lukeyboy1 vs Clydesdale PPI: Ombudsman upheld complaint ***Success ***

[lukeyboy1]

Hi.

 

I recently submitted a complaint to Clydesdale Bank Plc regarding a credit card I had dating from early 1997. The complaint was declined, and I subsequently complained to the Financial Ombudsman.

 

The good news is that the Ombudsman wrote saying that the Clydesdale were going to make me an "offer".

 

Of course, I'm still waiting, and so to pass the time, I've put together a spreadsheet based on a previous one that I've seen used that calculates the PPI amount plus paid CC interest and then adds on statutory simple 8% interest to both.

 

I guess I wanted to know if my assumptions are correct.

 

Depending on the APR that I used, my calculations indicate that I could be due a compensation payment of anywhere from around 8K to > 40K even as high as 76K potentially (depends on how the calc is done).

 

(As background, for a long time before my current job, I was stuck in the proverbial hole, card maxed out, paying interest by the bucketload and also paying late charges and the like - couldn't get out of it - mostly paid the minumum, or ran behind, it was a nightmare!).

 

Potential Claim : 76,484.31

PPI Paid: 4,328.45

CC Interest Paid : 31,759.29

8% Simple on Principle Plus Int : 40,396.57

 

Two questions:

 

1. Have I got the calcs right?

2. Can I claim 8% on the credit card interest that I've calculated to have paid as well (i.e. 8% on the 31K as per my calls, or just 8% on the PPI figure of 4.3K?)

 

Interested in your thoughts people!

 

interestcalcs_pub.xls

[mightymouse_69]

That doesn't look right.

 

What you'll get back is all the premiums you paid, plus the interest (at the card rate) paid on those premiums. You won't get a refund of all the interest you paid on the card overall.

 

The 8% will only apply where your card account would've been in credit had it not been for PPI. What Clydesdale ought to do is reconstruct your account to get a picture of what it would have looked like had you not taken out PPI. If there are any occasions where your account would've been in credit, you'll get 8% interest on that amount. You will not get 8% on the total amount - and it may be the case that you'll not be entitled to any interest at 8% at all.

[lukeyboy1]

Thanks for that.

 

So since my card had a balance all the time would the interest at the CC rate be calculated back (18.9%) Apr in simple terms since it was incurred (ie is my calculation of interest on say PPI paid 24 pounds subject to CC interest until 2012 or so in theory, given that I never managed to pay my CC off until 2011?)

 

Note: CC interest paid is NOT interest on the whole balance - it's a calculation of interest at the CC rate on each PPI amount from the date of the charge until now) - the assumption is that the card always had a balance.

[dx100uk]

you should ideally use the fosrunning

but you can use the cifos sheet too

 

 

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

[lukeyboy1]

FosRunningPPI v102.xls

 

Well - okay - embarrassingly, here's a picture of my finances at that time.

 

 

I was so stupid with my money and it took me a long time to

(a) realise my issues, and

(b) make sure I paid things off!

 

Sheesh.

 

However, the figures indicate around 57K owing: wow!

 

Not sure how accurate it is, I don't have all my statements, but it's close enough to give an indication I'd say!

[dx100uk]

wow looks ok as

why not try the fos ci one too

[lukeyboy1]

Thanks for the feedback.

 

My prediction - total lowball offer of like 3.7k (the average) but I've still to wait 6 weeks or so at least.......

[lukeyboy1]

FosCISheet v101-lukeyboy1.xls

 

Here's the FOS sheet. It shows a total of :-

 

PPI Paid :- 3497.12

Compound Interest: £34,869.34

Total : £38,366.46

 

Seems like it's in the ball park, I guess? I don't have exact figures to hand, but I think it's fairly accurate as I hang my head in shame in terms of how I ran the account.....lesson learned!

[dx100uk]

lots of years with lots of months

where the PPI is the same value

cant be if you made a payment in that month.

 

 

is the card still active?

[lukeyboy1]

lots of years with lots of months

where the PPI is the same value

cant be if you made a payment in that month.

 

 

is the card still active?

 

 

These are estimated values for right now, and yeah the card is active still!

[dx100uk]

you cant simply nor blindly make up an estimate for a year..

then have a diff estimate in another year

shows you hold no data.

 

 

I take it you simply went in blind without sending an sar first?

[lukeyboy1]

I will be making an SAR. I have my bank statements, and did have my statements, but misplaced them when I moved house.......taxi!!

[dx100uk]

should have been the first thing you did

rather than the last.

no matter

you should have enough time before you get to being in a time limit to accept the offer.

 

my only worry is they'll faff you around

as Clydesdale data got moved around lots of times .

 

although[and use this to your advantage:madgrin:]

 

if they are making an offer

they must have the info......

 

dx

[lukeyboy1]

should have been the first thing you did

rather than the last.

no matter

you should have enough time before you get to being in a time limit to accept the offer.

 

my only worry is they'll faff you around

as Clydesdale data got moved around lots of times .

 

although[and use this to your advantage:madgrin:]

 

if they are making an offer

they must have the info......

 

dx

 

Thanks! Yeah - the fact that the ombudsman is involved gives me a little confidence though......

[bob 3456]

You said you paid off the card in 2011 but you have lots of entries right up to april this year??

[lukeyboy1]

You said you paid off the card in 2011 but you have lots of entries right up to april this year??

 

I still use it and sometimes I will have a balance on it - not at the same level of ten years ago though!

[lukeyboy1]

You said you paid off the card in 2011 but you have lots of entries right up to april this year??

 

Update : SAR request sent off, that should arrive just before the 8 week deadline, I don't expect Clydesdale to offer before then, from what I have seen!

[lukeyboy1]

Update: sucess : offer of 14.6k minus tax, ends up around 13.7 after tax! Woo! Need to decide if that offer is roughly right, though......

[dx100uk]

gonna have to await the sar statements me thinks

[lukeyboy1]

gonna have to await the sar statements me thinks

 

Yeah. Wish I'd sent them before......

[lukeyboy1]

Yeah. Wish I'd sent them before......

 

The offer is:

 

3751.19 total premiums

1418.12 charges which would not have applied to my account

5183.25 - interest in respect of those premiums and charges

4512.22 - interest at 8 pc monthly credit interest in reconstructed balances

 

It all seems about right - I guess my only real question is the 5k figure - could well be way way higher?

 

What's anyone's throughts on this offer?

[dx100uk]

its very diff to do with PPI+charges

you'd have to do the fosrunning one. spreadsheet

[lukeyboy1]

Does anyone think I should be asking for compensation in addition, considering I've been mucked around for 3 (nearly 4) years?

[dx100uk]

you'd be getting extra run of the 8% stat int anyway or should do till the day the y settle

[Jedicris]

Does anyone think I should be asking for compensation in addition, considering I've been mucked around for 3 (nearly 4) years?

I would, FOS have told Canada Square to pay me extra compensation for them mucking me about for 4 and a half years.