Hi there CAG family, hope you are all well? I have been going through some paperwork for relative and are trying to reclaim old PPI from a Sky card, now owned by B/C. I have collated all PPI amounts and entered onto a spreadsheet I used from previous claims. Barclays have responded and although they state they have included compound interest, it appears to be way off. They have calculated PPI premiums together with charges and the compound interest amount added is closer to 27.29% of this total. This does not come close to the spreadsheet total (correct interest as per statements). They have then added 8% statutory interest (this value includes extra 45 days simple interest) which totals more than the compounded interest amount above! Surely that can't be right? The account was closed due to LVA which has also been fully repaid and settled. I maybe using the wrong spreadsheet for my calcs as the account was closed. It has been many years since dealing with these calculations and i'm confused, would appreciate your thoughts.

Hi all Need some help Just received a PPI refund offer from Barclaycard. PPI began on 4th Nov 1999 and ended on 7th Nov 2000. The account is now closed. barclaycard dont have any statements etc from this time so have estimated the refund based on average figures. The offer below is based on "average amounts we would refund someone who was sold a comparable policy on a credit card held for a similar time period" Refund of Payments made for PPI cover charged on a comparable policy £240.55 Refund of interest charged on PPI Premiums charged on a comparable policy £126.28 Statutory Compensation £155.17 Income Tax Deduction £31.03 Total Refund £490.97 So, does that sound right? Or can i add interest? if I can, is it simple or compound? is it 8% or circa 24.9% which I think was the rate charged by Barclaycard. I have looked on the forums and googled this but have lots of differing answers and opinions but would really appreciate something definitive. I remember the card limit being £2500-2700 and I would have been close to that most months Thanks for the help Sausage

I received an offer from CapitalOne for £6185 This was made up from £3050 in premiums, £2370 in interest and £958 in further 8% interest. Putting all the premiums into a compound interest calculator resulted in compound interest of £13,000 Am I correct to use compound interest in my calculations? The £958 in 8% interest .. where does that come from? What is it 8% of? I was told on the phone that it is 8% of the amount I would have saved if I had not had the PPI. Should I not also be receiving that amount I would have saved (which comes to the amount of compound interest). The PPI was on a credit card which ran from April 2004 to October 2012.

Hi, I am a bit confused. I have been made an offer on my ppi which comes to £2,044. I think that this is far too low. I've just worked it out and my calculation comes to £3659.02. I did this based on what I have read on another thread. consumeractiongroup.co.uk/forum/showthread.php?304901-How-to-calculate-the-interest-on-PPI-claim My loan is still open. I took it out in April 2009. The premiums come to £460. I have calculated the compound interest at 11.425% on each monthly premium from the time the premium was applied to the the time of the claim. I have then added this to the premium. I have then calculated the simple interest against this at 8% and added all three together i.e. original premium + compound interest + simple interest. This has come to the final amount of £3659.02. Is this right? Many thanks, Adrian

All set to claim redress for PPI on an old store card and am now flummoxed by an odd interest term in the recon agreement. 'We will charge interest on the account at 1.5% per month' The APR is as follows... (blank, none given?) 'Interest will accrue on the account on a daily basis from the date of transaction until payment in full is credited to the account. Each month interest will be added to the balance on which interest is charged' As its a store card there was an option for interest free purchases, ergo the term above (on which interest is charged) Having managed to get the last 10 years of transaction history out of it (account is 12 years old) it appears from my calcs that interest was compounded yet the term is clear in that interest will only be added to the balance of the transaction. I'm pretty sure I'll claim at current advertised APR but its now left me wondering if my agreement was for simple interest only at inception. Does anyone have any ideas or suggestions on how to broach the subject with the creditor?

hi every one is it possible for someone to give me the address of marstons vehicle compound in north london:?:

Hi all, I posted recently about my PPI claim being successful over Barclaycard/Egg. Unfortunately and what is without doubt a retaliatory action, I have just had it confirmed that my Barclaycard (BC) has been permanently suspended. They have simply stated its because of my other account previously held with EGG. I have never missed a payment with BC and pay back more than the min payment each month. The Egg account has been settled in full. I regret settling on simple interest only but I was struggling at the time. I have now decided to claim for compound interest. A couple of years ago i found a compound interest exel sheet that you just put the amount in and the number of days and interest rate and it calculated the compound interest automatically. Can any one tell me where this might be, i can't find it anywhere. I am so angry, they expected me to settle on simple interest on the money [edit] taken from me and now they are expecting me to pay their APR on the balance of my account. T They were 21 Days late with my SAR request, I accepted their offer as long as they paid within 21 days and it took 35. BC increased my credit limit by £2k 6 months before my claim, i didn't request an increase they just gave me it, they weren't worried then were they? I'm going for it despite being the underdog. I know it was a bit foolish to accept simple interest only, but when you are struggling to feed the kids at the end of the month it was an easy route to take for a swift solution if your still awake after this rather long waffle, i would be grateful for your help

I have had various loans with welcome in the past and a year or so ago I sent them a SAR to work out charges and re-claim PPI I have just used the compound interest calculator to work out what I may be owed, the total charges are £165 and with the contractual interest rate of 47.5% it works out at a massive £1789.66. How far back can you claim charges? The first one is on the 22/4/04 and the last is on the 30/10/08. Also what are welcome like for refunding charges in your experience? I have won a PPI claim from welcome in the past but not sure how different the charges claim will be. Where do I go from here? Templates would be greatly appreciated.