PPI CLAIM help for VIRGIN (MBNA) Loan

streetcat

Hi all

I'm trying to help my partner attempt a PPI claim from an old loan (as he's a bit of a negative nelly i.e. Isn't any point), but after reading a lot of PPI threads here and elsewhere, I'm still a little confused, so wondering if anyone can help.

I found his old loan agreement but I'm a little confused by the information, so wondering if anyone can help decipher it and assist with how I calculate what the PPI redress would be if he's successful.

Here's the key info from the loan agreement:

Cash Advance (A) = £3000.00
Insurance Advance (for optional Payment Protection Cover) (B) = £370.17
Your Loan (A+B) = £3370.17
Total Amount Payable = £3737.90


Then it states "Other Financial Information" (which is where I'm a little confused):

Cash Price of Optional Payment Protection Cover = £370.17
Total Credit Charge for Your Loan = £342.73
Includes Interest Payable for Insurance Advance of = £37.64
Applicable Annual interest Rate for Cash Advance & Insurance Advance = 9.9% per annum

Firstly, it appears the amounts don't add up, I.e. When you deduct the loan and PPI cover from the total amount payable, it should leave the credit charge (interest for the loan. But it doesn't match the figures listed.

So not sure how to do the maths on what he should get back for PPI (if successful)? Also not sure if the section listed as "Includes Interest Payable for Insurance Advance of £37.64" is the PPI interest?

Sorry for the overload of information, just would like to clarify and I'm struggling from what I've read.

Thanks

streetcat

Any advice on how I calculate this myself would be really appreciated. Just so confused

[Deleted User]

streetcat wrote: »

Any advice on how I calculate this myself would be really appreciated. Just so confused

Don't worry about calculating "possible" redress, concentrate on formulating a valid mis-selling complaint because without this you'll get nothing.

streetcat

Moneyineptitude wrote: »

Don't worry about calculating "possible" redress, concentrate on formulating a valid mis-selling complaint because without this you'll get nothing.

Thanks. Well my partner said that he remembers being told over the phone that he had to take out PPI if he was to be accepted for the loan. Although he did obviously tick the box himself once he was sent the forms, but on the premise that he was told he had to. And I read on Martin Lewis MSE post that that is misselling. So thought don't ask, don't get. Although I'm aware it was verbal and so hard to prove, so just not going to be too hopeful about it.

The only reason why I mentioned the redress, was because I was reading from others experience with Virgin/MBNA loan PPI claims, that they often underpay what is owed, amongst many other time-delaying tactics.

You said "concentrate on formulating a valid mis-selling complaint because without this you'll get nothing". My plan was to use the template from this site and state the mis-selling reason as being told he had to takeout the PPI if he was to be accepted for the loan. But going by your comment, is there something I have missed in my plan? I am clueless what I'm doing, so just concerned now that my intended plan is flawed.

streetcat

Sorry couple more questions.

Just been reading about upfront single premium PPI and adding interest to PPI as being bad/frowned upon. Looking at the loan agreement that I detailed in my firsT post above, isn't that what happened to my partner? It appears in the 'Other Financial Information' section, they are charging interest on the PPI.

Also, if we have the loan agreement (of which the main details are in my first post above), is there any need to request information on the loan? That, along with the acceptance letter, is the only correspondence we have from the loan, so not sure if there is usually other information which would helpful to have when making the complaint?

[Deleted User]

streetcat wrote: »

he remembers being told over the phone that he had to take out PPI if he was to be accepted for the loan. Although he did obviously tick the box himself once he was sent the forms, but on the premise that he was told he had to.

That's a really weak "hearsay" complaint, he cannot prove he was told this but the box was ticked and remains as solid evidence that he wanted it. It even mentions in your agreement optional payment cover.A complaint of this kind is invariably rejected.

Concentrate on the single premium reason. If he had a single monthly repayment which included both loan and PPI then this is a strong reason for mis-sell as the interest payable would be far more than if the two were paid separately. Complain that this was not fully explained.

streetcat

Moneyineptitude wrote: »

That's a really weak "hearsay" complaint, he cannot prove he was told this but the box was ticked and remains as solid evidence that he wanted it. It even mentions in your agreement optional payment cover.A complaint of this kind is invariably rejected.



I do understand the 'weak hearsay' aspect of this complaint angle. But my hope was that, in the event the bank reject his claim and it goes to the FOS, that the FOS may be able to obtain a transcript of the phone conversation (if it was in fact recorded), which would prove his complaint.

Concentrate on the single premium reason. If he had a single monthly repayment which included both loan and PPI then this is a strong reason for mis-sell as the interest payable would be far more than if the two were paid separately. Complain that this was not fully explained.

Apologies for my lack of understanding here. But surely this too is 'hearsay', that it wasn't fully explained. Similarly to the complaint above where they can merely argue hearsay and state that he had in fact ticked the box, surely in this instance, they can argue hearsay that they did explain fully and that the loan agreement (detailed in my first post) states the interest on it?


It's just frustrating. I understand that the banks etc possibly have a lot of people making fraudulent claims, but when you yourself know you were wrongly informed PPI was compulsory (of which was a common tactic it seems), its frustrating!


If I do a SAR request and request the phone transcript, if they claim they no longer have it/calls weren't recorded at the time, and it then went to FOS, could they then 'miraculously' find the recording, or would FOS frown on that, so to speak?

[Deleted User]

streetcat wrote: »

my hope was that, in the event the bank reject his claim and it goes to the FOS, that the FOS may be able to obtain a transcript of the phone conversation (if it was in fact recorded), which would prove his complaint.

That's a forlorn hope, I'm afraid, and probably wouldn't help you in any case. There will be no archived recording of the sales call. The bank (and FOS) will rely on the sales script that all advisors worked from.

Your signed agreement actually contradicts your assertion that you were told it was compulsory!

Jm14

Reading this thread I am suspicious of the advice offered. If you felt that PPI had been missold please go ahead with your complaint and don't listen to the crap being talked about heresay.
The banks were selling a completely worthless product and the onus is on them to make redress.
When I read the replies putting you off complaining on this site, it crossed my mind that these entries were being made by the banks to put people off. I've never read such rubbish.

lovinituk

Jm14 wrote: »

Reading this thread I am suspicious of the advice offered. If you felt that PPI had been missold please go ahead with your complaint and don't listen to the crap being talked about heresay.
The banks were selling a completely worthless product and the onus is on them to make redress.
When I read the replies putting you off complaining on this site, it crossed my mind that these entries were being made by the banks to put people off. I've never read such rubbish.

:rotfl::rotfl::rotfl::rotfl:

-taff

You are suspicious that someone has been told to give the bank a solid complaint reason, and then given the solid complaint reason?

Paranoia really is setting in everywhere these days.