LLoyds 'Cardholder Protection Plan'?

[Ford]

to check the figures, one down...

[Ford]

.....all down, i think.

[caro]

Are congratulations in order yet Ford?

[Ford]

i think so...

[caro]

Congratulations!!

 

I hope it was worth the wait!!

[Ford]

cheers, it was.

i'll update more about it in abit, not tonight..

[Ford]

to say though atm;

a huge thanks to all who freely gave time to give excellent help on the thread, and to the free helpful info re on cag. (and to all that freely give excellent help generally across cag. and to genuine posters who come to cag for help re their personal circumstances which in turn makes everyone all more experienced/aware/knowledgeable etc...)

[caro]

You've put in the time too and helped countless people Ford. Nice to see you get a return for all your endeavours,

[maroondevo52]

You've put in the time too and helped countless people Ford. Nice to see you get a return for all your endeavours,

 

Yes, I agree with Caro.

 

Good stuff Ford

[Ford]

cheers guys.

alas though, as posted earlier in thread, its not mine. but, i'll be asking for a 65% fee...

maybe not quite over just yet. as seems usual, some of the cruds calcs seem not quite right...

[Ford]

hi

quick q,

where the payment has already been made to an a/c, can it still be revisited re their interest calcs if it later turns out they are incorrect.

thanks

[dx100uk]

Yes

Lots of Lloyd's and cap1 claims in the early days were later revisited by the claimers or the oc with more money coming back

[Ford]

Yes

Lots of Lloyd's and cap1 claims in the early days were later revisited by the claimers or the oc with more money coming back

excellent. cheers.

it seems they did the int calc re it being a zero bal each mth. but, that may not be so...awaiting the statements.

[Ford]

to add

it's still within the ombuds time limit.

the complaints were upheld by loyds. and payment has just been made to the current a/c.

and it is re the interest calcs that may still be in issue.

it can still then be revisited re the int calcs if needs be?

[Ford]

hi

can anyone help me understand calculating a banks ppi refund award re a closed cr card, the balance being paid off prior to it being closed.

i read that the a/c shld be 'reconstructed' so as to take off the premiums paid and its associated (compound?) interest and then 8% simple interest paid on the difference.

or shld it be the amount of premiums paid plus its associated card interest plus the 8% interest? or is it the same!

Would anyone have a rough idea of what an award amount would roughly be re a prem of around 7£/mth being paid over 10 years at around 1.67%/mth, the monthly balance never being paid off in full afaik until a couple of months before it was closed.

thanks in advance

Edited June 29, 2017 by Ford
edit

[dx100uk]

you only get 8% statint where the AC enters credit balance within any particular month

the very best sheet to use is the fosrunning sheet.

though that need a lot of info putting in but gets the job done.

 

you need to remember that monthly int is not APR, which all the sheets need

so you'd have to calc that

http://www.stoozing.com/calculator/apr-rate-converter.php

 

if you want a rough guide the use the fosci sheet.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

but you'll need to set the claim to date to the last date that they charged their int APR from.

 

then using the statint sheet take the total from the fosci sheet and enter that as a one entry whole figure dated the day after they stopped contractural int.

 

I could help?

 

dx

[Ford]

thanks for the quick reply.

i did start a quick go at that sheet earlier but it seemed to be coming up too high!

the bank did do an award but am not sure now if it is roughly correct or not in the circs. i'll post back up tomorrow.

this was some of the info i was looking at

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html#redresscc

[Ford]

hi

in this case, the a/c was closed around 10 yrs ago and ran for about 10 yrs. the complainant only has a few statements atm, but afatk the bal was always around the amount shown resulting in the related prem.

 

from that fos info, the difference in with and without ppi and its related card interest shld be calculated and awarded (ie the total prems paid + the compounded card interest)?

and then stat interest applied to that amount for the loss of use of that money?

 

the bank have stated that they do not hold all info and so may have made certain assumptions re being a non max payer. it has awarded an amount described as 'the difference in payments made', and then an amount of stat simple interest. but am not sure whether that diff includes all the prems paid and the appropriate card interest.

 

it appears not, going by adsuk recent thread with figures there for eg.

 

any further thoughts atm?

[dx100uk]

have you sent an sar?

[Ford]

yes (but it may not come back in time), and for breakdown.

 

ps, going by ads_uk's figures, it poss shld be around half of his figures re prems and interest.

 

i guess also that an award wld take into account at least the min payment being made which wld cover at least that mths interest on the statement. and, anything over the min goes towards reducing the balance.

 

but, wld such over the min go to purchases first, or are the premiums regarded as part of that re order of reduction.

 

and then factoring in that the next mths ppi premium will be added to the balance and therefore increasing the interest proportionately following the previous mths statement interest being paid!

 

am thinking then re compounding its a case of taking the difference between the proportionate interest being paid off, and the proportionate interest added next month re the increase in the balance caused by the next mths premium?

if that makes sense

 

no idea, its doing my head

 

maybe time for a few beers and then a fight with a bus

[dx100uk]

in time for what?

[Ford]

fos

[Ford]

'fos will consider claims over 6 months since the final response in exceptional circumstances, what these are is not clear ...'

 

from a post in adsuk thread.

just for general ref, some fos info re with some eg's. and other info

http://www.financial-ombudsman.org.uk/publications/technical_notes/six-month-time-limit.htm#10

[dx100uk]

ford just send the FOS customer questionnaire for now to them.

more can be fwded later

[Ford]

that was just for general ref for anyone looking in concerned about deadlines following that post comment re.

it will be registered (via the fos complaint register form) in time if needs be.

would the fos still need a question're if the bank have already upheld the fact that it was missold, and a complaint issue now is just re the accuracy of the amount of the award?