M&S Chargecard/credit card PLEASE HELP *** SUCCESS ***

[emmtay]

Hi

Yes, let's hope so this time!

Thanks

Emmtay

[emmtay]

Ok, here's their reply...

 

Thank you for your email dated 11 June. I'm sorry that you remain unhappy with my reply. However, I trust my email will now answer any outstanding questions you have regarding the Payment Protection Insurance (PPI) refund.

 

As we only hold account information for up to six years we have used an average balance to calculate the PPI premium from account opening up to August 2003. From August 2003 up to when the PPI policy was cancelled, we have used the account statements to calculate the contractual interest. The rolling contractual interest is shown in the calculator tab under "Rolling interest balance".

 

To compensate you for the loss of the PPI premiums from the inception of the policy 8% interest has been calculated on each premium at a simple rate. This calculation can be found on the same page under "Additional Interest".

 

M&S Money firmly believes that the calculation is in line with the Financial Services Authority (FSA) and the Financial Ombudsman Service (FOS) redress guidance.

 

I have again attached a copy of the calculation for your records. The password to open this document is ********** (case sensitive).

 

I have again reviewed the amount of compensation for the delay in providing you with the requested information. As your specific questions hadn't been satisfactorily addressed I've increased the compensation by a further £100 to £300.

 

This is our final offer and if you remain unhappy with our calculations, you should refer the matter back to the ombudsman service.

 

Once again, I'm sorry that you felt it necessary to contact me and I trust that I've been able to clarify our position.

 

Kind regards

 

 

Does this sound correct? Any advice greatly appreciated

Emmtay

[ims21]

Well they have now explained how they arrived at the figures and it sounds like they have provided their workings.

 

In addition they have upped the compo from £100 to £300.

 

Time to consider their offer and see if it is acceptable to you

[citizenB]

I suspect that the FOS will not make them provide any different "evidence" - so unless their calculations are widely different to yours, I would accept

[emmtay]

Hi ims, do you think their workings are correct? Obviously mine were much more, what do you think the chances are of getting what i worked it out to be if I did go to court? Or would I have to go back to FOS first and see what they think?

Thanks

Emmtay

[ims21]

It sounds like they have sent you some workings.

 

Perhaps if we could see them it would be easier to comment.

[emmtay]

Hi Citizen B, yes they are VERY different to mine! They are on this thread, please can you also look at their figures and mine, and give me your opinion too? I would really appreciate that,

Thanks

Emmtay

[emmtay]

hi ims, sorry, I will check them but I presume they are the same workings they have already sent me, which are already on the thread. back in a minute, cheers

[emmtay]

Hi, yes figures are the same ones

[ims21]

The compund interest sheet that you prepared and posted earlier has a "claim to" date of 29/5/12. Change it to 21/3/06 and let us know what the resultant figures are in the green box at the top.

[emmtay]

Ok, will do, back soon

[emmtay]

1st sheet (14.9%)-

Total charges £1328.56

CI £1998.91

Total £3327.47

 

2nd sheet (15.9%)

Total charges £989.72

CI £97.63

Total £1087.35

[emmtay]

Off to bed in a minute as early start tomorrow, thanks again for all your help with this,

cheers

Emmtay

[ims21]

Ok so the totals of the two are £4,412.82. Pop that figure in the statutory interest spreadsheet with the date of the payment as 21/3/06 and the claim to date as 25/5/12 (which I think is the date they offered to) and you will see the stat interest amount is about £2,191.

 

Add that to the figure of £4,412 and you get £6,603.

 

Now if we look at what they are offering in total which is £6,365 + £300 = £6,665 if you take that as a global offer then you are about there.

 

If you compare their total offer to the one we have now calculated then our margin of error is about 3.5% which for home made spreadsheets compared to the bank's is not a bad result I would think.

[emmtay]

Hi

Im confused!

Using the stat int sheet recommended on here, I put in those figures, which total 4412.82, with a claim from date of 21/2/1994 and claim to date of 24/5/2012, and it says interest is 6472.46, therefore total 10,885.28! Plus the 300 comp, 11,185.28.

Cheers

Emmtay

[ims21]

£4,412.82 just as one entry with the payment date of 21/3/06 and claim to date of 24/5/12

[emmtay]

But why is the payment date not 21/02/1994? Thats when they first charged me.

[ims21]

If you look at the printout they sent you, the last column shows the statutory interest awarded on the month by month basis so it has been accounted for up to 2006.

 

So all that remains is the bit from 2006 to date.

[emmtay]

oh, so basically if I took them to court I wouldn't get anymore then?

[ims21]

Not unless you want to mount a claim whereby you would have to prove mis-selling and claim a higher rate of interest in restitution.

 

It is likely that they would put up a defence and with the value of your claim it would fall outside the small claims court which would leave you exposed to the potential of their costs should you lose.

 

Their offer seems to stack up with the regulatory guidelines.

[emmtay]

Surely as they have admitted they mis-sold the PPI I wouldn't have to prove much? What would it entail, would I need to involve a solicitor? I claimed my bank charges back through MCOL a few years ago but it didn't get to actually going to court stage, so I'm a little nervous about doing it, but £6k is a big difference to the 26K I had oroginally worked out! Also, I feel a bit p***ed off as I have been waiting over 3.5 years for this, so can't help but feel I want every penny I can get from them if you know what I mean!

[emmtay]

However, I respect your knowledge ims, and would like to know if you were in my shoes, would you escalate to court or not?

[ims21]

Others may feel differently but for me I wouldn't take it to court.

[emmtay]

ok, thanks very much for ALL your help ims, and thanks citizenB too. Will post back to let you know how I get on at the last part!

[citizenB]

I wouldnt want to risk going to court either