Fred_Funk vs Barclaycard

[Fred_Funk]

ims21

 

I'm in a similar situation to up2meears in that I had a partial refund of charges some time ago. Can you elaborate on the basis on which I could now approach Barclaycard for a full refund?!

 

Thanks

Fred_Funk

[ims21]

ims21

 

I'm in a similar situation to up2meears in that I had a partial refund of charges some time ago. Can you elaborate on the basis on which I could now approach Barclaycard for a full refund?!

 

Thanks

Fred_Funk

 

Partial refund of PPI or Charges?

 

ims

[Fred_Funk]

Partial refund of PPI or Charges?

 

ims

 

Charges.

[slick132]

Hi Fred,

 

Posts moved onto your old BC thread to avoid hijack.

 

I have to say that, if you wanted to pursue the further refund that you were entitled to, you should have taken action sooner. It's coming up for 4 years and you have failed to exercise "due diligence".

 

When you accepted their reduced offer as partial settlement, you should have taken prompt action to recover the further sums using court action.

 

If you try taking court action now to recover the balance of default charges, a court is very likely to throw the case out. You would lose any court fees you have paid and you also risk getting the bank's costs awarded against you.

 

[ims21]

Charges.

 

 

Hi

 

I think Slick has provided an answer on your original thread

 

Regards

 

ims

[Fred_Funk]

Right, I've got a week off work and am determined to get this show up and running again.

 

With that in mind, would be grateful if someone rather more knowledgeable than myself, such as ims21, could take a look at the attached sets of figures and let me know if they're in the right ballpark. The first attachment shows contractual interest, the second one simple s69 interest.

 

Would also be grateful for thoughts as to which I should, in the first instance, go for.

 

Thanks in anticipation

Fred_Funk

Barclaycard.pdf

Barclaycard2.pdf

[ims21]

Hi

 

If going the court route you could use the first one as it shows pure compound interest.

 

If you are going to have an award under the regulatory system (i.e. what fos would award if you go to them) then this spreadsheet applies

 

FosRunningPPI v101.xls

 

If the banks uphold a complaint then they award a regulatory based amount.

 

Our compound interest can be achieved through court.

 

Up to you which route you take

 

ims

[Fred_Funk]

Hi! And thanks for your speedy reply.

 

Am I right in thinking the second spreadsheet I've used is similar - if not quite as sophisticated - as the one you've linked to below?!

 

Additionally, am I right in thinking that, using your spreadsheet, if your account is in debit it will not incur any simple interest at 8 per cent?

 

Fred_Funk

 

Hi

 

If going the court route you could use the first one as it shows pure compound interest.

 

If you are going to have an award under the regulatory system (i.e. what fos would award if you go to them) then this spreadsheet applies

 

[ATTACH]34191[/ATTACH]

 

If the banks uphold a complaint then they award a regulatory based amount.

 

Our compound interest can be achieved through court.

 

Up to you which route you take

 

ims

[ims21]

Hi

 

Have a look here...there is a brief explanation of each of the spreadsheets.

 

The two you have used are actually quite different.

 

The one you used in "Barclaycard.PDF" is a pure compound interest calculator where interest is compounded daily.

 

The one you used in "Barclaycard2.PDF" is a simple interest calculator i.e. the interest is not compounded. Typically the latter would be used for single premium PPI claims on a loan.

 

In the "fosRunningPPI spreadsheet, this works out a PPI award based on the regulatory bodies' method of redress, i.e the FSA which is what fos use as the basis for their awards. You are correct that under this system you get 8% simple interest if the removal of the PPI and its associated contractual interest puts the account into credit. You then get 8% simple on that credit balance for that charging period.

 

ims

[Fred_Funk]

In the "fosRunningPPI spreadsheet, this works out a PPI award based on the regulatory bodies' method of redress, i.e the FSA which is what fos use as the basis for their awards. You are correct that under this system you get 8% simple interest if the removal of the PPI and its associated contractual interest puts the account into credit. You then get 8% simple on that credit balance for that charging period.

 

ims

 

Would I though be right in thinking that many people have used less sophisticated spreadsheets which calculate the 8 per cent simple interest regardless of whether or not the account would have been in credit were it not for the PPI [and its associated contractual interest]?!

[ims21]

They may have done but that wouldn't be the award they achieved

[Fred_Funk]

Right, I've finally got a bit of time on my hands and intend to get my LBA in the post this week. Without fail.

 

That being the case, can someone more knowledgeable than myself - like, for instance, ims21 - please confirm, again, that the first spreadsheet attached to post #5 will be acceptable.

 

Thanks in anticipation

Fred_Funk

[ims21]

See my response in post #6?

 

ims