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Ppi success, is it correct?

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Hi I git the letter from Mbna yesterday saying they will transfer me £18k into the bank within the next 28 days!

It works out as about 6k each on premiums, associated interest and 8% interest!

There is no breakdown of amounts, payments made etc just there it is its our final offer...I've signed nothing had no phone call just sent off my questionnaire, got 1 letter saying it will take till Jan 1St then this one yesterday saying our final response.

So what do I do, if they put the money in bank I guess that's seen as me accepting it and option to check it with FOS I just get the impression they are pretty keen to get me dealt with, I had some pretty big 12k balances at times....any advice what I should do.

I've no idea, thanks

N

Comments

  • amersall
    amersall Posts: 17,008 Forumite
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    If you have proof that you paid more, send the statements in and they will look at this again.
    They have paid you the PPI and the 8%interest, this is what FOS say they have to do, so, unless you have the proof, they will pay this into your bank.
    Nice win by the way.
  • Nwc100
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    I don't have the statements was more questioning along the lines of should they send out a statement of what they have found etc

    Also if I accept the money in the bank (I have nochoice, they will put it in) do I still have the 6 months complaint ttime to FOS

    N
  • amersall
    amersall Posts: 17,008 Forumite
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    Ask them for a breakdown, but you still won't know if the redress is correct without your own figures.

    If they won't give you a breakdown, say you will go to FOS.

    With Credit card redress, they take the card to zero balance then calculate the redress from the PPI paid.

    They are not being keen, they have calculated and offered payment.
  • Nasqueron
    Nasqueron Posts: 9,044 Forumite
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    If you have proof you paid more you can escalate to the FOS (they will send you a letter confirming the breakdown) but if you don't, referring to the FOS is pointless, they won't give you more money.

    Do remember PPI premiums were very low (around 70p per £100 of debt) - even with a balance of £12k you'd have only paid £84 for that month so £6k in premiums is very realistic
  • amersall
    amersall Posts: 17,008 Forumite
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    I mentioned FOS in regards to not getting a break down, not a complaint to get more money :)
  • Nasqueron
    Nasqueron Posts: 9,044 Forumite
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    amersall wrote: »
    I mentioned FOS in regards to not getting a break down, not a complaint to get more money :)

    Indeed, but OP did, hence my comment and seems to think referring to FOS will generate more money
  • Nwc100
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    Ok I'll try to be clear, I apologise I have had a terrible head cold/flu

    I had the card from 97 -14 I cancelled ppi 1/2 way through maybe as they changed terms and conditioning suddenly the premiums jumped, so I cancelled.

    I have only one statement from 03 with 6k balance and approx 50 ppi.

    I wanted to know if first, ishould trust MBNA or not, an offer of 17k isn't exactly small, is there a possibility they might "miss" some payments i made? Are they supposed to send a statement?

    If I accept the money in my account can I still request a statement from them after they have paid? When I called today they said it's being paid,that's that!

    I hope that's clearer I'm not angling for more money,just that what I receive is a fair payout.

    Thanks

    N
  • Nasqueron
    Nasqueron Posts: 9,044 Forumite
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    Nwc100 wrote: »
    I had the card from 97 -14 I cancelled ppi 1/2 way through maybe as they changed terms and conditioning suddenly the premiums jumped, so I cancelled.

    Premiums were always based on the balance you hold but it is possible for them to change the cost of the cover if they tell you.
    Nwc100 wrote: »
    I have only one statement from 03 with 6k balance and approx 50 ppi.

    What you have doesn't matter IF they have their own records, it's only if they don't have records but as you cancelled in 2014 then they should still have complete records
    Nwc100 wrote: »
    I wanted to know if first, ishould trust MBNA or not, an offer of 17k isn't exactly small, is there a possibility they might "miss" some payments i made? Are they supposed to send a statement?

    They are required to repay the premiums + associated interest + the 8% "compensation", if they have records they pay exactly what you paid, if they don't they are allowed to estimate based on known spending patterns.

    As you wouldn't have had the maximum balance from the start or every month and not knowing dates it's difficult to be exact but if we say the card ran for 17 years that's £352.94 average a year or £29.41 a month average which seems ok

    They would normally post you a breakdown but as there is no mention of estimating I would say you can accept the offer and be confident it is a full refund of premiums
    Nwc100 wrote: »
    If I accept the money in my account can I still request a statement from them after they have paid? When I called today they said it's being paid,that's that!

    Yes but unless you have proof (which you say you don't) then there is no point disputing it as you can't prove you paid any more.
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