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brown1950

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Everything posted by brown1950

  1. brown1950
    Sorry to tell you but the FOS rejected my calculations as per the FOS running sheet from this site and accepted Barclaycards calculations which were approx 50% less than the FOS running sheet !
  2. brown1950
    Thank you for your reply however as i said the FOS will not accept on a Credit Card any PPI refund calculated with compound interest. I had two recent credit card PPI claims and compound interest as calculated with your template forms were rejected by the FOS. After rejections by two FOS Adjudicators i passed one over to an FOS Ombudsman and again he rejected any compound interest redress. Despite my protests that Barclaycard compound PPI premiums the FOS Ombudsman did not agree and accepted the Barclaycard calculations were correct.
  3. brown1950
    http://www.consumeractiongroup.co.uk/forum/showthread.php?443589-Monument-PBP-refund-**WON-£16k!!**&p=4935529#post4935529 I notice you refer to compound interest when settlement on PPI redress is expected. Can you explain therefore that the FOS do not expect Companies to pay 'associated interest '' compounded ?
  4. brown1950
    UPDATE Both FOS adjudicators have now asked Barclaycard and M&S to re-calculate my compensation. Understand my files have not been passed to the Ombudsman (yet)
  5. brown1950
    ok put forward your argument about the compound interest /associated interest and received following replies from the 2 FOS adjudicators :- a) as you do not accept my original findings i have now passed your claim to the Ombudsman this refers to the Barclaycard claim.. b) will look into this further and come back to you. this refers to M&S claim. will let you know how this develops.
  6. brown1950
    Many thanks for your reply. The problem I have is I have two PPI credit card claims with the FOS :- M&S - dating back to 1991 Barclaycard - dating back to 1989 Both adjudicators are 'singing from the same sheet' and because of the way they calculate the 'associated interest' the FOS are reducing my claims by thousands of pounds. Please see my earliers posts for the explanations from the two adjudicators.
  7. brown1950
    Your suggestion on how best i should tackle the FOS would be appreciated.
  8. brown1950
    What can i present to the FOS to contradict their interpretations of associated interest (compound interest) One thing i do know is that my credit card PPI refunds do not put me back in the same position as if PPI had not been charged (as should be the case quoted by FOS on their website)
  9. brown1950
    And on another PPI credit card claim i have received another explanation from a different FOS Adjudicator as follows : Quote '' I can see you have sent though a calculation for the interest charged due to the PPI. As I have explained the additional interest added to your card because of the PPI will not be charged on a daily rate. Your calculations show the interest rate charged in each month as a result of the PPI. Therefore the interest should be worked out on the amount of the PPI in the balance for each particular month. As an example in March 2000 the balance of your account was £1,188.02. The interest charged on your balance was £17.95. Your PPI charge was £7.91 we would expect the refund od associated interest to be proportional to the amount that was caused by the £7.91 PPI charge '' Unquote
  10. brown1950
    How has Barclaycard calculated the 'associated interest'' of £1038.00 FOS Adjudicator has finally put in writing answes to the above :- Quote '''You told me that Barclaycard haven't refunded you the compound interest you're owed You sent me a compound interest calculator to show hom much you feel Barclaycard's refund should be on each premium. you've highlighted 3 examples of instances where this hasn't been done on Barclaycards schedule. Dec 94, Dec 20, and Mar 04. You have also included the Barclaycard purchase rate for each premium paid. I've looked at the compound interest calculator you sent and i can see that you have taken the amount charged for PPI on a specific month and looked at how many months have passed since then and applied the interest of 21%(average) to work out the compound interest due to you on that PPI charge. I'd like to clarify that when refunding the associated interest due we'd expect a business to only refund the extra interest you've paid because of the PPI. I've taken March 2004 as an example. The known PPI payment you made that month was £3.95. In you email you sent you feel that on this month you should be refunded £44.86 in associated interest.The total interest you were charged on the credit card that month was £9.08. So we would expect Barclaycard to calculate the proportion of that £9.08 you paid because of the PPI. The amount Barclaycard have worked this out to be £3.98 '' Unquote'' So after 2 years of asking i have now received an explanation from the FOS to my question of how do you calculate associated interest in respect of credit card PPI refunds. or have I ?
  11. brown1950
    Sorry but i don't understand the link between bank charges and mortgage arrears ?
  12. brown1950
    Here is a link to a previous case which was lost in court :- http://www.consumeractiongroup.co.uk/forum/showthread.php?440434-Orge-Vs-Barclays-Woolwich-Arrears-Charges
  13. brown1950
    Any thoughts
  14. brown1950
    UPDATE FOS Adjudicator has rejected my claim. Despite asking Barclaycard 5 times and the FOS 8 times i still await an answer to the following questions :- How has Barclaycard calculated the 'associated interest'' of £1038.00 As my PPI premiums attracted 'compound interest' at what rate was the associated interest refund calculated.? Herewith are examples of the Barclaycard redress :- 1.3.94 PPI premium paid £2.00 - Barclaycard associated interest refund = £0.78 - Barclaycard purchase interest rate in March 1994 was 18.10% - I calculate compound interest refund should be £71.91 25.5.99 PPI Premium paid £3.52 - Barclaycard associated interest refund - £5.89 - Barclaycard purchase rate in May 1999 was 18.6% - i calculate compound interest refund should be £48.15 Should i take this to the Ombudsman or have i been 'barking up the wrong tree' in respect of compound interest refunds and putting me back into the same position as if Barclaycard had not charged me PPI ? What exactly is your take on 'Associated interest'? As Barclaycard have stated their charges for PPI attracted compound inetrest at the card purchase rate the PPI refunds should also be compounded ? Your views would be appreciated.
  15. brown1950
    The law on Penalties after Parking Eye v Beavis was clarified yesterday in the Supreme Cout. This gave the Supreme Court the first opportunity to review the law on penalties since the famous case of Dunlop Pneumatic Tyre Co v New Garage (1915) Following yeterdays hearing which agreed and allowed Parting Eye to charge £85.00 penalty fees it looks like The Unfair Terms in Consumer Contract Regulations (1999) UTCCR and its successor The Consumer Act 2015 are now 'blown out of the water' and are done away with at a stroke of a pen. I don't know how this will effect your case with Barclays ?
  16. brown1950
    Thanks for your prompt reply. Presently waiting for my case to be transferred to my 'local court' in the meantime Barclays solicitors have today asked me the following :- ''We are unclear on what basis you are claiming restitution and why specifically you have claimed interest at the rate of ?????'' Prior to mediation (never took place because i was on holiday) Barclays solicitors offered to settle without paying the restitution element (which makes up 90% of my claim.?} offer was rejected. Looks like an increased offer to settle is in the 'pipeline' ?
  17. brown1950
    I presume your claim has now been 'settled' and confidentiality applies ?
  18. brown1950
    Would suggest you havea read of the following MBNA Interpretative Calculations consumeractiongroup.co.uk/forum/showthread.php?372400-MBNA-PPI-Award-%93Interpretative%94-Calculations If the FOS don't understand whats going on then we have no chance of getting proper PPI redress refunds.
  19. brown1950
    This problem of 'associated interest' and underpayments is not just NatWest but many Companies are short changing on PPI refunds. I am in the same situation as you but mine is with Barclaycard. I asked the FOS to intervene on the subject of 'associated interest' some 18 months ago and i am still waiting for a result !
  20. brown1950
    Could be some merit in your comment regarding Barclays ! I have have just been informed by an adjudictor at the FOS of the following and i quote :- ''On a more senior level, are now looking at how Barclays are calculating redress settlement specifically relating to the interest that consumer’s such as yourself have paid. From what we’ve seen, consumers may have had to pay more in credit card interest because of PPI being applied on the account. This is something we'd expect Barclays to refund to you. We have been in touch with Barclays about how it works out the extra interest you had to pay. So we're asking them for some more information about this - so we can see if what they're doing is fair. At the moment I cannot provide you with a definitive timescale of when this will be completed but I will be in touch with you directly once we have received an update on your complaint.'' Unquote I have been in discussions with the FOS regarding the level of 'Associated Interest' to be refunded in respect to the PPI monthly premiums. My argument has been if Barclays (Barclaycard) charge 24.90 % interest on purchases and PPI premiums then any redress should also be at the purchase interest rate compounded. FOS have also been provided with copies of letters from Barclaycard where PPI refunds are made to me and Barclaycard explain Compound interest as : Compound interest is a term used to explain the type of interest being charged on your account. 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 that time. Interest is also added to the balance and the following month any outstanding balance will also incur interest charges and so on. We have calculated the interest charged on the PPI premiums throughout the term of the policy taking into account the effect of compounding and using the purchase interest rates charges throughout the term. Based on the above and as an example on my claim Barclaycard calculated associated interest as :- PPI Premium £2.38 dated Sept 1995 = £1.59 associated interest ! I calculate associated interest on this one at £81.56 ! Interesting to see what the eventual outcome will be ?
  21. brown1950
    UPDATE- Issued proceedings against M&S and within 10 days my claim was settled in full (ie) Full amount of PPI offset Interest in Restitution at 18.9% Court Interest @ 8 % Court Costs Claim was settled by HSBC without admission of liability.
  22. brown1950
    No i have not done the FOS running sheet and checked it. I am asking for help from experts on this website.
  23. brown1950
    Would appreciate comments on the PPI redress calculations. The associated interest looks low ?
  24. brown1950
    As requested herewith Barclaycard Calculation schedule in PDF
  25. brown1950
    Please find attached Barclaycard Calculation schedule set to me by FOS- Your comments on the calculations would be appreciated.

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