PPI Reclaiming Discussion part 4

sunshine25

Also, if I start this proces with MBNA, how does that affect my other two cards? As I mentioned I cannot find the money to pay off these cards at the moment so what can they do? Can they close these accounts and demand the money from me:(

di3004

sunshine25 wrote: »

I didn't send any money, I just called them...

Do you have a template letter I should use so that I can start the process again and go thru all the correct steps. I've had this account for 9 years with approx £20 - £40 each month going on PPI so if there is any way I can get this back that would help me out no end

Many thanks for your help

Hi there

What I would do then is just write a quick letter, and enclose the £1 cheque or postal order and request they send you the copy of the agreement by 12 days. Post by recorded delivery.
You do not need a template letter for a agreement request really.

However, in order for them to track this down they will require the account number to that account, so if you do not have this, then give them as many details as possible, address you lived in since taking out the Credit Card, your Date of birth, all names known by, so if any different surnames etc.;)

Otherwise the full SAR for all details on your account:
https://forums.moneysavingexpert.com/discussion/1475553
Enclose £10 cheque or postal order.

di3004

sunshine25 wrote: »

Also, if I start this proces with MBNA, how does that affect my other two cards? As I mentioned I cannot find the money to pay off these cards at the moment so what can they do? Can they close these accounts and demand the money from me:(

This should no affect anything at all, they must treat you fairly here, so they should not close down any accounts.

If you have any problems from them, then you contact the FSA:
http://www.fsa.gov.uk/Pages/Doing/Contact/index.shtml

http://www.fsa.gov.uk/pages/doing/regulated/tcf/

And also the Office of Fair Trading:
http://www.oft.gov.uk/contactus

Do not worry, you will be okay.;)

sunshine25

Thats great - Thank you so much for your help. I dont think that they have the agreement as I have requested this twice and have checked that the request is on their system

I'm going to action the SAR now and get this moving. After the 40 days, do I then complete the PPI consumer questionnaire and send this to them (irrelevant of the response to the SAR letter?

Thank you so much for your advice, I feel empowered to start this process now

di3004

sunshine25 wrote: »

Thats great - Thank you so much for your help. I dont think that they have the agreement as I have requested this twice and have checked that the request is on their system

I'm going to action the SAR now and get this moving. After the 40 days, do I then complete the PPI consumer questionnaire and send this to them (irrelevant of the response to the SAR letter?

Thank you so much for your advice, I feel empowered to start this process now

Your very welcome.

If you don't have the agreement, by just having account details or any information from the SAR should still help in regards of backing your reclaiming of the PPI.;)

If you already have the account number details, then you can still continue to make a reclaim on the PPI, and meanwhile see what comes back as well after 40 days within the SAR.
So no harm in continuing with the reclaiming now if you want to.

Good luck with this.

Di

cloggle

robbedofmymoney wrote: »

they have not given an exact figure as they calculate the interest once they recieved the sign agreement,

in terms of figures, loans re-claims have more clarity than credit cards and they have explained what they will do.

if you have a copy of your loan agreement it should give you a breakdown of what the monthly payments were for the loan amount and ppi amount.

your monthly loan repayments will go down to what is shown on the agreement for that element and you will get ppi refunded to the tune of your monthly premium multiplied by the number of months you have paid. you then get interest on this at 8%.

once you have the figures from lloyds if they are wrong take them to the FOS, however, they have said they will refund correctly.

if you post your monthly ppi premium i will calculate what you could expect to recieve back in total so you can check against the Lloyds figure

thanks so much robbedofmymoney - I have checked my paperwork this morning and my monthly PPI premium was £41.07 - taken out in November 2003. thanks so much for your help with this, it is very much appreciated.

robbedofmymoney

cloggle wrote: »

thanks so much robbedofmymoney - I have checked my paperwork this morning and my monthly PPI premium was £41.07 - taken out in November 2003. thanks so much for your help with this, it is very much appreciated.

the figure you should be looking for is as follows, or there abouts

77 payments (up to end of April) at £41.07 = £3,162.39
8% simple interest on each payment from date of payment until end of April = £864.39

total refund including 8% interest should be £4,026.78 and your monthly repayments should go down by £41.07 per month.

this will refund you the ppi you have paid to date, plus the interes you have paid on it, given you 8% for being deprived of this money and then put the loan back to where it should be

good luck, let us know how you get on.

cheers

ESTRINGER

Hi, i think i may be eligable for a PPI refund but am a little afraid to try as i had my loan from my bank who i stil bank with and have a credit card with. The loan has been completely repaid but im worried that it might affect my relationship with them. Has anyone experienced a 'backlash' from their bank as a result of asking for a refund? Are they allowed to terminate current credit facilities etc....? Thanks, Emma

di3004

ESTRINGER wrote: »

Hi, i think i may be eligable for a PPI refund but am a little afraid to try as i had my loan from my bank who i stil bank with and have a credit card with. The loan has been completely repaid but im worried that it might affect my relationship with them. Has anyone experienced a 'backlash' from their bank as a result of asking for a refund? Are they allowed to terminate current credit facilities etc....? Thanks, Emma

Hi Emma

Personally I would not worry, as your only reclaiming in your own right and what is rightfully yours for being out of pocket due to being mis sold the PPI product.

However, I can understand how you feel and believe we all feel like this with our banks, who we felt have looked after us over the years, but this should not harm any of your account you hold in respect of the bank.

If you did although you shouldn't get any problems, then you can always complain to both the Office of Fair Trading (OFT) and the FSA, as they have to follow the guidelines and treat all customers fairly.

If you do want to go ahead and make a reclaim on the PPI, for whatever reasons you have., then give it a go.
You will find the procedures on this on the link below, and a stage one questionnaire, these questionnaires are quite recent and issued by the FOS, and supposed to save time as well, its recommended to keep copies in case you need to refer to your case later on, or even go to the FOS where you keep a copy for them also.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Good luck, ask for help anytime and please keep us posted.;)

gevans_2

At end of Jan I read Martin`s article on reclaiming PPI`s in News of World and decided to give it a go. [Took out £10,000 loan with A&L in May 2001 over 60 mths & had been told `no PPI no loan` so agreed to PPI.] Couldn`t find original loan paperwork at first so wrote to A&L giving as much info as poss. They replied telling me they had no trace of my loan details.
Then found original paperwork re: loan and PPI. Sent first template letter & gave A&L a week`s leeway on deadline to reply. No reply. Sent 2nd template letter, same as, no reply.
Printed and filled out Ombudsman Claim form from this website. I then got letter from A&L acknowledging my PPI claim. A couple of days later received acknowledgement from Ombudsman and letter from A&L offering full refund of PPI plus the 8% interest.
My total PPI premiums had cost £2210.40. A&L offered a full refund of this plus £1142.04 in interest which comes to £3352.44. A&L did not even dispute my claim but informed that the responsibility for my loan has since been transferred to Abbey National.
Couldn`t believe how easy it had all been. Since this amount was much more than I had expected I replied to them and signed the acceptance agreement.
Await cheque in next 2 weeks & have written to Ombudsman to inform of my success & cancel my claim with them.

THANK YOU SO MUCH MARTIN XXX

I now plan to make a claim for my friend whose loan and PPI details mirror my own circumstances.:j:j