PPI Reclaiming successes and failures

Derwent

BlythBoy wrote: »

Firstly I would like to thank Derwent and IANC for their posts regarding the contractual interest on credit cards claims. I received an offer from HSBC four weeks ago for two loans and one credit card claim. HSBC supplied me with the calcuations which involved the ppi premiums and 8% interest back on both the loans and the credit card. I queried the lack of contractual interest with HSBC and they informed that they only had to pay the 8% interest. I duly signed and received the proceeds into my account a week later. Now, due to reading the posts by Derwent and IANC I phoned HSBC and explained that they should have offered contractual interest on the creidt card as I wasn't in the position if I hadn't paid the ppi premiums. HSBC have agreed to investigate this but stated they 'are not regulated for this. I contacted the FOS and they confirmed that the credit card claim should have been paid with the contractual interest. The details are:-

98 premiums paid since May 2003 - £3868
8% interest - £1464
Total - £ 5333

If the interest rate fior the card was 24.9%, how much should they offer me to put me in the same position before paying the ppi.

Many thanks to Derwent and IANC and of course Di and Amersall

You are very welcome, keep at them. HSBC were very surprised when I rejected their offer and asked for contractual interest. They said it was not company policy, to which I simply replied that it was FOS policy and would they like to explain to the FOS why they were not following the guidelines ? They relented.

As for your question about the value, it is very difficult to calculate the interest due on credit card PPI as your payments are not equal every month. They are a % of your card balance and so as your balance changes each month so do the PPI payments.

For example, if you paid £20 PPI premium on 1st May 2003 then the interest on that single payment would be £104.44. If you paid £30 on 1st May 2007 then the interest on that would be £46.70. On a very simplistic basis that all your PPI payments were equal every month, then that would yield contractual interest of £7,337 at todays date so you can see how much difference the application of CI makes.

For info, the FOS guidelines state that banks must do...

The reconstruction of the credit-card account, to work out what the current balance would have been (where the account remains open) – or what the closing balance would have been (where the account has been cleared or closed) – if the consumer had made the same monthly payments but without PPI. This should be calculated by deducting the PPI premiums and the interest and charges that resulted from those premiums (including those arising because the ongoing monthly balance on the credit-card account was higher than it would have been, if the consumer had made the same payments to an account without PPI).

The_Marksman

:rotfl::j:beer: WELL DONE ALL WINNERS :beer::j:rotfl:

&
all those waiting



HANG IN THERE :D

:cool:

Egg_Chaser_12

bodoni wrote: »

You seem to be further on with your claim than I thought.

I would still send the letter rejecting their decision, for the record it shows you've exhausted all the options before going to the FSO. When/if you go to the FSO make them aware that you had the conversations you mention with MBNA and the fact that you contacted them again. IMO, I suspect MBNA would deny that any conversation took place (cynical me!) so its up to you if you raise that point with them.

Do you recall ticking the box? (as per my previous post)

Again - see what some of the senior posters advise - they might have a different angle.

No I don't remember ticking the box to be honest, and come to think of it I have an RBS card that doesn't have PPI and I also had a Monument card that they paid out on.
and I can't be sure, but I remember comparing RBS statments with the MBNA and thinking that this cover must be something that MBNA automatically put on, Naive!!!

Nobody rang me after applying on the free sunday supplement to let me know what all this was about.

I have been at them since May, but sadly fear that it may be coming to an end.

It would be nice to get ideas on different avenues to take with them.

amersall

bodoni wrote: »

Do you recall ticking the box?

If not, respond by telling them that you do not accept their decision and you will escalate the matter to the FSA and/or the FO is they don't reconsider their decision within 14 days.

If you don't get a response within the 14 days email the CEO (see email address on previous post) saying you are unhappy with the way you have been treated and have not had a response to your last letter.

If that does not get the desired result then off to the FSA/FO.

Please note: I am not the longest serving poster and as I have said some of the senior posters might have a different approach - the above would be my approach.

Now go get em!

:AWill do for starters :D:D
Also,the box may have been pre ticked and gave you the option to opt out,this does not matter as you have a product you did not want or need,look more closely at reasons for mis sell and strengthen your argument with these.

bodoni

:AWill do for starters :D:D
Also,the box may have been pre ticked and gave you the option to opt out,this does not matter as you have a product you did not want or need,look more closely at reasons for mis sell and strengthen your argument with these.

...I think I can hear the cavalry

Thanks Amersall!

amersall

Egg_Chaser_12 wrote: »

they have closed the letter out by saying that they will not enter into any further correspondance regarding this matter unless instructed to do so by the FOS.

I did send an email to the CEO and he never replied.

I have had numerous calls with MBNA over the hsitory of having the card, sometimes because I hadn't made a payment or was late, but some how managed to get there payments at some point. but during the phone I was never offered any assistance from the PPI that should help with any of life eventualities.

is this something to mention?

You have no choice now but to take it to FOS,MBNA will not deal with you now and you will waste time trying to contact them.
Have given a comment on bodoni post regarding this,the letter you send to FOS should be as detailed as possible,add any other info you think will help you.

amersall

No I don't remember ticking the box to be honest, and come to think of it I have an RBS card that doesn't have PPI and I also had a Monument card that they paid out on.

Was the RBS card before or after the MBNA card?,if it was before,then why would you take ppi on one card and not the other?.

Dizzywithmoney

Hey just to let you all know my cheque from Egg has arrived this morning (less than the 7-10 days that they said) for £3637 and this is the amount owing to me after the balance has been cleared.

I sooo pleased and want to thank everyone on here and wish all the rest of you luck.

I just have a question though, even though I am so pleased about the above I have a query on another claim. I have received the original application form from my Morgan Stanley card taken out in October 2010, which transferred over to a Barclay card, but I had ticked the box. They have said that this will be sorted by 6th September so I just miss this "pay out everyone" deadline by 6 days, which is so annoying really. But do you think they will still pay out even though I ticked the box? They havent said they wont and yet they havent said they will!!

amersall

bodoni wrote: »

...I think I can hear the cavalry

Thanks Amersall!

You are welcome :A
Feel more like lady godiva though :rotfl:not the cavalry

jo1982

Dizzywithmoney wrote: »

Hey just to let you all know my cheque from Egg has arrived this morning (less than the 7-10 days that they said) for £3637 and this is the amount owing to me after the balance has been cleared.

Can I ask? When did you send your complaint to egg? I am waiting to hear from them, they have said I will hear by 24th Aug

Well done on your win.