MBNA PPI Query

[Smoothound]

I've just rechecked my sheet and I can only turn the 1st amount on my sheet 0.56p into around £10 with the Compound Interest Calculator not the £1302 you mention. How did you get to that figure?

[dx100uk]

as post 56

 

dx

[Smoothound]

as post 56

 

dx

 

Ah right I see you are using the old figures. I uploaded a new sheet and the starting amount is not £75 but 0.56p as I was advised elsewhere to divide the first known PPI payment by the number of months between it and the first month a payment would have been taken. This gave a figure of 0.56p which was then incremented each month thus 0.56, £1.12, £1.68.... until it reached the first known figure!

 

Could you tell me your reasons for leaving out point 5 in my letter as in post 74 please as I'd like to get this in the post today if possible?

 

Also is there a time limit I should add to the end of the letter in which I should expect a reply?

Edited December 10, 2010 by Smoothound

[dx100uk]

cant see the logic behind that.

 

if you had a bal from month one

you must of had PPI.

 

whats their PPI calc on the t&c etc

 

dx

[Smoothound]

This is the whole point they have failed to supply any statements prior to Jan 06, I've asked twice now, so I've had to guestimate them hence the above calculation.

[dx100uk]

so typicaly what is their PPI level then?

 

dx

[Smoothound]

Pretty sure it's 5% of balance but I'm currently out and not got the info to hand unless someone else out there can?

[dx100uk]

so you are telling me you only spent £200 in the 1st month?

 

doubt it.....

 

dx

[Smoothound]

so you are telling me you only spent £200 in the 1st month?

 

doubt it.....

 

dx

 

No probably not

 

On my first set of calculations the final figure came out at around £60,000 as I used the last known figure, £75-60, right back to month one!

 

Are you saying I should revert to my original figures as they would probably be far more realistic of my spending patterns?

 

Also could you please clarify your reasons for leaving out point 5 on my letter please?

 

 

Dx thanks very much for your input, it seems to me countless people have been through this but only you are able to give me any pointers and for that I am really grateful

[dx100uk]

i know i keep missing point 5

 

i dont think it is of any relevence, dont give them an 'excuse' to not payout

 

they cant prove it eitherway

 

you've been fleeced pure and simple

 

keep it that way.

 

 

dx

[Smoothound]

Why do you feel it could give them an excuse?

 

I was of the opinion it was possibly the stronger reason! Shows what I know I guess

[dx100uk]

well no.

they'll turn round and say at the time of approval you were employed, end of

 

if your SP changed, you should of told us!

 

this is MBNA we are dealing with

 

as tough as HFC to get PPI out of dispite the fines they've had

 

dx

[Smoothound]

Is there a time they are expected to reply in as for the SAR etc?

 

I'll redo my sheet with the original figures over the weekend and post next week then leaving out point 5.

[dx100uk]

40 cal days

[Smoothound]

Cheers again Dx

 

I'll say again though it amazes me how few people comment or help on so many of these threads even though there must be so many who have gone through all this or are going through it currently It would be nice to get a few other perspectives as well!!

[dx100uk]

well ping dotty and the crew over on the mbna forum.......

 

dx

[Smoothound]

I've PM'd Dotty just waiting for a response...

[Dotty50]

Hi Smoothound,

 

Had a very quick read of here, I am really no expert on PPI claims, I did do one with Cap1 and they refused to pay and I have not pursued it because they have chosen not to make any contact since! I wonder why?!

 

The only thing that confuses me is your spreadsheet, you took out the card in 1994 and you are claiming that you paid approx £75 p/m in ppi from the start? Did you do a very large balance transfer? If not, then your balance would start at zero and ppi would only be charged on the balance as it fluctuated each month.

 

The figure drops from £75 in Jan 06 to £45 in Feb 06, was it at this point you had the correct figures? For your figures to drop here, that would indicate that you made a large repayment at that point? If you didn't, then I would guess that your previous assumed amounts are over-estimated.

 

Unfortunately, one of the ppi experts, Pompeyfaith, I believe doesn't not post an CAG any more and their input would have been extremely useful for you. You really need to read up on the ppi successes and possibly ask some of the people that thread.

 

HTH

[Smoothound]

The reason I used £75-60 was the fact it was the last known amount as MBNA have failed to supply the previous figures so I used that right back to month one. I have now altered the sheet(I thought I had uploaded the new version...) so it is slightly different. I took the last known figure and divided it by the amount of unknown months which gave me £0.56p I then used this as my starting figure and added £0.56p each month up to £75-60p and used these as my base calculation figures.

 

dx100uk has suggested that these figures are possibly too low per month and I'd be better off using the original method you've seen or something similar... Have to say I'm tempted to do another sheet and just add all the known amounts together and divide by the number of months known and use this average for all the unknown amounts? I don't know now, I've fiddled for so long now I'm starting to go mad

 

Also I was surprised dx felt it would not be in my interest to mention my self employment after the first year as this was what seemed to me to be the most likely reason for them to be in the wrong as they never sent T&C to me at all. Having said that I realise that on the other points they were already breaking guidelines and the law!

[Dotty50]

Sorry, I've not got a clue how you can work it out without the proper figures but I am sure you will find someone to give you more help.

 

I am afraid it is a case of searching the threads yourself and finding someone that has had a similar problem or sometimes another Cagger may have seen something similar and give you a link.

[dx100uk]

might be an idea to ping dj1971

 

see what his thoughts are

certainly got the savvy to advise

 

dx

[Smoothound]

might be an idea to ping dj1971

 

see what his thoughts are

certainly got the savvy to advise

 

dx

 

 

Cheers dx

 

I've tried PMing dj1971 but it appears their PM inbox is full and can't take any more currently!! I'll try again in a couple of days and see if it has been cleared

[Smoothound]

I managed to get a PM off on the 21st before Xmas but as you can all see no comment yet, guess it's a bad time to ask, Xmas and all that

[Smoothound]

I've altered my letter slightly although I am going to leave in the part about being self employed as having read countless threads there seem to be no hard and fast rules as to what is right or wrong and what works or not!! I've also averaged the known payments now to give me my early payment amounts, it doesn't really alter the total by much to be honest but it's possibly the better way.

 

Main reason for the post is I'm wondering if there is a better address for the letter to go to than just at the usual MBNA address? I know they will drag their feet whatever happens but just getting the letter to the right person/persons might save a few days

[Smoothound]

I've just redone my spreadsheet using the average of my known PPI amounts and bizarrely the average amount comes out at £75-60 again how spooky is that? Which also is going to mean my PPI reclaim is going to be up nearer £60,000 than my previous guestimation of £32,000...