent ICO all the info including copies of correspondence, but due to a backlog of cases ICO say that I probably wont be allocated a case officer for another month. So I am now considering court action and have been following a similar post at http://www.consumeractiongroup.co.uk/forum/showthread.php?350191-Barclaycard-SAR and have followed the links from Slick132 regarding court action which are most helpful. I am not unfamiliar with court processes as I recently took legal action against a non paying tenant in which I represented myself in court, but before I follow this course of action I would be grateful of any help and advice from members of this forum. Firstly I know that I will have to send Barclays a letter before action which I will prepare and post on the forum, but my main concern is the N1 form. This at the moment is not a claim for money but a way of getting Barclays to disclose the information I requested. I do not want to complicate things by claiming for damage or distress but I would obviously claim court costs So my questions at the moment are 1) What do I put down as Defendants name 2) What address do I use (ie Barclays HQ, SAR team or PPI claims dept) 3) What value do I state on N1 form (if any). Thanks in advance for any advice

Unbelievable!!!!. I’m still waiting for a reply from my last letter strongly requesting them to send me exactly the same info i.e detailed breakdown of calculations and statements from 2001. I have cited non compliance following SAR and threatened ICO. I will now follow your example Anney 63 and post to directors and ICO. I will be interested to find out the response you receive.

It seems that they cannot give straight answers to the simplest of requests. May I ask anney63 if you have had an offer, and if so is it a long way from your calculations. Thanks for the IOC link dx100uk. I may write again and use the non compliance as a lever in getting them to re calculate or send me the calculations. If not its IOC and then perhaps FOS.

Thanks dx100uk. Sorry to be naive but what is ICO?

Sorry about the late response but just got internet back after 2 weeks without (typical Virgin). the short answer is No I wrote to Barclays as advised and stated that their offer fell a long way short of the compound interest calculations I supplied in spreadsheet form which is the regulatory method of calculation using FOS guidelines. I asked them to review the calculations or supply me with a full and detailed breakdown of their calculations. I then received a letter stating that the offer was correct and explaining how they go about working out this type of claim but they did not supply me with any breakdown of figures. Interestingly they stated that they are not obliged to keep statements for more than 6 years but went on to say “in your case we have statement information from 2001 and have used an average of payments to calculate the value of payments made prior to 2001” This annoyed me because following a SAR in July, I only received statements from 2006. I then wrote back stating that statements from 2001 had obviously been withheld from me and requested these were forwarded to me along with a full and detailed breakdown of calculations. This letter was passed on to the SAR team who have now sent me the same information I received in July (a basic summary of the accounts I held with Barclays). So I still have not received a breakdown of calculations or statements from 2001. I will now be demanding this information again in a strongly worded letter and if I still do not get the information I require, I may have to consider the FOS route.

Thank you.

I have just received an offer from Barclays and would be grateful for your input and advice. Brief history Barclaycard Visa since 1995 (from SAR I discovered that the card number changed in April 2000, although still continued as Visa) PPI cancelled in 2010 Statements for 6 years With help from this forum I calculated 6 years of known PPI and used the monthly average for unknown period on compound interest calculation spreadsheet Total calculation on spreadsheet = £20k (not £32k I first calculated) Spreadsheet, FOS questionnaire and covering letter sent to Barclays In the letter Barclays have stated the following - “We are not required to retain statements information for more than 6 years and the value of payments made since 2005 have been taken directly from statements we do hold. If the sale occurred prior to 2005, where statement records are available, the value of payments has been taken directly from them. However if statement records have not been retained, we will use details from the first available statement on our records and work back to the point at which the policy was sold. This is based on the assumption that your PPI charges and balance would have reduced at a steady rate to zero. If the first two statements available for your account show a value of zero then we have assumed that the balance on your account was also zero for the period dating back to when the policy was sold. We would be happy to recalculate the offer amount if you are able to provide statement information for some or all of that period, prior to 2005, where this has not been retained” They go on to say - Please accept this letter as our final response to your complaint. Please be aware that you have the right to refer your complaint to FOS” etc etc. The refund has been worked out as follows Refund of payments made by you for PPI cover = £2482 Refund of interest charged on PPI premiums = £2558 8% simple interest per annum = £2250 It appears that they have calculated the refund based on 6 years of statements and of course I cannot be sure of the PPI payments I made prior to this My question is would you accept the offer or do you think there is any mileage to be gained by pursuing this further. Thanks for any advice.