PPI Reclaiming Discussion part 4

maxdp

Toffee_Penny wrote: »

Hello again! Really hope everyone is doing well?

Had four letters today from the FOS confirming receipt of our complaints to MBNA, Barclaycard, Lloyds and Monument.

Judging by the amount of time it takes it should be a nice christmas present then eh? :rotfl:

Never mind without you guys it would never have got this far xxx

Good Luck with those Toffee Penny:beer:

nearlybroke

Hi Everyone
Following on from a successful campaign against Northern Rock I deci
eided to go after Egg as well. I have been contacting them via the message centre online and basically asked if my application was made online. They confirmed this had happened in 2000. I said that I was concerned that I may have fallen foul of their pre ticked selection boxes on the online form for PPI,Their latest response is as follows:

Your application was made online, and the card repayment protection was taken out upon this application.

When you made the application and agreed to take out the card repayment protection policy you would have been asked more than once during the application if you wanted to take out the policy before this application was submitted to us.

This charge has also shown on at least your last 12 months statements online and you're able to view your statements online at any time which would show this charge.

Further more I'm also unable to refund any charges you've incurred for the following reasons:

- A paper copy of the Card Repayment Protection terms and conditions were provided with your credit card agreement.
- You're now outside the 31 days cooling off period in which you could have cancelled and we would have refunded back any premium charged.- As they you've been protected by CRP, I'm unable to refund any of the premiums.


I cancelled this product last November after reading what a scam it is on this website. I feel they're basically saying "You've paid it for 8 years so why are you complaining now about it"!!
I've told them I still intend to persue a claim against them and will be making a claim in writing along with an SAR. If not fully satisfied I will then be going to the FOS.

Do you think I will get anywhere???

Littleluc21

Hi all just a bit of advice really....just wondering roughly how to work out how much you are due back on a ppi claim? I have been paying approx 8.50 per month for 7 years of PPI - is it likely all will be refunded??

Cheers

L xxx

mrtumnus

Hi, newbie here and I have posted this elsewhere, but realised this might be a better thread to join:
Long and short of it is, had a loan with MBNA (2005), PPI was added (even though I had already applied for voluntary redundancy but this question was not addressed over the phone), which I am in the process of reclaiming thanks to the advice on this site. The additional issue is that I had the means on 3 occassions to settle the loan early (e.g. redundancy payout, a pension that was cashed in etc) and called MBNA to request a settlement figure on each occassion (they even acknowledge the 3 dates when I made these calls). Each time I was effectively advised "it is not worth settling early because the interest is all paid at the start so you wont make any saving". As there seemed to be no saving to be had, I didnt settle the loan and instead kept that money in savings accounts. I included this issue as part of my PPI reclaim, and MBNA sent me their 'final reply' on the matter so I am pursuing next stage.
Is this practice legal? In fact, was this even the case on my loan or were they just fibbing? Either way - it seems grossly negligent to advise someone with the means to do so not to settle a personal debt, and unfair to charge interest across a 5 year period upfront.
Thanks for 'listening'. I am interested in knowing whether it was wise of me to include this issue in my initial PPI complaint, or whether I should have addressed it separately (and if there is alternative paperwork I should have used). The loan was cleared in October last year becaue I wanted a mortgage so paid it anyway (despite 'no savings to be made').

Turboman

Littleluc21

If successfully claimed against mis-selling today:

I would expect refund of payments (84 x 8.50) of £714 + 8% on each pymnt from paymnt date to today = £203

Additionally, your loan to be rescheduled to only include the balance of the original cash advance loan with a resulting lower monthly payment

Turbo

Littleluc21

Turboman wrote: »

Littleluc21

If successfully claimed against mis-selling today:

I would expect refund of payments (84 x 8.50) of £714 + 8% on each pymnt from paymnt date to today = £203

Additionally, your loan to be rescheduled to only include the balance of the original cash advance loan with a resulting lower monthly payment

Turbo

Thanks :-) Its a store card so it would just close it off I hope the amount. Got £550 on it so that would be just dandy :-) xxx

amersall

mrtumnus wrote: »

Hi, newbie here and I have posted this elsewhere, but realised this might be a better thread to join:
Long and short of it is, had a loan with MBNA (2005), PPI was added (even though I had already applied for voluntary redundancy but this question was not addressed over the phone), which I am in the process of reclaiming thanks to the advice on this site. The additional issue is that I had the means on 3 occassions to settle the loan early (e.g. redundancy payout, a pension that was cashed in etc) and called MBNA to request a settlement figure on each occassion (they even acknowledge the 3 dates when I made these calls). Each time I was effectively advised "it is not worth settling early because the interest is all paid at the start so you wont make any saving". As there seemed to be no saving to be had, I didnt settle the loan and instead kept that money in savings accounts. I included this issue as part of my PPI reclaim, and MBNA sent me their 'final reply' on the matter so I am pursuing next stage.
Is this practice legal? In fact, was this even the case on my loan or were they just fibbing? Either way - it seems grossly negligent to advise someone with the means to do so not to settle a personal debt, and unfair to charge interest across a 5 year period upfront.
Thanks for 'listening'. I am interested in knowing whether it was wise of me to include this issue in my initial PPI complaint, or whether I should have addressed it separately (and if there is alternative paperwork I should have used). The loan was cleared in October last year becaue I wanted a mortgage so paid it anyway (despite 'no savings to be made').

yes include everything you said in your complaint, i dont think it is illegal but they should not have asked you to not repay a loan, and it makes no difference if you made the application online, you have the same rights as if you did it in branch or on the phone, good luck with this

Turboman

Littleluc21 wrote: »

Thanks :-) Its a store card so it would just close it off I hope the amount. Got £550 on it so that would be just dandy :-) xxx

Hmmmmmmmm---you say 8.50 every month--I was under the impression that PPI on all Credit Cards & Store Cards was a % of outstanding balance--so the fee would be variable ????

Littleluc21

Turboman wrote: »

Hmmmmmmmm---you say 8.50 every month--I was under the impression that PPI on all Credit Cards & Store Cards was a % of outstanding balance--so the fee would be variable ????

The APR on my store card is 29.9% (eeeeeek I know!!!) So it could potentially be more the interest? (sorry I am useless with figures!!!)

L xxx

corturp

Hello again, it has now been 6 weeks and I still have not heard a dicky bird from Lloyds, shall I just carry on and wait the 8 weeks and go official or give Lloyds a nudge?