PPI Reclaiming Discussion part 4

Mingle26

Hi All,
Having rung MBNA direct. They took all my details over the phone and are processing the claim for PPI straight away. I expect a letter in 10 days..........

Figers crossed :T

Mingle26 wrote: »

Hi All,
My first ever post.

I have had this MBNA card for years... 7+.

I have had balances on it on and off for and the card is still active with a balance outstanding.

I am paying PPI which I did not know I had when I first got the card offered to me in the highstreet all those years ago.

I am trying to understand how to get the ball rolling, but am finding the info a bit hard to follow.

I assume that I write to MBNA ?
I do not know the Policy Number for the PPI ? How do I find this
Do I use the 'get the T&C letter first' ? or
Do I go straight for the Questionnaire ?

I apologise for seeming stupid but I feel I have genuine claim and would like to share my experience successful or not with the site.

Kind Regards in Advance.

cappo

:

Mingle26 wrote: »

Hi All,
Having rung MBNA direct. They took all my details over the phone and are processing the claim for PPI straight away. I expect a letter in 10 days..........

Figers crossed :T

good luck:cool::cool::cool::cool::cool::cool::cool:

cward31

just to let yorkshire/clydesdale people waiting we have had a reply today stating they are taking up to 50 days to issue payments :-(

Kuffs1978

Hi everyone,

I hope you all had a peaceful Xmas and a good start to the new year.
I don't know if anyone replied to my last post; things have been more than a little difficult over the last month or so, and sadly that includes the PPI rebate situation. I'll be totally honest and say that I'm completely exhausted from this process; the guy at the FOS who's dealing with my case may still be on holiday and Norton Finance have not followed the Ombudsman's instructions that my loan repayments should be recalculated, and subsequently GE Money are potentially just 14 days away from serving a default notice. However, could some kind soul please tell us if our understanding of the following part of the Ombudsman's ruling is correct.

The part we're having trouble understanding reads:
"Norton cannot require X to reduce the loan beyond that which would now have applied had the PPI not been sold"

Does this mean that regardless of how many times my sister has paid the monthly instalment of £261.15 (including PPI) when the monthly amount without PPI would have been £216.88, whatever excess she has paid over the last 4 years will just be disregarded, and only NOW can she expect the monthly instalments to be £216.88? Or does it mean that since 48 payments of at least £216.88 had been paid, the difference between that figure and the £25.63 in PPI each month would count towards paying off the outstanding balance? It is very upsetting that we cannot find anyone who will help us understand this, and GE keep phoning and demanding more money than is owed. The loan agreement clearly states that without PPI the interest wiould have amounted to £3,009.20, yet my sister has already paid £11,334, but Norton claim she still owes £3354.20. We really don't understand. Please help.

betandbill

Question for Cappo, which address did you use to threaten Lloyds TSB with Court action?
I am seriously thinking along those lines, have been waiting far too long.

cappo

betandbill wrote: »

Question for Cappo, which address did you use to threaten Lloyds TSB with Court action?
I am seriously thinking along those lines, have been waiting far too long.

Hi most of the communications i've had with them were emails backwards and forwards to ppi customer relations which is where i sent my threat bet, it did the trick.

amersall

"Norton cannot require X to reduce the loan beyond that which would now have applied had the PPI not been sold"

I take this to mean that the loan should go to the balance it should be now had ppi not been taken,and not reduced any further,this is the correct redress,have Norton reduced the loan by the ppi amount? if they have already done this then they have given full redress.

If the ppi has not come off the balance of the loan,then you need to get the guy at FOS to sort this out,if this loan is going to default due to incorrect reduction of ppi then he needs to get hold of GE money and sort it out for you.

amersall

On advice from the financial omberdsman I am trying to find out the underwriters of my policy. First Plus state that on their documentation it is a company called Implement but no records can be found of this company and norton have no idea.

I am suprised the FOS cannot help you find the underwriter,give the FSA ring and ask if they can help you with this.
http://www.fsa.gov.uk/Pages/consumerinformation/consumer_contact/index.shtml

Due to the year,i dont think this is Barclays of dublin,although you could contact them them and ask if they held a policy for you,no harm asking is there.
Two Park Place, Hatch Street, Dublin 2, Ireland

amersall

amersall wrote: »

I take this to mean that the loan should go to the balance it should be now had ppi not been taken,and not reduced any further,this is the correct redress,have Norton reduced the loan by the ppi amount? if they have already done this then they have given full redress.

If the ppi has not come off the balance of the loan,then you need to get the guy at FOS to sort this out,if this loan is going to default due to incorrect reduction of ppi then he needs to get hold of GE money and sort it out for you.

Just read your other post

Brilliant, we thought. Even with the money the claims management dumbos are due my sister would still have £1240+ to do whatever she wanted with. However, on the second page it stated:
"In view of the fact that you only have approximately £3354.20 owing on your loan we wouuld advise that we can arrange to forward the settlement to GE Money so that they can restructure your loan and reduce your payments"

You are correct,the balance of the loan should be less than they say at this moment,did your sis arrange for the money to go back to the loan? this is crucial,if she did not and kept the redress,then the balance would be the same.if she did ask them to take it off the loan contact your guy at FOS and tell him to get his finger out.
Was the loan reduced by the actual ppi amount to bring the balance down to the 3354 when the ppi was upheld?.

Kuffs1978

Incomplete

amersall wrote: »

I take this to mean that the loan should go to the balance it should be now had ppi not been taken,and not reduced any further,this is the correct redress,have Norton reduced the loan by the ppi amount? if they have already done this then they have given full redress.

If the ppi has not come off the balance of the loan,then you need to get the guy at FOS to sort this out,if this loan is going to default due to incorrect reduction of ppi then he needs to get hold of GE money and sort it out for you.

I'm not quite sure about this. GE Money informed us several times in 2011 that when the PPi had been taken off, the loan would take less time to clear. Then in October 2011 we were informed that my sister's payments were completely upto date, and the outstanding balance was £3354.20. This was before the PPI was taken off and the FOS decision was passed. Yet Norton wrote to my sister after the FOS had ruled in her favour, and told her that the £3354.20 still remained as the outstanding balance after the PPI rebate. The original loan agreement stated that without the PPI the interest to be repaid over 60 months was £3,009.20 on top of the 10k loan, yet £3,637 in interest has already been repaid after 48 months of repayments. The interest is the real crux of the problem as if the loan had been sold without PPI, by my calculations that means that £3,009.20 interest should have cost £50.15 per month, with the 10k costing £166.66 in capital repayments. Yet because of the PPI the initial sum even before repayments commenced rose by nearly £500 rather than the £150.45 it should have, and interest each month started at £101.30 per month and didn't get anywhere near £51.00 until January 2011. I've checked every single one of my sister's payments to GE and having deducted the cost of PPI each month, she has repaid £11,334 already. But the interest on the account has increased the outstanding balance dramatically every month, which nobody appears to want to acknowledge.