PPI Reclaiming Discussion Part 5

-taff

e-mail the ceo. Google for the site that has a list of them

Poppy77

-taff wrote: »

e-mail the ceo. Google for the site that has a list of them

I did try getting Mr Horta-Osorio involved a few months ago and actually sent a letter to him by special delivery that did get signed for but have never received an acknowledgement of the letter and now the bank are saying they never received the letter even though I told them when it was signed for and the surname of the person who signed for it. The person I spoke to when I called up to chase it acknowledged they knew that person but then said they had never received the letter which I found a bit strange as I didn't make up the time and date they signed for it.

Poppy77

I did try e-mailing the CEO about a month after sending the letter as I hadn't heard anything but there was no reply to e-mail either which made me wonder if the e-mail address was genuine.

amersall

When you consolidate a loan the PPI amount that you borrowed initially [without the associated interest] is rebated. So if you paid 4 months out of a total of 10 months, 6 months worth will be rebated.

The rebates are worked out for different settlement dates, it does not follow that 4 months paid gives the 6 months remaining months to be rebated, the more you pay the less the rebate is.

The interest that was added to the PPI amount stays on the next loan. So if the PPI was £100, and they added £40 interest to borrow that £100, the £40 gets added to the next loan.

They give a rebate of the interest for the PPI already paid as it is included in the monthly payments made to date, the remaining interest on the PPI is added to the next loan.

This is assuming it was single premium PPI

.
This is highly likely.

You should have had redress of what you actually paid for the first few months, and the interest, and then 8% interest on top of that too.

The redress would be the whole PPI returned less the rebated amount plus the 8% and the remaining PPI with interest that was repaid in settlement

-taff

I didn't want to complicate things even more

amersall

Now this is where I got confused. The reaming PPI was then rebated (if that is a word?) onto the second loan of £2,376 and also the residual had triggered right through the Third and Fourth account.

If the original PPI total was £2,376, this amount would not have been rebated, it would have been the total, less the 16 months that you paid and then the rebate amount, the figure carried over would have been what remained after the above.
You are correct in that when you settled the 2nd loan it would still have had the PPI that was put on at the point of settlement for the first loan, less the months that you paid the 2nd loan for until you consolidated again, the remaining PPI would have gone onto the third loan and so on.

Firstly, can I ask what do the bank mean by ‘rebate’? Does it mean a credit applied onto the new accounts and therefore no further PPI was paid?

The credit of rebate is taken off the loan that you are settling, this does not go onto the next loan.

Secondly, I am not clear how I have only paid PPI on just the first Loan account but my monthly payments have not changed since the initial loan back in 2005?! The bank did confirm that I was paying PPI monthly of £58.12, so in total I have paid £496 in PPI but the calculations doesn’t add up to a period of 16 months for the first loan (58.12*16=929.92)

When you settled the first loan, the PPI is no longer there, the remaining PPI after the rebate was paid back by you in the 2nd loan, if your payments have not changed for the next loans you need to find out if PPI was on the next loans, if the amount you borrowed was the same and Apr the same, if you have no PPI on the 2nd and 3rd loans, you should not still be paying the initial PPI from the first loan.

Are you sure you paid 16 months?, it could be that you are counting the first month as a payment but the loan did not have to start to be repaid until the following month, it is also possible that your settlement date meant the payment that was due in that month was not taken as the loan was finished.
If you did pay 16 months you need to contact the bank and query this as they still owe you.

If they have paid you the PPI back that you paid and the remaining PPI that was repaid by you in the settlement then they have given full redress

amersall

-taff wrote: »

I didn't want to complicate things even more

I know, consolidation is hard to explain in laymans terms, I have to think about it sometimes

Carol123_2

Hi Guys,

My apologies for the late response as I had no internet connection all weekend. :mad:

Thank you so much Amersell for providing more information.
This is certainly not easy to follow and I indeed had to read your message a couple of times before I understood it lol

I think at this point, I am not convinced about the offer made and once I have the actual break down from my bank and compared it against my statements; I will make an informed decision whether or not to accept the offer.

Will keep you all posted once I have the full details.

Once again, thanking you both (Taff and Amersall). Really appreciate your time and honest input.
:T

Chester64

Hey all.
Just wanted to let you know my story.
About 6 or 7 years ago I took out an Virgin credit card and it had ppi on it. Then it swapped to mnba. I filled in the form and said I was self employed and they applied the ppi anyway. I paid the ppi for all those years and then realised that it didn't cover me. Put in a claim to mnba and they said they would investigate my complaint. Got a few replies saying that they apologise for the delay but in the mean time can I fill in this survey. They then sent me a statement of info they had on me and it said employment status: employed ( been S/E for 28 years!) so I wrote them again and said they clearly had the wrong info and reiterated that I am S/E.
Was just about to send the survey back and I received a letter from them saying that they had investigated the complaint and said they would not be upholding the complaint but I could take them to the ombudsman. They didn't even acknowledge that they had wrong info about my employment status - nothing!
So I wrote to the ombudsman and I had a reply within a week saying they would take on the case. Within a month the ombudsman said MBNA would not accept responsibility but as a gesture of "good will" lol they would settle.
Got a reply from MBNA saying they accepted the Ombudsman complaint ( funny how they rejected my complaint on the same grounds but then they won't play ball with the little man ) and today I received a cheque for £759.30 !!
So good success story and all I can say is that if you are in the same situation as me DO go to the ombudsman as they were brilliant
Cheers
Chester64

lovelypop

Hii

I am sorry if this is in the wrong place, hopefully it isnt!

I have reclaimed PPI for my partner from Northern Rock and Lloyds TSB - successfully!

Now, I have also tried to do that with his Capital One credit card, which he had since 2002. He asked Empire Claims to handle his case over 3 years ago but then it had been forgotten about. He received letters from Empire claims saying that £3,500 is waiting for him, he just has to pay £500 and it's his! Thinking it's just a scam, he just ignored it. They kept sending letters saying that he owes them £500 up until late 2012!!!! He never received any money from them, and they advertise themselves being a NO WIN NO FEE company.

Now, I have written to Capital one couple months ago, they replied and said to wait 8 weeks. So we did. Now they replied and sent a copy of a letter they have issued to EMPIRE CLAIMS saying that my partner will not get his PPI refunded because they think it was sold to him appropriately. That letter was dated 2010. Empire claims have been chasing my partner for payment, for over 2 years after receiving that letter. Now Capital One says that because claim was declined and because it has been more than 6 months, I can't turn to Ombudsman because the case is time barred. If I ever knew about Capital Ones response to Empire Claims I would have had appealed then but I only just seen that letter - 3 years after it has been issued.
I do believe that my partner has grounds for complaint and that he has been missold the policy. He also tried to cancel it many times as well as tried to let them know that it does not cover him for anything, he's self employed and has had back problem since leaving the Navy and suffered from depression. Only managed to do it yesterday after 1,5 hr on the phone!!!!

Can anybody help?

Do I contact the Ombudsman? Explain my situation? Do I get in touch with Empire Claims? Or is it a lost case?

Thank you for all your help

lovelypop xx:)