PPI claim upheld - calculating redress

[AB1979]

Hello!

 

My mother recently reclaimed her PPI payments from Barclaycard (it was an old LPF card) and it was upheld. The only issue I have is when running the figures through the spreadsheets you guys provide.

 

When I put the figures into the FosCISSheet I get one figure, but when I use the FOSRunningPPI sheet I get another amount. I'm just wondering which figure is more accurate as there is a large difference between the two.

 

For the record the account was opened in May 2004 and the last PPI payment was made in January 2007. The account was closed only a few months ago, but no PPI was deducted as the balance was low enough for this not to matter (I think it was 9p).

 

I assume the difference in figures is due to the interest not compounding, am I right?

 

 

Thanks!

[ims21]

Have you got ALL of the statements?

[AB1979]

I SAR'd them so yes.

[ims21]

FosRunning is the better one to use in that case

[AB1979]

Ah OK. But would it make a difference if the account has been closed for some time? Because when I run the figures for my MBNA claim they come out remarkably similar on both spreadsheets (that card is still running).

[ims21]

If the account is closed and paid off you first complete the fosRunning sheet. You will then see that there are two figures, one being the original balance on the account at the time of settlement and the other being the reconstructed balance.

 

You work out the difference between these two balances and then work out 8% interest on that figure running from the date the account was paid off right up to the date of settlement. This spreadsheet will do it for you...just enter it as a one line entry

 

StatIntSheet v101.xls

[AB1979]

I think the problem here might be that on the account the Card balance in January 2007 was £0.09 (PPI payment £0) until it was paid off in March 2012.

 

So lets see if I have this right:

 

Original Balance at time of settlement - 0

Reconstructed balance - £369.84 (@ January 2007)

 

Or are the figures I'm looking for the last entries in Columns I and J on the FOS Running sheet?

[ims21]

Should be cols E and J.

 

What is the figure that they have offered as redress and the breakdown of it?

 

I'm off out in a bit but will have a look at your figures this evening

[AB1979]

OK thanks for your very patient help anyway!

 

Column E - £0.09

Column J - £369.84

 

8% Simple interest on that gives £165.78, for a total of £535.53

 

on the letter sent:

 

Refund of Payments - £236.53

Refund of Interest - £94.45

8% Simple Interest - £121.57

 

Total - £452.55

 

hope that helps!

[ims21]

So £83 difference then.

 

Any chance you can post up your spreadsheet please?

[AB1979]

Here they are:

 

StatIntSheet v101.xls

LPF FosRunningPPI v101.xls

LPF FosCISheet v101.xls

[ims21]

Looks ok

 

Did the interest rate on the card stay the same throughout?

[AB1979]

It did yes......

[ims21]

Might be worth getting them to provide you with the itemised breakdown so you can check each item