MBNA? PPI Insurance? HELP NEEDED.

NoWonga

Hello everyone,

my first post so hopefully this is in the right place.

So recently I have been receiving lots of calls and letters from companies with regards to claiming back PPI on any loans I have or had. I never thought much of it as I told them I didn't think I had PPI on my loans. They said I should check as I could claim back £1000's.

So a few weeks ago I called MBNA and asked for a copy of my loan agreement. Today I received the agreement which shows something like this

Cash Advance £8,000.00
Add:total charge for credit for cash loan £2,724.40
Total amount you pay for cash loan £10,724.40
Insurance Advance (cash price for insurance) £1501.42
Add:total charge for credit for insurance loan £511.58
Total amount you pay for insurance loan £2013.00
You have to pay the total loan and interest by 60 monthly payments of £212.29
Annual percentage rate 12.9%
Total loan £9501.42
Total charge for credit for total loan (the total charge for credit) £3,235.98
Total amount you pay £12,737.40

The agreement is signed and dated by me on the 19/06/01

So it was about 8.5 years ago.

Also the account was passed to a debt collection agency at some point and has been fully paid for a few years now. However I still think I paid the full amount of £12,737.40 between both MBNA and the debt collection agency.

So I suppose my question is can I claim back for my PPI?
Is the account too old?
Does the debt collection agency affect it?

Some of the companies calling me to reclaim the PPI on my behalf claim they can work on accounts up to 10 years old. I would prefer not to use a company as their fees can be high. Anything from 20%-40% of any monies won. I got my bank charges back by myself, so if there is a case for my PPI hopefully I can do it myself.

Any more information needed I will be happy to provide.

Any help and advice is very much appreciated.

Regards
Mr NoWonga

di3004

NoWonga wrote: »

Hello everyone,

my first post so hopefully this is in the right place.

So recently I have been receiving lots of calls and letters from companies with regards to claiming back PPI on any loans I have or had. I never thought much of it as I told them I didn't think I had PPI on my loans. They said I should check as I could claim back £1000's.

So a few weeks ago I called MBNA and asked for a copy of my loan agreement. Today I received the agreement which shows something like this

Cash Advance £8,000.00
Add:total charge for credit for cash loan £2,724.40
Total amount you pay for cash loan £10,724.40
Insurance Advance (cash price for insurance) £1501.42
Add:total charge for credit for insurance loan £511.58
Total amount you pay for insurance loan £2013.00
You have to pay the total loan and interest by 60 monthly payments of £212.29
Annual percentage rate 12.9%
Total loan £9501.42
Total charge for credit for total loan (the total charge for credit) £3,235.98
Total amount you pay £12,737.40

The agreement is signed and dated by me on the 19/06/01

So it was about 8.5 years ago.

Also the account was passed to a debt collection agency at some point and has been fully paid for a few years now. However I still think I paid the full amount of £12,737.40 between both MBNA and the debt collection agency.

So I suppose my question is can I claim back for my PPI?
Is the account too old?
Does the debt collection agency affect it?

Some of the companies calling me to reclaim the PPI on my behalf claim they can work on accounts up to 10 years old. I would prefer not to use a company as their fees can be high. Anything from 20%-40% of any monies won. I got my bank charges back by myself, so if there is a case for my PPI hopefully I can do it myself.

Any more information needed I will be happy to provide.

Any help and advice is very much appreciated.

Regards
Mr NoWonga

Hi and welcome.

First of all I would give it a go yourself with help from this site etc, with these companies I would be very wary, there are a few threads here and there where you will see many have had problems, with also taking an heck of a long time too, even being told 6-9 months many are still waiting almost 2 years on, so please do be wary.

If success, normally the refund will be refunded towards any debt, and anything remaining back to you.
But every bank differs.

For more on reclaiming PPI, check the link below, of the guidelines of reclaiming, template letters a checklist of reasons, if any of the apply to you then do give it a go.
They have 8 weeks in full to respond and do not worry about writing down the amounts down at this time, if successful they should supply you with a detailed written breakdown or you are entitled to ask for these on request otherwise.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

So do check the above link, the most it will cost you is the posting within the post office, as its recommended to post by recorded delivery to ensure the delivery of your letters. You can also then track them down on the Royal mail website - tracking, and of course keep a check on those 8 weeks they have.

Hope this helps, however post up for help anytime and please keep us posted, good luck.;)

Di

NoWonga

Hello thanks for your reply.

Do I send my letters to the debt collection agency or MBNA though? I would say I probably paid more to the debt collection agency. The loan has been fully paid off for a few years now.

di3004

NoWonga wrote: »

Hello thanks for your reply.

Do I send my letters to the debt collection agency or MBNA though? I would say I probably paid more to the debt collection agency. The loan has been fully paid off for a few years now.

Hi there and your welcome.

I would write to MBNA, they should still hold your details and they sold you the PPI from the start.;)

You will then receive all your PPI owed to you, interest, also request for the 8% interest of what a court would award for being deprived of your money.;)

Address here too:

MBNA Head Office:
M B N A Europe Bank Ltd,
Stansfield House,
Chester Business Park,
Chester,
Cheshire,
CH4 9QQ


Good luck.

NoWonga

di3004 wrote: »

Hi there and your welcome.

I would write to MBNA, they should still hold your details and they sold you the PPI from the start.;)

You will then receive all your PPI owed to you, interest, also request for the 8% interest of what a court would award for being deprived of your money.;)

Address here too:

MBNA Head Office:
M B N A Europe Bank Ltd,
Stansfield House,
Chester Business Park,
Chester,
Cheshire,
CH4 9QQ


Good luck.

Thank you very much. Are you or is anyone aware if MBNA has been fined or if anyone has had success in claiming their PPI back?

di3004

NoWonga wrote: »

Thank you very much. Are you or is anyone aware if MBNA has been fined or if anyone has had success in claiming their PPI back?

Your welcome.;)

Yes I am aware there have been much success via MBNA, best to keep on at them though - if they fobbing you off, then write back until they give you the final response, if they still do not uphold in your favour, then take it to the Financial ombudsman service (FOS).
http://www.financial-ombudsman.org.uk/consumer/complaints.htm

List here of fined providers:

More fines, which could be for up to £1 million, are expected.



Who’s been fined so far?

• Swinton: Fined £770,000 in Oct 2009 for serious failings and an unacceptable level of non-compliant sales (on cover for home or motor insurance) between Dec 06 and Mar 08 (when it stopped selling PPI). Swinton has said it will contact over 350,000 customers who paid for the PPI and offer a full refund, as well as pro-actively review previously rejected claims. More Info: Swinton.
• Egg: Fined £721,000 in Dec 2008 for serious failings in its credit card PPI sales by telephone between Jan 05 and Dec 07. Egg has said it will be writing to customers, asking them to call a dedicated number if they are concerned they were missold PPI, and will compensate where appropriate. More Info: Egg.
• Alliance and Leicester (A&L): Fined £7 million, the highest fine to date by far, in Oct 2008 for serious failings in its PPI telephone sales between Jan 05 and Dec 07. A&L has said it will be writing to all the customers concerned. More Info: Alliance and Leicester.
• 5 motor retailers: GK Group Limited, George White Motors Limited, Ringways Garages (Leeds) Limited, Ringways Garages (Doncaster) Limited and Park’s of Hamilton (Holdings) Limited were fined a total of more than £175,000 in Aug 2008 for exposing a total of 2,175 customers to the risk of being sold unsuitable PPI policies. More Info: Motor retailers.
• Liverpool Victoria: Fined £840,000 in July 2008 for serious failings in the sale of single premium PPI on telephone loans sold betweeen 14 January 2005 and 8 August 2007. It has also agreed to compensate customers if their policy is not appropriate and to refund interest automatically. More Info: Liverpool Victoria.
• Land of Leather Ltd: Fined £210,000 in May 2008 for allowing its sales force to sell PPI, between May 2006 and Feb 2007, without effective monitoring or training. More Info: Land of Leather.
• HFC Bank, also trading as "Household Bank" and "Beneficial Finance": Fined £1,085,000 in January 2008 for putting customers at an unacceptable risk of being sold PPI when it was not suitable for them. Failings took place in branches between Jan 2005 and May 2007. More Info: HFC Bank
• Capital One: Fined £175,000 in February 2007 for failing to ensure that 50,000 customers buying credit cards and loans between January 2005 and April 2006 received important information about the policy. More info: Capital One
• GE Capital Bank Ltd: (supplies cards for Asda, Comet, Debenhams and Topshop among others): Fined £610,000 in January 2007 for inappropriate sales of its store cards and credit cards. More info: GE Capital Bank Ltd
• Redcats: Fined £270,000 in December 2006 for also not having adequate systems and controls in place to minimise the risk of unsuitable sales. More info: Redcats
• Regency Mortgage Corporation: Fined £56,000 in December 2006 for not collecting sufficient information during a PPI sale to ensure its recommendations met customers' demands and needs. More info: Regency Mortgage Corporation
• Loans.co.uk: Fined £455,000 in October 2006 for not having appropriate systems and controls to minimise the risk of unsuitable sales. More info: Loans.co.uk

tez_c

If they play hardball and won't talk to you re: claim you might find it less stressful to go througha specialist PPI firm.

maxdp

They have to reply to you if you write the correct letter the same as a claims management company. A lot of these companies have been struck of MOJ list and others are being investigated.

Again the poster is on commission here I bet.

Makela2009

NoWonga wrote: »

Thank you very much. Are you or is anyone aware if MBNA has been fined or if anyone has had success in claiming their PPI back?

Hi
there's a quite a lot of success stories in the Success and Failures thread.
Just thought i'd let you know I've successfully claimed £1400 back. Got an offer letter this week.
They came back originally trying to fob me off, but perseverence is the key!
Good luck!:)