Masterloan PPI : Good will payment recieved.

A question about : Masterloan PPI : Good will payment recieved.

Morning Money -Savers.

I have had a (very ) old PPI claim upheld and they have offered me a (derisory) Ј1,893 as a goodwill gesture. In thier letter they say as the claim is so old, no records blah, blah.

So i have sent them a copy of the loan agreement (again ) and these calculations

Amount of PPI cover Ј917.25
Charge for Credit on PPI Ј565.35
Total amount payable Ј1,482.60
Statutory compensation @ 8.00%
Compounding periods p.a 12
years 24.5

Total compensation due Ј10,457.22
less goodwill payment received -Ј1,893.00

Amount still owing Ј8,564.22

I have a couple of questions please:

1. Anyone else have experience of contesting the good will payments from barclaycard?

2. How long did it take to resolve?

3. Is my maths correct ?

My gut feeling is that as they have effectively accepted liability I should push really hard.

All comments and advice greatly welcome.

This is important for me as a payment of this size or close to it would finally make me debt free after 3 1/2 years of a DMP.

Mikey

Best answers:

• The redress interest is 8% simple. Not 8% compound.
• Thanks very much...knocks about 700 off but still.
  Any thoughts on the validity of my claim?
  Mikey
• Mikey - if you just have the loan agreement it does not prove you paid the loan to full term - even with single premium PPI (loaded into the loan) if you had paid it off early then there would be a pro-rata rebate of PPI which would mean less of a refund (as an example) - you can't prove you paid the loan over the full period, without records from you or the bank you simply cannot expect more. Accept the gesture or refer to the FOS (and risk the gesture being withdrawn due to FOS fee) and wait 18-24 months for the FOS to agree with the bank due to lack of records.
• Thanks Nesquero much appreciated.
  Barclays say in there letter that if challenged the amount will not be reduced even if the appeal is unsuccessful, so I think I'll chance my arm with them.
  I have noted your advice re FSO though. Didn't realize there was a fee.
  Mikey
• Thanks again,
  That's how i understand the letter too. I can ask Barclays to look again and they will not reduce the claim. No mention of FSO.
• so 8% full stop. Not 8.00 per annum ?
• No 8% simple per annum but not compound i.e.
  Total PPI payable was Ј1482.60.
  8% of this is Ј118.60
  So you get back Ј1482.60 + (Ј118.60 x N) where N is the number of years you are calculating the redress over
  You have calculated it on a Compound basis
• much clearer. thank you very much.