PPI Reclaiming discussion Part III

snowymalone

thatsmine wrote: »

ok, here goes another newby im affraid.
I have had a credit card from MBNA since Feb 2000 ..

Another newbie here!

I've had an MBNA card for a similar amount of time, currently paying way over the odds for PPI on it - however, I've heard that MBNA can cut up pretty rough if you even ask them to cancel it, let alone refund anything - as they unilaterally reduced my credit limit three months ago (thankfully I wasn't anywhere near it) and got snitty when I queried why, could they decide to get really nasty if I just get the PPI cancelled (ie threaten to foreclose altogether)?

I do have a large balance with them, but it's coming down as I don't spend on it any more, however the PPI is eating a big chunk of the payments every month.

All advice gratefully received!

di3004

marshallka wrote: »

di3004 wrote: »

I thought mostly if you consolidated one loan into another then they rebate what the PPI was and close the loan and then start another loan and add another PPI on. I think this is maxdp's argument with the FOS but again it was tiggrae that stated that these figures are wrong. I believe that the new loans are no different to the others as they are "new" agreements and the old agreements are settled.

If you owed for arguments sake £4k on your old loan and there was PPI of £500 owing after you settled then you wanted another £1K to consolidate then they settle the old loan and give you a rebate against the PPI as this is a loan to pay the PPI don't forget so actually just the same as the actual "loan".... so you then may still owe £4.5 to settle (being your original loan settlement and the PPI settlement still owing also.) They would then give you in cash another £1K (for whatever reason you wanted.....and you would start off with an amount owing of £5.5 K plus whatever the "new" PPI is. I thought that consolidations were settled in the same way and started as new loans whether right or wrong. Its all because single premiums are not classed as single premiums on the loan agreements, they are actually loans the same as the original loan and therefore treated the same way in settlements. This is why they are sooo wrong..

Arh I see, thanks hun.
But yes I agree, although confusing, I know with my first loan with Nemo I did have a fair bit of mine rebated if you remember and that was under £9K of ppi and they rebated £7K something, so remaining of that to reclaim was £800 and something and interest if that is correct, and my consolidation loan advance was that of £10,862 in PPI, something like that.
Can get rather confusing.......

nova

Hi my little forum friends!

Well l rang nationwide to see if they would give us a bit more on the refund front, l must have got the 13 year old! she said Oh l dont know, how much do you want! l thought l'll have it all please but didnt want to sound greedy!! She said she didnt know if l could have anymore but she would ask and let me know in 5 to 7 working days. l asked to speak to the manager(as l wanted them today to pay the council tax) whose name is on the letter but she said l could'nt ,when questioned about why not, she said " l dont make the rules, l only read them!!):mad: So through my gritted teeth l hoped she would have a nice christmas coz we probably wont!!
So l'll ring council tomorrow when l've thought of plan B!!!

di3004

snowymalone wrote: »

Another newbie here!

I've had an MBNA card for a similar amount of time, currently paying way over the odds for PPI on it - however, I've heard that MBNA can cut up pretty rough if you even ask them to cancel it, let alone refund anything - as they unilaterally reduced my credit limit three months ago (thankfully I wasn't anywhere near it) and got snitty when I queried why, could they decide to get really nasty if I just get the PPI cancelled (ie threaten to foreclose altogether)?

I do have a large balance with them, but it's coming down as I don't spend on it any more, however the PPI is eating a big chunk of the payments every month.

All advice gratefully received!

Hi there hun
Do you feel you were mis sold this in any way?
Or is there another reason you feel you have a cause to complain as well?

Just making sure we are taking the right steps here.;) cheers.

di3004

nova wrote: »

Hi my little forum friends!

Well l rang nationwide to see if they would give us a bit more on the refund front, l must have got the 13 year old! she said Oh l dont know, how much do you want! l thought l'll have it all please but didnt want to sound greedy!! She said she didnt know if l could have anymore but she would ask and let me know in 5 to 7 working days. l asked to speak to the manager(as l wanted them today to pay the council tax) whose name is on the letter but she said l could'nt ,when questioned about why not, she said " l dont make the rules, l only read them!!):mad: So through my gritted teeth l hoped she would have a nice christmas coz we probably wont!!
So l'll ring council tomorrow when l've thought of plan B!!!

Hiya hun
Oh dear........:rolleyes: , do you get the feeling none of them can be bothered now because the xmas season is here??:rolleyes:

nova

snowymalone wrote: »

Another newbie here!

I've had an MBNA card for a similar amount of time, currently paying way over the odds for PPI on it - however, I've heard that MBNA can cut up pretty rough if you even ask them to cancel it, let alone refund anything - as they unilaterally reduced my credit limit three months ago (thankfully I wasn't anywhere near it) and got snitty when I queried why, could they decide to get really nasty if I just get the PPI cancelled (ie threaten to foreclose altogether)?

I do have a large balance with them, but it's coming down as I don't spend on it any more, however the PPI is eating a big chunk of the payments every month.

All advice gratefully received!

Hi Snowy,
Yes they are pretty tough, we exhausted all channels with them and ended up going through the FOS who did uphold our complaint but MBNA want it looked at again just to drag it out a bit longer. it still has'nt been allocated to a higher adjudicator yet, we sent it to them in january!! But they dont recall your card or anything nasty like that.
Hope this helps.
Welcome, by the way!

marshallka

di3004 wrote: »

marshallka wrote: »

Arh I see, thanks hun.
But yes I agree, although confusing, I know with my first loan with Nemo I did have a fair bit of mine rebated if you remember and that was under £9K of ppi and they rebated £7K something, so remaining of that to reclaim was £800 and something and interest if that is correct, and my consolidation loan advance was that of £10,862 in PPI, something like that.
Can get rather confusing.......

Di, it all depends on what you pay at settlement and then what you receive in actual CASH of the new loan. If you settled £5500 being £5000 loan settlement and £500 PPI settlement on the old loan and then needed another £1000 (and actually received the £1000 in cash/cheque etc) you would start out with a balance of £6500 and whatever the new PPI is so to me its makes no difference at all about consolidation loans. If you claimed misselling on the old loan and it was all paid back to you then it would of been actually recompensed for the £500 that was transferred onto the new loan being PPI owed from the old one so all you would be reclaiming is the "New" PPI. The old is done and dusted.

marshallka

nova wrote: »

Hi my little forum friends!

Well l rang nationwide to see if they would give us a bit more on the refund front, l must have got the 13 year old! she said Oh l dont know, how much do you want! l thought l'll have it all please but didnt want to sound greedy!! She said she didnt know if l could have anymore but she would ask and let me know in 5 to 7 working days. l asked to speak to the manager(as l wanted them today to pay the council tax) whose name is on the letter but she said l could'nt ,when questioned about why not, she said " l dont make the rules, l only read them!!):mad: So through my gritted teeth l hoped she would have a nice christmas coz we probably wont!!
So l'll ring council tomorrow when l've thought of plan B!!!

Nova, have they partially settled you on these charges or is it full and final and have you signed anything with them. Did they put the money into your account and you still have nothing left for the council tax then??

snowymalone

di3004 wrote: »

Hi there hun
Do you feel you were mis sold this in any way?
Or is there another reason you feel you have a cause to complain as well?

Just making sure we are taking the right steps here.;) cheers.

To be honest, it was so long ago I really couldn't tell you. I was in a much less secure job in those days, for a start. However, that said I've already started the reclaiming process with Mint, as I was definitely mis-sold by them much more recently: I have no recollection at all of applying with it from them, and as I have sciatica, though by no means severe, as I understand it that's on their golden list of no-pay-out excuses: actually, is that worth a shot with MBNA?

di3004

marshallka wrote: »

di3004 wrote: »

Di, it all depends on what you pay at settlement and then what you receive in actual CASH of the new loan. If you settled £5500 being £5000 loan settlement and £500 PPI settlement on the old loan and then needed another £1000 (and actually received the £1000 in cash/cheque etc) you would start out with a balance of £6500 and whatever the new PPI is so to me its makes no difference at all about consolidation loans. If you claimed misselling on the old loan and it was all paid back to you then it would of been actually recompensed for the £500 that was transferred onto the new loan being PPI owed from the old one so all you would be reclaiming is the "New" PPI. The old is done and dusted.

I see thanks hun.
In my case I'm going back to front lol, the advance loan done and dusted then the FOS said to go back to the broker for the first one to reclaim redress on the first one.