PPI Reclaim Questions

Vin2300

I have read the guide on reclaiming PPI, and just wanted to ask a couple of questions before i send the first letter off.

I signed up for an MBNA credit card a couple of years back, primarily for the 12 months 0% rate. The intention was to transfer it to another card at the end of that period. However i was refused several cards by other providers at that point. Dont know why. But essentially i still have the MBNA card and i am paying interest on it.

I discovered at that point that i had been paying PPI every month. Never really looked at the statements because i wasnt spending money on the card. I have not ever, and would not ever take out PPI. I remember refusing it on the phone when i signed up for the card. A couple of weeks after taking the card, someone from MBNA actually rang me and said that they had charged PPI on my first statement, but noted that i had asked not to have it and would therefore cancel the policy. They also tried to sell me a CPP Plan in the same call. I therefore assumed it had been cancelled and never checked the statements.

The template letter does not have a scenario exactly the same as this. Would i be better stating the above (ie would they have a record of the phone conversation?) or would i be better simply stating the "having recently looked at the paperwork for my credit card i now realise that i have been paying for insurance that i did not know i had taken out so could not have been explained to me" option?

My other question is - should i call them and cancel the PPI before sending the letter? It is still being charged every month and i dont particularly want to keep paying it.

di3004

Vin2300 wrote: »

I have read the guide on reclaiming PPI, and just wanted to ask a couple of questions before i send the first letter off.

I signed up for an MBNA credit card a couple of years back, primarily for the 12 months 0% rate. The intention was to transfer it to another card at the end of that period. However i was refused several cards by other providers at that point. Dont know why. But essentially i still have the MBNA card and i am paying interest on it.

I discovered at that point that i had been paying PPI every month. Never really looked at the statements because i wasnt spending money on the card. I have not ever, and would not ever take out PPI. I remember refusing it on the phone when i signed up for the card. A couple of weeks after taking the card, someone from MBNA actually rang me and said that they had charged PPI on my first statement, but noted that i had asked not to have it and would therefore cancel the policy. They also tried to sell me a CPP Plan in the same call. I therefore assumed it had been cancelled and never checked the statements.

The template letter does not have a scenario exactly the same as this. Would i be better stating the above (ie would they have a record of the phone conversation?) or would i be better simply stating the "having recently looked at the paperwork for my credit card i now realise that i have been paying for insurance that i did not know i had taken out so could not have been explained to me" option?

My other question is - should i call them and cancel the PPI before sending the letter? It is still being charged every month and i dont particularly want to keep paying it.

Hi there

If you have been spending on your card, and ppi was added then with your reasons you can try to reclaim on this.

For more info on reclaiming follow the guidelines in the link below and use the template with your own reasons.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

They have 8 weeks to respond and another letter maybe required, if they have given you the opportunity to do so and in the final response they should give details of the financial ombudsman service (FOS) if eligible, and if your not satisfied with the outcome.

In regards of cancelling, if this is worthless to you, then cancel if you want to, I think many would do this first.;)

So if this is the case then cancel first, then get another letter off separately about reclaiming as stated above.

Good luck and post all letters by recorded delivery, please keep us posted.

Vin2300

Thanks for the reply.

As i said, i have read the guidelines. My point was though that my specific reason (refusing PPI on the phone and getting it anyway) is not covered by the template.

Would i therefore be better
a) stating my story as above; or
b) using the option on the template that says "having recently looked at the paperwork for my credit card i now realise that i have been paying for insurance that i did not know i had taken out so could not have been explained to me"

Im only asking because i would rather not deviate from the template if this will ruin my chances of getting this money back. I am concerned they will say it is my fault because i should have noticed ages ago.

In terms of spending, i made a few purchases in the first 6 months of having the card, but none since. What difference does whether you have been spending make?

di3004

Vin2300 wrote: »

Thanks for the reply.

As i said, i have read the guidelines. My point was though that my specific reason (refusing PPI on the phone and getting it anyway) is not covered by the template.

Would i therefore be better
a) stating my story as above; or
b) using the option on the template that says "having recently looked at the paperwork for my credit card i now realise that i have been paying for insurance that i did not know i had taken out so could not have been explained to me"

Im only asking because i would rather not deviate from the template if this will ruin my chances of getting this money back. I am concerned they will say it is my fault because i should have noticed ages ago.

In terms of spending, i made a few purchases in the first 6 months of having the card, but none since. What difference does whether you have been spending make?

Hello there

I would do what you feel is best on your letter, that is just a template to help you through, but you can always use your own words anyway.

Expect a few fob offs but don't let that stop you, you have good reasons here, keep on at them, and even write back if they don't resolve in your favour, and of course you may also be eligible to take your case to the financial ombudsman service (FOS) afterwards if they don't as they will consider your reasons. You should receive details of the FOS in the final response.

If there is anything on the other reasons on the link I posted with guidelines and info, and yours, just write as much as possible that occurs to you.

Let us know if you require any further help with this, and post by recorded delivery to ensure your letters reach the depts, you can track down on the Royal mail website.;)

It makes no difference on the spending of the card, that is fine.

Vin2300

Finally got around to sending my letter on 13 August.

21 Aug - Got a reply saying they were investigating.
10 Sep - Got a letter saying their investigations are taking longer than they thought.
8 Oct - Got an offer of £700 which they say is a refund of premiums and associated interest. They have said it is their final response and i should take it to the Financial Ombudsman if im not happy.

I have calculated all the premiums i paid and they total £574. I calculate the interest brings it up to £865 (though i may have calculated it incorrectly).

Im fairly happy with £700, but just wondering if anyone has any further advice.

Could i ask them for a statement to show how the interest has been calculated?

di3004

Vin2300 wrote: »

Finally got around to sending my letter on 13 August.

21 Aug - Got a reply saying they were investigating.
10 Sep - Got a letter saying their investigations are taking longer than they thought.
8 Oct - Got an offer of £700 which they say is a refund of premiums and associated interest. They have said it is their final response and i should take it to the Financial Ombudsman if im not happy.

I have calculated all the premiums i paid and they total £574. I calculate the interest brings it up to £865 (though i may have calculated it incorrectly).

Im fairly happy with £700, but just wondering if anyone has any further advice.

Could i ask them for a statement to show how the interest has been calculated?

Hi there and well done.:beer:

Yes ask the to post you a detailed breakdown of the calculations, your entitled to have these on request.
Ask if they could send these to you first, in order for you to have time to consider the offer, good luck.;)

Vin2300

If i cash the cheque in the meantime, is that seen as an acceptance of their offer?

di3004

Vin2300 wrote: »

If i cash the cheque in the meantime, is that seen as an acceptance of their offer?

I think it is Vinny to be honest, hopefully someone else will come along to confirm this to you.;)

melorablack

Vin2300 wrote: »

If i cash the cheque in the meantime, is that seen as an acceptance of their offer?

Yes it is, if you don't accept it don't cash it and go to the FOS.

tiggrnads

Hi

I hope that this is the right link to pose a question and ask for help

Thanks to this site, I have been quite successful in reclaiming PPI. However, one company WELCOME FINANCE, wrote and said that they were not under FOS jurisdiction at the time and FOS have confirmed this. Is there any other route I can go down as, if successful, the reclaim would be quite substantial.

Thankyou in anticipation of help and advice

Vin2300

Just writing a letter requesting detailed calculations.

Would i be unreasonable requesting a response within 2 weeks?