PPI Reclaiming Discussion part 4

tiggrae

di3004 wrote: »

Wow that was quick Mel......:T

And me well, I have not got a clue......:o:D

Hi guys, I hope you're all well !!!

Just a quick question for any one - does anyone have an email address for the mbna customer advocates office ???

and does anyone know who were the underwriters of Picture financial PPI policies ???

marshallka

tiggrae wrote: »

Hi guys, I hope you're all well !!!

Just a quick question for any one - does anyone have an email address for the mbna customer advocates office ???

and does anyone know who were the underwriters of Picture financial PPI policies ???

Hiya Tiggrae, take a look at Di's above again. See what you make???



Customeradvocate.office@m bna.com
Please note: MBNA will not enter into correspondence via e-mail. If your complaint requires a response, please include your address and telephone number within your e-mail. Do not include personal account information.UK Financial Ombudsman Service


Customer Advocate Office
If you would like to refer a complaint to MBNA Europe Bank Limited, please write to:
The Customer Advocate Office
MBNA Europe Bank Limited
PO BOX 1004
Chester Business Park
Chester
CH4 9WW


Best asking on the Picture thread for underwriters???

Dellboy_3

Hi all
after talking to a friend at the weekend about claiming ppi from egg he said in the last 10 years he has had 3 or 4 car loans on new cars with some form of ppi .
Nows he is a self employed cabbie is it worth a bash at claiming ?

tiggrae

marshallka wrote: »

Hiya Tiggrae, take a look at Di's above again. See what you make???



Customeradvocate.office@m bna.com

Customer Advocate Office
If you would like to refer a complaint to MBNA Europe Bank Limited, please write to:
The Customer Advocate Office
MBNA Europe Bank Limited
PO BOX 1004
Chester Business Park
Chester
CH4 9WW


Best asking on the Picture thread for underwriters???

Hi Di,

sorry remind me again - are you claiming back mis selling or an unfair rebate??

under rule 78 -on an early settlement after 14 months they will probably tend to charge you about 80% of the ppi (ie paid 10% in premiums and been rebated 10%) - but they do have different ways of working it out - they claim it's to do with the risk spread of any insurance policy being over the first year - 18 months being high - does that help ???

marshallka

tiggrae wrote: »

Hi Di,

sorry remind me again - are you claiming back mis selling or an unfair rebate??

under rule 78 -on an early settlement after 14 months they will probably tend to charge you about 80% of the ppi (ie paid 10% in premiums and been rebated 10%) - but they do have different ways of working it out - they claim it's to do with the risk spread of any insurance policy being over the first year - 18 months being high - does that help ???

But it proves above rule 78 was not used or at least on the whole loan??? Can you work it out (working it back as well on the loan) tiggrae as I work out due back about £3K for misselling. The rest was rebated among the rebate and interest rebate on the PPI.

If rule 78 had been used in the PPI would it not be £2928.16 that was among the settlement figure just for the PPI and then add the £400 repayments. So £3.5k back plus stat int.

marshallka

I wish I knew how to actually challenge Rule 78 used in the actual Loan from FP. If I completely forget the PPI and just work on the loan I had it was £17K. Made 39 repayments of £230 a month so paid off near on £9K and then settled the loan (forgetting the PPI bit) £16670 so my whole loan cost me £25670. Take the original £17K away and they charged me £8670 interest. Interest was 13.9% so I make that out of each repayment about £110 was towards the capital so had paid off £4290 being left with £12710. Actually paid the £16670 so cause of rule of 78 we were charged this extra £3960:mad::mad:.
They really should not have used it in a loan of over 10 years and also being sub prime lenders too, it was classed as unfair by the OFT. I may start this one off again although cannot use the FOS. :rolleyes:

This is just the loan and nothing to do with PPI issue.

di3004

marshallka wrote: »

Was there any rebate of "interest" when you settled?

Also you would not have paid much at all off of the actual 21K loan as you had it over a large number of months and each repayment would be captital and interest. This would mean that each repayment against the loan of 184.23 would have been a lot of interest and not much capital. (roughly here £70 off the capital each month totalling 980). So you would still have owed about 20000 odd even after paying 14 months regardless of PPI being included or not and then a couple of months interest (if done by new method) at settlement.

I don't know how to work settlement interest out either and also how your settlement was done. It does not work out it was done rule of 78 according to the calculators. You just need to get the complaint in really and take it from there.

You would be due back the 14 repayments made against the PPI being £339.92 and then how ever much of the settlement figure was towards the PPI. You can roughly do it was about £3k odd.

What are you doing about it now. Why do you need all the info again? I thought you were sending the complaint back again. You won't need figures to send to FOS.

Hi Marshallka

Cheers.;)

Thought I would post up again, as added some more info from the last time and now thinking about going the mis selling side of it instead of the rebate.

The letter received confirms they used the rule of 78 on the whole loan with the ppi to calculate it.

di3004

tiggrae wrote: »

Hi guys, I hope you're all well !!!

Just a quick question for any one - does anyone have an email address for the mbna customer advocates office ???

and does anyone know who were the underwriters of Picture financial PPI policies ???

Hi Tiggrae

Hope your well, good to see you back.;)

I see that Marshallka have posted you the address, try to come back soon.

di3004

tiggrae wrote: »

Hi Di,

sorry remind me again - are you claiming back mis selling or an unfair rebate??

under rule 78 -on an early settlement after 14 months they will probably tend to charge you about 80% of the ppi (ie paid 10% in premiums and been rebated 10%) - but they do have different ways of working it out - they claim it's to do with the risk spread of any insurance policy being over the first year - 18 months being high - does that help ???

Thanks for this Tiggrae, yes I think I am starting to see what you mean on this, was reading some more of the paperwork.
Am going to try for the mis selling, fingers crossed.;)

marshallka

di3004 wrote: »

Hi Marshallka

Cheers.;)

Thought I would post up again, as added some more info from the last time and now thinking about going the mis selling side of it instead of the rebate.

The letter received confirms they used the rule of 78 on the whole loan with the ppi to calculate it.

rule 78 calculator here.
http://brian-stewart.orpheusweb.co.uk/credit/javascript/equalr78-prr.htm

If it was used on the whole loan your settlement would have been

24684.76

but you settled

23,646.04

so you had some more interest rebated.