help! mbna agree to misseling ppi on 5 loans

beathebanker

hi this is my 1st post i dont quite know what im doin so here goes..
from 2000-2006 i had 5 running mbna personal unsecured loans 10k 8k 2 at 5k and 3k
all were sold to me being self employed with ppi-as they said i couldnt have it otherwise all were telephone conversations,i was earning good moneythen so it was easy for me to get offered more../ then in 2006 my work went down like west ham..had to sell house to repay them as they were ringing us 24-7..nearly divorce i tell you.
i looked on this site oct 11..decided to claim sent martins letter stating truth of misselling

today get letter saying upheld in my favour..in 6 weeks i will get offer..what should i expect ? we are struggling big time..i dont want to blow this as it may be our last chance to be debt free..advice badly needed before i go mad x:j

beathebanker

they ruined my life i was suffering and under health autority for depression they kept offering me more and more and whilst you can earn it to pay it back its grt..but in the end i couldnt..it ruined my life..we downgraded house over it..i now want my pound of flesh..im new to site ( today) so advice plse

dilus

beathebanker wrote: »

hi this is my 1st post i dont quite know what im doin so here goes..
from 2000-2006 i had 5 running mbna personal unsecured loans 10k 8k 2 at 5k and 3k
all were sold to me being self employed with ppi-as they said i couldnt have it otherwise all were telephone conversations,i was earning good moneythen so it was easy for me to get offered more../ then in 2006 my work went down like west ham..had to sell house to repay them as they were ringing us 24-7..nearly divorce i tell you.
i looked on this site oct 11..decided to claim sent martins letter stating truth of misselling

today get letter saying upheld in my favour..in 6 weeks i will get offer..what should i expect ? we are struggling big time..i dont want to blow this as it may be our last chance to be debt free..advice badly needed before i go mad x:j

Hi beathebanker, firstly congratulations on getting redress:T I take it that applies to all 5 loans, well done.
From the figures you have posted no one can tell you what to expect back. You should get back ALL PPI paid + 8% standard interest on each loan, having said that if each loan was taken out to settle the previous one you will have received a rebate on each which will be deducted from your redress. Also the 8% standard interest has to be calculated using a spreadsheet so you would need to know what percentage of your repayments was PPI on each loan. If you are not sure the figures are correct when you get them from MBNA post them here and we can advise better.
Like I say it's impossible to say without the full figures from all 5 loans to look at but it should run to a nice amount in total
The 8% standard interest will be subject to tax if it is paid to you GROSS by MBNA

maginot

The offer should be for the PPI you paid plus interest?
How much did you pay?

beathebanker

hi all loans were not taken out to pay others they all ran on-off together..they just kept ringing offering me more,but they did say i had to have ppi otherwise i wouldnt get them..it was like they dangled a carrot--then tried to eat it..i was a complete finacial idiot-due to earning decent money..yet when it went wrong i tied to claim and they said i couldnt..even then i didnt relise i was missold..this site and ttv adverts helped me so much..i could give martin a kiss..

paid_too_much

do you have any paperwork so you can find the PPI you have paid?

beathebanker

hi i have orig docs for loans..cca agreements on the 10k one it added 2500 extra to loan-i didnt even relise that

amersall

Post all loan ppi including interest and the loan term,we can give you a rough idea of what you can expect back,this is an easy calc as you settled each loan before taking another.

beathebanker

hi will post back once i get total from them..after last 5 -6 years need it..this site is fab..i was goin to go thro one of the telly ads till i found it

hers my rough amounts

10k advance for insurance 2000 int 265
5k 11oo 165
5k 1200 155
8 k 1700 200
3k 800 95

i think thats rounding it up

any guess bigger than a tenner will be grt..too excited at the mo//wahoo

thks all whove posted and may do xxxxxxx

amersall

beathebanker wrote: »

hi will post back once i get total from them..after last 5 -6 years need it..this site is fab..i was goin to go thro one of the telly ads till i found it

hers my rough amounts

10k advance for insurance 2000 int 265For this one,you get £2265 plus the 8%,this is on a sliding scale from the date you took the loan to the term end of the loan
5k 11oo 165this one,£1265 plus the 8%
5k 1200 155this one,£1355 plus the 8%
8 k 1700 200this one,£1900 plus the 8%
3k 800 95this one,£895 plus 8%.

i think thats rounding it up

any guess bigger than a tenner will be grt..too excited at the mo//wahoo

thks all whove posted and may do xxxxxxx

I have put the amounts in red above,these are just on the figures you gave above and assuming these went to term end and were not settled early.
Any loan that was settled early, will have been given a rebate of ppi and this will come off your redress for these.

If any loan is still running,you get the ppi back that you have paid to date plus 8%,the loan will have the total ppi taken off and the monthly payment reduced by the ppi monthly amount.

If you want to work the 8% you will need the monthly ppi amount the day month and year of each monthly ppi payment made,put these in the calculator here and it will work out the redress and the 8% totals.
http://www.moneysavingexpert.com/reclaim/bank-charges#step2

You will need to know when the loans were settled to do the exact working out for the 8%.

When you get the figures,post them up and we will tell you if they are correct.
Does this help?.

amersall

PS,my bill is in the post :rotfl::rotfl::rotfl:
Just think what % you would have paid a claims co :eek::eek::D