PPI Reclaim Questions

marshallka

Vin2300 wrote: »

Just writing a letter requesting detailed calculations.

Would i be unreasonable requesting a response within 2 weeks?

Certainly.

Vin2300

What is a reasonable timescale for a response then? Bearing in mind i have already had to wait 8 weeks for this first offer.I would have thought that 14 days was more than enough given that it is only a statement i am requesting, not a full investigatin.

PaulinWeston

Vin2300 wrote: »

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

http://www.pitmans.com/services/downloads/Acceptance%20of%20Cheques%20by%20Suzanne%20Brooker.pdf

It would therefore seem that simply banking a cheque that is sent in full and final settlement does not necessarily result in the offer being accepted or prevent the creditor (that's you)from taking further action to recover the balance of the debt. It is possible for a payment made in full and final settlement to be treated as a part payment of a larger debt provided that:-

• Immediately upon receipt of the offer and cheque a creditor(you) notifies the debtor (MBNA) that the presentation of the cheque is not to be construed as acceptance of the offer of full and final settlement terms.

• The presentation of a cheque is only made once rejection of the offer in full and final settlement has been made. (i.e wait 5 days after sending the letter to cash the cheque)

• Clear words demonstrate that the cheque is presented on the basis that is is in partial satisfaction only of that part of the debt and that the balance of the debt will be pursued.

FYI - I did this with MBNA (for unfair credit card charges) and I receivied a second cheque about a week later.

Hope this helps

Vin2300

di3004 wrote: »

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.;)

I wrote to MBNA in early November asking for a breakdown. They replied quickly saying they would respond in 28 days.

They have not responded further.

Am i best just going straight to the Financial Ombudsman now?

di3004

Vin2300 wrote: »

I wrote to MBNA in early November asking for a breakdown. They replied quickly saying they would respond in 28 days.

They have not responded further.

Am i best just going straight to the Financial Ombudsman now?

You could actually ring the FOS if you wanted to and ask for your best course of action from here, give them a ring first and maybe they will chase them on your behalf for this as you are entitled to a breakdown of your own personal account.;)
http://www.financial-ombudsman.org.uk/contact/index.html

Good luck, please keep us posted.
X

Vin2300

Just a bit of an update.

In Feb 2010, i sat down and calculated it again, basically doing a complete reconstruction of my account but without the PPI. The difference actually came to £930.

So i made a complaint to the FOS and at the same time wrote to MBNA telling them £700 was not enough because i make it £930 they owe me (plus statutory interest at 8%).

In May 2010, MBNA replied with a breakdown of how this was calculated. They also sent a cheque for a further £11. Tbh i havent really had the time to do anything more about this matter, but i have just ignored them while the FOS investigates.

Anyway i had a proper look tonight and it appears their calculations simply list each of the PPI payments i made and applies interest to the cumulative totals each month. Does this sound the right way to do it? Or does my reconstruction of the whole account sound correct?

Im fairly sure my calcs are correct and this spreadsheet they have sent looks like a fob-off.

di3004

Vin2300 wrote: »

Just a bit of an update.

In Feb 2010, i sat down and calculated it again, basically doing a complete reconstruction of my account but without the PPI. The difference actually came to £930.

So i made a complaint to the FOS and at the same time wrote to MBNA telling them £700 was not enough because i make it £930 they owe me (plus statutory interest at 8%).

In May 2010, MBNA replied with a breakdown of how this was calculated. They also sent a cheque for a further £11. Tbh i havent really had the time to do anything more about this matter, but i have just ignored them while the FOS investigates.

Anyway i had a proper look tonight and it appears their calculations simply list each of the PPI payments i made and applies interest to the cumulative totals each month. Does this sound the right way to do it? Or does my reconstruction of the whole account sound correct?

Im fairly sure my calcs are correct and this spreadsheet they have sent looks like a fob-off.

Hi there

You could post up the calculations and someone will check them for you, if you wanted to.;)

Good luck.

Vin2300

A further update on this. After many many months of waiting, i finally got a letter from the FOS saying MBNA has now agreed to make an offer to settle my complaint. They asked me to sign a settlement form and then MBNA would write to me. Tbh i would have liked to know what they were offering me before accepting, but i did it anyway.

Three months later i finally get a letter from MBNA offering me £574 premiums, £353 interest and an additional £68 as the 8% amount. Having already cashed the £700 cheque they first offered me, they debited the remaining £295 to my account.

The FOS letter stated that they may consider it appropriate for the financial business to pay the consumer additional compensation compensation for distress and inconvenience, including where they rejected a complaint which they knew the FOS would uphold.

Does this not apply to my situation? It has taken me two and a half years to get what i was owed, and when they should have been offering me £995, they first offered £700, and when i complained they offered just an additional £11. Clearly they were just trying to fob me off. Do i have any further rights to appeal? I am pleased that i got all my money back, but i am !!!!ed off that they can keep my money for this length of time, delibarately make derisory offers and seemingly get away with it.

amersall

It may be worth a try,give FOS a ring and see what they say.