PPI Reclaiming successes and failures

Niggly_2

I was wondering if anyone can work out what PPI I will get back as MBNA has upheld my claim. The CC limit was £12000, CC rate was 16.9%. The card is paid off and the ppi was stopped after 6 years. Any calculations would be greatly appreciated.


This is the redress suggested as you can see its impossible to calculate without a ton of financial data.

3. Where the card account has been cleared and closed and the PPI has been cancelled:

The financial business should:

a) reconstruct the account by removing any premiums in respect of the PPI and any interest or charges in respect of those premiums;
b) if that produces a credit balance for any period, credit interest on that balance for that period at 8% simple per year;
c) pay the customer the difference between the revised closing balance and the original closing balance;
d) pay the customer interest on that difference at 8% simple per year from the date of closure to the date of payment; and
e) send the customer details of how the revised balance, the difference and the interest were calculated.

FOS may also consider it appropriate for the financial business to pay the consumer additional compensation for any distress and inconvenience he or she has been caused, including where the financial business rejected a complaint which it knew (or should have known) would be upheld, If they consider such an award is appropriate this will be specified by the adjudicator.

N

cooperman88

just saw you mention mbna,has anybody any thoughts on this one.made a payment to them over the phone and agreed to call back and make another one one week later but before i could do so ,they took the money out of my account without authority.getting fobbed of as they say they can,t trace the original call

carlyberyl

That's interesting niggly, I've had several turned down based on those reasons and those reasons alone!! And they have stated that in their correspondence!! Do we continue to fight then?

mumofjanda

Niggly wrote: »

A little taster from the handbook telling firms what they must consider here are 2 that might perk you up.

[FONT=&quot]2.3.6 G The [/FONT][FONT=&quot]firm [/FONT][FONT=&quot]should not reject a complainant’s account of events solely on the basis that the complainant signed relevant documentation regulating the purchase of the [/FONT][FONT=&quot]policy[/FONT]

[FONT=&quot]2.3.7 G The [/FONT][FONT=&quot]firm [/FONT][FONT=&quot]should not reject a [/FONT][FONT=&quot]complaint [/FONT][FONT=&quot]because the complainant failed to exercise the right to cancel.[/FONT]


[FONT=&quot]As that pillock on TV says FIGHT!!! (ooh I just looked up what pillock means seems to describe Nationwide fairly aptly.[/FONT]


[FONT=&quot]N[/FONT]

N

Thanks so much Niggly! You're a Godsend!

Will let you know what the letter says when i get it and I am really grateful for the advice.

Now I'm off to look up the definition of pillock.......just spent 10 mins trying to work out who the 'pillock' on TV is!:rotfl:

Niggly_2

carlyberyl wrote: »

That's interesting niggly, I've had several turned down based on those reasons and those reasons alone!! And they have stated that in their correspondence!! Do we continue to fight then?

Gloves on. keyboard at the ready(take gloves off for this part) and cry
FREEDOM.

Yes of course. If they told you, tell you, to go to FOS then thats what you do. You fill out the FOS questionairre say why not happy. This is where we can help and post off to the them and see if they upold and tell firm to cough up.

Like I mentioned you need all the reasons why they have not upheld and then we go back and counter with the points made in the FOS guidence for lenders.

N:beer:

Niggly_2

mumofjanda wrote: »

Thanks so much Niggly! You're a Godsend!

Will let you know what the letter says when i get it and I am really grateful for the advice.

Now I'm off to look up the definition of pillock.......just spent 10 mins trying to work out who the 'pillock' on TV is!:rotfl:

Harry Hill, 16th century meaning..............too rude

N

mumofjanda

Niggly wrote: »

Harry Hill, 16th century meaning..............too rude

N

Poor Harry Hill!!:rotfl::rotfl::rotfl::rotfl:

Smamfer

:j:j:j

Hi guys,

Update and some maths if poss pls fankies!!

2 weekss ago i emailed lloyds, i got an email within 2 days saying wait 2 weeks, i emailed on the 13th day and today by email got an answer saying.....

I can confirm that Black Horse are prepared to uphold your PPI complaints. I am awaiting figures from our settlement team, as soon as I have them I will write to you providing full details of our offer.

Kind regards,

Geraint Griffiths


It was originally for two loans and these details are what i have if there is enough info and anyone able to play about with some numbers i would appreciate it:


1-1-2006 took out original loan £2000
25 months
Amount payable £2744.25
Monthly payments £109.77
Apr 35.9% :eek:

PPI £358.32
APR as aobe
Total payable £492.00
Amount of monthly ppi repayment £19.68

In 1-5-2006 took out another loan of £3000 repaid the £2000 on loan above

Loan amount £3000 over 37 months
Total amount payable £4048.54
Amount of monthly repayment £109.42
Apr 21.9%

Ppi info
Amont of credit £588.55
37 months
Total payable £794.39
£21.47 per month
Apr 21.9%

Thanks as usual guys xx

di3004

Smamfer wrote: »

:j:j:j

Hi guys,

Update and some maths if poss pls fankies!!

2 weekss ago i emailed lloyds, i got an email within 2 days saying wait 2 weeks, i emailed on the 13th day and today by email got an answer saying.....

Thank you for your email addressed to our Chief Executive, which has been passed to me to respond on his behalf.

I have taken note of the contents of your email and I am currently investigating the issues that you have raised. I will write to you within 2 weeks to confirm our position when I have completed my investigations.

If you have any questions in the meantime, I can be contacted on the number below.

Kind regards,

Geraint Griffiths

It was originally for two loans and these details are what i have if there is enough info and anyone able to play about with some numbers i would appreciate it:


1-1-2006 took out original loan £2000
25 months
Amount payable £2744.25
Monthly payments £109.77
Apr 35.9% :eek:

PPI £358.32
APR as aobe
Total payable £492.00
Amount of monthly ppi repayment £19.68

In 1-5-2006 took out another loan of £3000 repaid the £2000 on loan above

Loan amount £3000 over 37 months
Total amount payable £4048.54
Amount of monthly repayment £109.42
Apr 21.9%

Ppi info
Amont of credit £588.55
37 months
Total payable £794.39
£21.47 per month
Apr 21.9%

Thanks as usual guys xx

Hiya :j

Thanks for posting your update.

As you know I'm not the one for calculations but sure someone will be along soon, Niggly as you will know is good at this.:T:D;) x

di3004

mumofjanda wrote: »

Hi!

Rang Nationwide today re: loan PPI as the 8 weeks time limit they had was up and I had not received a reply. Lady I spoke to told me that a letter was on it's way to me but the complaint has not been upheld.:( She said the letter will explain why and to ring back after reading it if I wanted a fuller explanation. So disappointed.

We have got paperwork to say the PPI was optional but the loan was applied for on the phone and as far as I can remember we were only given the repayment figure which included the PPI figure. I know at the time we really needed the loan and basically accepted the repayment figure in order to get the loan and didn't question the cost of the PPI. Didn't need the PPI because we had other cover.The loan acceptance which we had to sign does say the PPI is optional and if we don't want it return it and basically start again (no box to tick to opt out). At the time I think we just thought if we don't accept we might not get the loan if we had to start again....IYKWIM.
I know you probably can't give me any advice until I get the letter giving the full reasons why they havn't upheld but need to know whether you think there's any point ringing them tomorrow when I get the letter or whether the fact the paperwork says it's optional means that's it.

Anyone had their Nationwide loan upheld?

Was so hoping this would be upheld. Thanks for any advice!

Hiya

Sorry to hear this.
Hopefully it's not the final decision and they will give you a further opportunity to ask them to reconsider by giving them further info to strengthen the complaint, see what comes back and we can take it from there, but otherwise they will give details of the FOS.

Have you asked them for a copy of the phone recordings?;)