M&M v Woolwich ***WON PPI claim with Compound Int't***

[MandM]

Hi everyone.

 

Put in a claim for PPI on a loan from 10 years ago with the Woolwhich (now Barclays).

Got a letter from them couple of weeks ago re; looking into the complaint.

 

Got this letter back this morning.

 

 

 

Not sure what to do now.

 

Mrs M

[slick132]

Hi Mrs M,

 

Have you seen this - http://www.consumeractiongroup.co.uk/forum/showthread.php?280317-***URGENT***-Get-your-claim-for-PPI-in-now!!

 

Check out Stickies in the PPI forums as there will be other threads about this delay in the banks handling PPI claims.

 

8)

[MandM]

Hi Slick.

 

Sorry just getting to this one.

 

Will be putting in a complaint to FOS to keep this alive.

 

Thanks for the heads up.

 

Mrs M

[MandM]

Hi everyone sorry have been up to my eyes in family problems since I last appeared.

Update on this thread have contacted Barclays re the PPI and informed them that as the case they were referring to has now been sorted I would now like the money they owe me.

 

Will let you know what happens.

 

Mrs M

[MandM]

Ha ha! Finished at last!

 

Barclays wrote early August to say that they were inundated with claims but would do their best to give a full response by end of August.

 

End of August came and another letter together with a cheque offering about 80% of the amount claimed together with an explanation about the difficulties due to the age of this account. Payment accepted.

 

Mike

[ro284]

Well done Mike, good result, do you mind if i ask -was your first contact with Woolwich or Barclays, and was contact in the form of a SAR? or other means,? this would help enormously, i am about to go for Woolwich, also may i ask why you setttled for 80% what about the other 20% of your money? i am not criticising i may do the same, just seeking thoughts, Regards Ro

[MandM]

Hi Ro,

 

All contact was with Barclays. 2 loans from about 10/11 years ago. Luckily I still had the original loan forms filed away (that's a rarity lol) which showed the PPI added.

 

After the court rulings back in May (I think) Barclays wrote to all that had put a claim in before April and said they would repay the PPI plus interest - no arguments. So, decided to wait it out and see. Hence the result!

 

The period of 10/11 years ago was a time when I would often take loans short term and often repaid them early due to the bonus system I was on at work. So I was unsure myself how long the 2 loans had actually run for and, although I had used SAR, it told me very little due to the age so would have required a lot more digging. The 80% therefore seemed a good option, especially as I had the cheque in my hand!

 

Mike

[ro284]

Many thanks Mike, much appreciated, my thinking is that as i have woolwich going back to 02, i would think that they being the original creditor,it is they i should send SAR to, in order to start the process, All the best to you, regards Ro

[MandM]

Many thanks Mike, much appreciated, my thinking is that as i have woolwich going back to 02, i would think that they being the original creditor,it is they i should send SAR to, in order to start the process, All the best to you, regards Ro

 

SAR to Barclays

 

M

[slick132]

Hi M&M,

 

Can you confirm what interest you claimed - ie simple or compounded, and at what rate.

 

Hope you're both well.

 

[MandM]

Hi M&M,

 

Can you confirm what interest you claimed - ie simple or compounded, and at what rate.

 

Hope you're both well.

 

 

Hi Slick. Hope you're well too .

 

Compounded. However, the amount was a discretionary amount with no calcs attached, by coincidence it came to about 80% of the amount claimed so certainly wasn't worth arguing further in my opinion.

 

Mike

[slick132]

Hi M&M,

 

Sounds like a great result for you.

 

Thread title changed to reflect your win.

 

[MandM]

Hi M&M,

 

Sounds like a great result for you.

 

Thread title changed to reflect your win.

 

 

Thank you Slick. And I wish you the very best as always. Look forward to speaking again soon.

 

Mike

[rebel11]

Well Done:wink:

[Bobsmaboy]

Hi and congrats on your success. You say that you were claiming compound interest. Can you tell me what the approximate difference was between that and the Statutory 8% interest? I hear that the compound is considerably more than the latter.

[slick132]

Hi Bobs,

 

You can compare the difference yourself easily.

 

Put your PPI charges onto 2 spreadsheets :-

 

1. First use a simple interest spready to see what int't you get in total.

 

2. Then use this compound int't spready. I suggest you use a nominal rate of 24.9% to see what you could claim as interest in restitution - http://www.shweb.pwp.blueyonder.co.uk/interestcalcs.xls

 

Read more about interest in restitution in the Interest Tutorial linked below in my signature.

 

If you want to discuss this further, use your own thread to avoid hijacking.