In August 2018 I had my complaint against Barclay card upheld for my PPI Insurance held on my Barclay card from 1992 until 2004, the card continued without PPI from 2004 to 2011.
I was unhappy with the redress offered as I knew that this card would have had an average balance of around £2400 a month during the period up to 2004.
Barclay card offered me compensation which was inadequate. They stated as they had no records of my account previous to May 2004 (my PPI was stopped in April 2004, I found that to be a little too convenient that all my statements prior to May 2004 had gone missing), that they had created an offer based on historical averages for a typical customer.
I wrote to Barclay Card asking them to reconstruct the balance on the card from Nov 1992 to Apr 2004 based on my spending patterns on the same card from May 2004 to Nov 2011. They refused to do so. As a consequence of this refusal I contacted the FOS. At the same time I raised a GDPR request which I received in due course with statements from May 2004. I passed these statements to the FOS as part of their investigation.
I have now received the FOS adjudication. The adjudication states that Barclay Card have acted unfairly in this instance and need to reconstruct my credit account from 1992 to 2004 using an average balance of my card between Apr 2004 and Feb 2007 when my credit limit increased. They are to use the average balance and then work from that point.
My question is what methodology will they use as I can find nothing indicating how a calculation will be done either on the FCA or FOS websites.
I do have a copy of the FCA Handbook 10/12 which has working examples of how to calculate PPI in most instances, but I am afraid not in this situation.
I would like to be able to work out what is likely to be a fair and reasonable offer from Barclay Card if and when it arrives.
