Mbna ppi

Declaration_2

Sent off forms to claim back PPI on two loans from MBNA over two weeks ago. Got a letter back today saying they can't find them (despite me sending account numbers, my name, date of birth etc) and could I call them.

I phoned them, and gave the letter reference number and was put on hold for 20 minutes because the advisor said he needed to speak to a colleague, and then he said they would call me back immediately his colleague was off the phone. That was two hours ago and no call yet.

I think this could be a protracted claim. Luckily I have the original loan agreements. I know some people are interested on the reasons for reclaim, so the my main reason is that these were both single premium payments, added to the loan with interest.

Any thoughts on the above from anyones experience?

Declaration_2

I called them back and they wanted to know my previous address. They also asked the term of the bigger of the two loans. The answer to this was 87 months. Could this be to ascertain if the PPI would have covered the length of the loan (which I don't think it would if this, like most PPI policies only last five years)? Does the fact the PPI not cover the term of the loan strengthen a claim?

amersall

It certainly does strengthen the claim, this is one of the most upheld of all ppi, you still pay this ppi after the cover runs out, to term end with interest, fingers crossed.

Declaration_2

Thanks Amersall. Here's hoping for a positive outcome!

amersall

:D Fingers and everything else crossed x.

Declaration_2

Had a letter from MBNA today saying it is taking longer than expected and I should hear from them by 16th April. Some people seem to be getting faster outcomes than this, but I'll just have to be patient.

Declaration_2

Yesterday, my cheque arrived from MBNA. A total of £7100! This means I can pay off my final debt, and be debt free for the first time in around 12 years.

After my 'lightbulb moment' around 5 years ago, I looked at my debts and realised I was essentially bankrupt, owing tens of thousands of pounds. I took a second job and it's taken me all this time to pay off all my creditors. Even when I was offered a reduced final settlement on some, I felt that I had borrowed the money and should pay it all back.

I have given up my second job now, because I was working every evening and most weekends, but I've started as a sole trader on top of my full time work, and just landed my first client.

I'd like to thank everyone on the forum who helped me either by answering my questions, or answering the questions of others who were in a similar position to me. Dunstonh, Magpiecottage and Amersall are three that spring to mind.

I have one default on my credit file which drops off in March next year, and between now and then I'll be saving for a mortgage deposit.

Thanks again

garynuman

Congratulations and very well done! :j

Another inspiring post!

Hope to be there myself sometime..