Vigin loan PPI

Molnow

Hi there. Im a new user of this site. Amazed at how big the site is and how helpfull you all are.

I took out a loan 2 years ago with virgin for £10000 ( low interest about 8-9%, have written to them for the full details will let you know). They offered me a repayment holiday, but only if i took out PPI. is that a mis-selling tactic. ( I think it qualifies!). I paid them over £3000 over 11 months at £275 ( first payment 325, set up fee). I went to settle the loan early and was told the outstanding amount was..................


£9959!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

£41 less than i started with. I've been pretty sick about this since then any way and feel i should've complained about them. Is this a usual case??

The settlement letter was from MBNA. Could you advise me if any claim would be made against them or Virgin. (Who should i be sending letters to)?

Now the PPI reclaiming has started I want to try and get something back. (They have also been really unhelpful with a disputed payment i have had.
charging me interest on the amount that was refunded!! After an awkward argument i had everything refunded).

Any advice would be really appreciated. THanks for reading. X

di3004

Molnow wrote: »

Hi there. Im a new user of this site. Amazed at how big the site is and how helpfull you all are.

I took out a loan 2 years ago with virgin for £10000 ( low interest about 8-9%, have written to them for the full details will let you know). They offered me a repayment holiday, but only if i took out PPI. is that a mis-selling tactic. ( I think it qualifies!). I paid them over £3000 over 11 months at £275 ( first payment 325, set up fee). I went to settle the loan early and was told the outstanding amount was..................


£9959!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

£41 less than i started with. I've been pretty sick about this since then any way and feel i should've complained about them. Is this a usual case??

The settlement letter was from MBNA. Could you advise me if any claim would be made against them or Virgin. (Who should i be sending letters to)?

Now the PPI reclaiming has started I want to try and get something back. (They have also been really unhelpful with a disputed payment i have had.
charging me interest on the amount that was refunded!! After an awkward argument i had everything refunded).

Any advice would be really appreciated. THanks for reading. X

Hi Molnow
And welcome.;)

You go for it, that is a good reason or a few there, so get complaining and reclaiming.

Follow the guidelines on this link below, in the template write your own reasons:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You write to the ones who arranged this for you.
Good luck and post up for help when required.;)

Molnow

HI There. Thank you di3004 for the txt and advice. Just Finished the letter. (headache now)! will call them to make sure i send it to the right place.

Will let you know how i get on, just hope i dont do anything that makes my claim invalid or something. Thanks again.

di3004

Molnow wrote: »

HI There. Thank you di3004 for the txt and advice. Just Finished the letter. (headache now)! will call them to make sure i send it to the right place.

Will let you know how i get on, just hope i dont do anything that makes my claim invalid or something. Thanks again.

Hi there

Your very welcome.;)

Good luck with this and post up for help on this when required, hope its a straight forward process for you with a good outcome.;)

Molnow

OK. Sorry not been here in a while. I'M STILL WAITING FOR THE END TO THIS!! MBNA said that they were wrong and that after they recieved my letter that they would refund the entire ppi ( 1600 poundsish ) plus the 8% suggested by martin.

6 weeks was the waiting time for the usual refund to be credited to a persons account, they said. this was in JUNE!! The 6 weeks past , due date 10th august, and nothing. So i called and asked whats was goin on? Got a lot of passing the buck from complaints to loans depts. Spoke to a guy called Tim who seemed very helpful and apologetic. He said that because they weren't expecting this to happen it takes 6 weeks to do the calculations to find out how much is owed. Then said due to a admin error things were running 3 weeks AT THE LATEST behind. Yep that date passed this week AND STILL NOTHING.

???????????????????????????????????????????????????????????????????????

I mean are they stalling for a reason? could they wriggle out of this even though i have the letter saying they will pay me. Since the first contact its been nearly 3 months and its a bit of a worry. I'm really angry/frustrated now they dont inform me of anything i have to chase them. If i had defaulted on a payment would they waited 3 months before it was resolved????? Would they ........!?

IS this happening to anyone else?? Did you have to wait ages? how long? did they get away with NOT paying??? I just want this matter over but its still rumbling on.. Thanks for reading, any response really apprieciated.

di3004

Molnow wrote: »

OK. Sorry not been here in a while. I'M STILL WAITING FOR THE END TO THIS!! MBNA said that they were wrong and that after they recieved my letter that they would refund the entire ppi ( 1600 poundsish ) plus the 8% suggested by martin.

6 weeks was the waiting time for the usual refund to be credited to a persons account, they said. this was in JUNE!! The 6 weeks past , due date 10th august, and nothing. So i called and asked whats was goin on? Got a lot of passing the buck from complaints to loans depts. Spoke to a guy called Tim who seemed very helpful and apologetic. He said that because they weren't expecting this to happen it takes 6 weeks to do the calculations to find out how much is owed. Then said due to a admin error things were running 3 weeks AT THE LATEST behind. Yep that date passed this week AND STILL NOTHING.

???????????????????????????????????????????????????????????????????????

I mean are they stalling for a reason? could they wriggle out of this even though i have the letter saying they will pay me. Since the first contact its been nearly 3 months and its a bit of a worry. I'm really angry/frustrated now they dont inform me of anything i have to chase them. If i had defaulted on a payment would they waited 3 months before it was resolved????? Would they ........!?

IS this happening to anyone else?? Did you have to wait ages? how long? did they get away with NOT paying??? I just want this matter over but its still rumbling on.. Thanks for reading, any response really apprieciated.

Hi there.;)

Sorry to hear of the messing about your going through, it's not fair is it?

They cannot get out of this now, so not to worry, but write a quick letter give them your own timescale to pay out, say 7 days as from the date on top of your letter, tell them you will have to consider taking matters further if you do not receive your payment by then.
You could also contact the FOS by phone and ask their advice on this one if you want to here:
http://www.financial-ombudsman.org.uk/contact/index.html
Good luck, and hope you receive your money very soon.

Di

Molnow

HI.

Thanks Di.

Your a star.

Really appreciate the response. Glad they can't get out of it. Its hard to threaten taking further action, not knowing what else i can do!!:beer:

di3004

Molnow wrote: »

HI.

Thanks Di.

Your a star.

Really appreciate the response. Glad they can't get out of it. Its hard to threaten taking further action, not knowing what else i can do!!:beer:

Your very welcome....:A
Fingers crossed it won't be too long now.:beer:

Molnow

Hi. ( just wrote a reply and the bloody thing reset!!!!!!)

OK I'll try again.

All sorted. Recieved the money on the 16th 09 2009. More than i was expecting too.;)
Had to ring them a couple more times but the last time was the friday before the 16th and she assured me i was'nt "just being fobbed off again". I called the FOS a couple of days before and they advised i waited. Interestingly they ( FOS ) were mentioned the last time i contacted MBNA.

Hope this helps any one who is gonna do this. Be prepared for a wait though.

Thanks for the support di. XX:T

di3004

Molnow wrote: »

Hi. ( just wrote a reply and the bloody thing reset!!!!!!)

OK I'll try again.

All sorted. Recieved the money on the 16th 09 2009. More than i was expecting too.;)
Had to ring them a couple more times but the last time was the friday before the 16th and she assured me i was'nt "just being fobbed off again". I called the FOS a couple of days before and they advised i waited. Interestingly they ( FOS ) were mentioned the last time i contacted MBNA.

Hope this helps any one who is gonna do this. Be prepared for a wait though.

Thanks for the support di. XX:T

Wow, fantastic news, Congratulations and your welcome.
Well done to you.:beer::T:beer: