PPI Reclaiming Discussion part 4

amersall

5.returned £1700 (but took off balance of what i owe them is this allowed?)

If you had arrears they can use the redress of any balance, if you did not have arrears, then you need to get back in touch with them and ask why they did this, if you have more important bills to pay, council tax etc, ask they give you this money back.

amersall

LAM2011 wrote: »

Hi - some thoughts and advice please :

In 2004 (ish) I took out a credit card with MBNA and I honestly remember nothing about the original application and I was really struggling at the time so probably filled out form quickly and maxed the card pretty quickly too so when I was assessing my financial situation a few months after - I noticed the PPI and I remember a phone call to the bank asking whether I had to have it as I was struggling to make the monthly payments. I was told that it was not optional. So recently after reading this thread I sent in the relevant form stating the above. I have had success with my Natwest Loan (but have all my paper work for this) so thought I would have nothing to lose.

Yesterday I had a reply from MBNA :
"The application form you completed offered you an option to tick the box to purchase PPI. This option to tick box would have made it clear to you that you could choose whether or not to purchase PPI) Given that you ticked the box (and signed below to confirm), I am satisfied that you actively chose to purchase and understood that it as optional when you did so"

Do I have any comeback on that answer or is that it now for my claim? I understand their comment but knew nothing about PPI until recently and did try and cancel it telephonically - which I have no proof of.

Get back in touch with them and reject the reasons they have given you for not upholding, ask them for proof that you knew what this cover was for, who explained this to you and if you were given all the facts about this product.
If they do not provide this information, you will pass this to FOS.

amersall

beamerguy wrote: »

Just given the contact info on this a posts back

Yes, i see you then posted the correct info after, don't want people putting claims into Virgin when they go to NRAM .

beamerguy

LAM2011 wrote: »

Hi - some thoughts and advice please :

In 2004 (ish) I took out a credit card with MBNA and I honestly remember nothing about the original application and I was really struggling at the time so probably filled out form quickly and maxed the card pretty quickly too so when I was assessing my financial situation a few months after - I noticed the PPI and I remember a phone call to the bank asking whether I had to have it as I was struggling to make the monthly payments. I was told that it was not optional. So recently after reading this thread I sent in the relevant form stating the above. I have had success with my Natwest Loan (but have all my paper work for this) so thought I would have nothing to lose.

Yesterday I had a reply from MBNA :
"The application form you completed offered you an option to tick the box to purchase PPI. This option to tick box would have made it clear to you that you could choose whether or not to purchase PPI) Given that you ticked the box (and signed below to confirm), I am satisfied that you actively chose to purchase and understood that it as optional when you did so"

Do I have any comeback on that answer or is that it now for my claim? I understand their comment but knew nothing about PPI until recently and did try and cancel it telephonically - which I have no proof of.

MBNA are well famous for adding PPI's without permission
READ THIS
http://news.bbc.co.uk/1/hi/8282264.stm

MBNA are also well known for their fraudulent activities for PPI selling and ticking boxes themselves so they need proof that you did tick the box. Both the FSA and FOS ALREADY know what MBNA have been up to so if it is passed to the FOS, you will no doubt win. Why MBNA have not be fined for this fraud beggars belief ?

Anyway, use the check list below
*Did YOUR BANK explain the full cost of the PPI when you took out the loan?
*Did you specifically ask YOUR BANK for PPI?
*Did YOUR BANK make clear that PPI was optional?
*Did YOUR BANK ask you about your medical history?
*Did YOUR BANK ask you about any existing payment cover?
*Did you know that YOUR BANK added a PPI policy to your loan?
*Do you think YOUR BANK treated you fairly?
*Did YOUR BANK ask if you have any existing medical conditions?
*Did YOUR BANK ask if you were entitled to sick pay from your employer?
*Did YOUR BANK add the PPI without your permission

quest2

I tried to claim back from First Direct but as my loan goes back nearly 12 years, they said they had destroyed all paperwork. I dont have my paperwork any more either.

In between me having the loan, I got into financial difficulties and the loan was passed to debt recovery. They were also unable to give me any help.

Have even gone to Ombudsman but without any info they are unable to do much.

I know it's probably near impossble now to reclaim but is there any other avenue I could try.

Would appreciate some advice.

[Deleted User]

Confused44 wrote: »

I am in the same boat as you. I sent off a letter to Barclay re a loan taken out in 2002 ( paid off in 2007 ) I wrote to them, but TBH was probably too general and needless to say got a rejection last week. Like you it was a front loaded premium and I was in and am still, in full time employment with NHS, thus full sickness and redundancy package. Their standard rejection letter claims to have taken into account my employment status amongst other things like the operator at the time of sale having no complaints against them!!
I was also in a quandary as this was "final response" but after reading your thread will try again.
Good luck!

Thanks. I haven't had a rejection (yet) as I'm still waiting for their response on FIVE loans, each of which consolidated the previous one. My argument was that the very first loan salesperson had given me to understand that the PPI was compulsory and nothing I was told in subsequent conversations did anything to dispel that.
As to your rejection, you can still use the Ombudsman route so
don't forget that.

incesticde

dilus wrote: »

The 8% standard interest is calculated using a formula on a monthly basis and it gradually diminishes each month until the end of the term. It's not just a case of adding 8% per year or simply 8% total.
It has to be done on a spreadsheet and is a tad complicated. You have to work out what percentage of your monthly re payment was PPI This gives you a figure which is then applied to the formula, from this you get the 8% figure for month 1. Then you work it out again for month 2 and so on until the end of the term. It is then totalled up. Told you it was complicated but if you get redress and are not sure if the 8% figure is correct, post your figures and we can advise

Thanks for the clarification.....

So... If I paid a 100 per month of which 20 was PPI, this would give a percentage of 20%, this is then added to the formula which gives us the 8% figure, correct?

I'm pretty good at excel so can you post the formula please?

Where A1 is the percentage amount, the B1 is the amount of PPI etc etc

Ta

cappo

Confused44 wrote: »

I am in the same boat as you. I sent off a letter to Barclay re a loan taken out in 2002 ( paid off in 2007 ) I wrote to them, but TBH was probably too general and needless to say got a rejection last week. Like you it was a front loaded premium and I was in and am still, in full time employment with NHS, thus full sickness and redundancy package. Their standard rejection letter claims to have taken into account my employment status amongst other things like the operator at the time of sale having no complaints against them!!
I was also in a quandary as this was "final response" but after reading your thread will try again.
Good luck!

Hi confused this is a win if you get no joy fos this.

dilus

incesticde wrote: »

Thanks for the clarification.....

So... If I paid a 100 per month of which 20 was PPI, this would give a percentage of 20%, this is then added to the formula which gives us the 8% figure, correct?

I'm pretty good at excel so can you post the formula please?

Where A1 is the percentage amount, the B1 is the amount of PPI etc etc

Ta

Yes you have got it correct, work out what your PPI was each month :cool:
The formula is
The 8% is simple on each payment made £60.00 x 8%/12 x 84 plus £60.00 x 8%/12 x 83 and so on.

£60.00 = PPI amount
84 = months of term

So
60 x 8% = 4.8
4.8 / 12 = 0.40
0.40 x 84 = £33.60

then
0.40 x 83 = £33.20
0.40 x 82 = £32.80 and so on

Then add up all the £ columns

Hope this makes sense

[Deleted User]

dilus wrote: »

The 8% is simple on each payment made £60.00 x 8%/12 x 84 plus £60.00 x 8%/12 x 83 and so on.

£60.00 = PPI amount
84 = months of term

So
60 x 8% = 4.8
4.8 / 12 = 0.40
0.40 x 84 = 33.60

then
0.40 x 83 = 33.20
0.40 x 82 = 32.80 and so on

Then add up all the columns

Hope this makes sense

This post makes my head hurt!:D