MBNA PPI reclaim help please

[means2anend]

Hi ..have received 2 letters regarding the ppi added to his account between 2001 and 2003..I have exact dates on the letter sent by them so want to b a little vague...BUT they still have not sent the 2 SAR's...shall I wait for the max 40 days....

 

Also because we do not have SAR...I cannot tell whether PPI was optional or taken out with loan or 'added to account' afterwards without his knowledge at any time.....

 

2 letters as a fact state that he DID have PPI and they located them but letters do not indicate circumstances surrounding the selling of those PPI's...

 

....but they gave a copy of certificate of Insurance but there is no Policy Reference Numbers on either of those copies of PPI cover...

 

.....one of the accounts remains active even though he has paid his balance up in full all those years ago...approx 8 yrs in fact

 

Surely I would need the SARS in order to calculate the charges and late fees figures properly...yes?

 

What should the next letters include

 

Are the circumstances surrounding the selling on the SARS OR in the LOAN AGREEMENT itself or BOTH

 

thnks mixman:-)

Edited May 13, 2012 by means2anend

[means2anend]

I had an offer yesterday after only one month..but it appears that offer is abit on low side too...however from cust account information going back to 2005

 

But their opening screenshot of credit card shows account was opened in 1991...how can that be and how do i know WHEN ppi was actually started to be deducted..

[means2anend]

I am trawling thru as many threads on this one...I got an offer on behalf of freind yesterday after only a month...But SAR shows computersacreenshot that account opened in 1991 but statements only go far as back as 2005

 

Also the actual premeiums paid from that period were only approx£ 2.00 which amoutn approx £190 and offer of £368.00

 

dpnt know whether to advise him to accept or not...dx100uk thinks it's low..

 

Where do I get the interest rate and how do I input that into spreadsheet and how does this ll work:???:

[means2anend]

Rgiht ...recieved offer for approx £370.00 on actual premiums of about £180.00

 

does this sound about right...how shall I calculate the figures to see if it IS right for the elderley gent..I have SAR and all cust account info that goes back to 2005...but screenshot shows account opened in 1991..duh!!!

 

How and where do I see interest to be applied and if it varies throughout how do i apply those new figures and to what...your advise would be much appreciated on this

[dx100uk]

new thread created here

dx

[means2anend]

We also received a confirmation that PPI was added to the account in October 2003...MBNA credit Card...

 

.I have calculated the number of actual premiums paid going back as far as 2005 ONLY as Cust Inf Sheet shows only that far...

 

.However I have assumed that AMOUNT of payments were same going back to Oct 2003 and have followed FOS approach to Regular Credit Card PPI Refunds...

 

The Premiums paid every month did not go above £2.20 except on a copule of occasions when there were £20.00 and £18.00 payments..

 

Factoring this in and assuming that %8 had also been applied it seems that £370.00 seems about right..

 

I have not used any spreadsheets as I am a newbie to that ..lol

 

Simply using thumb of rule as yardstick...

 

Does anyone advise that this is reasonable to accept.

Tthank you all

[dx100uk]

http://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

sheet 4 then sheet 1

 

dx

[means2anend]

Right then...just a few preliminaries before I confirm whether the offer they made was correct...

 

1 PPI was added to account in Oct 2003...but Cust Acct Info inSAR only goes back to 2005...how do I calculate from Oct 2003-2005

 

2. In the Sheet 4...what does 'Amount of Charge' mean...is it the actual monthly repayment

 

3.The APR started of the main loan was 19.9%...do I need to check monthly to see if it varies for that particular month and then put that new figure in the APR box...I ask this question because in the NOTES section it states that that box should not be interfered with

 

Advice most appreciated for this Credit Card Calculation

Thanks

m2ae

[dx100uk]

1. use avg PPI PCM from info you have

2.AMt of crg is PPI for that month

3. no use 19.9%

 

dx

[means2anend]

Thanks for that speedy clarifcation dx...

 

So its just a matter of putting in the APR 19.9% constant in the main box...... date of that particular ppi repayment ...then the description(1.e PPI)...then the actual figure of repaymentFOR THAT MONTH...and the calculator calculates itself...correct.

 

Once the sheet has finished..do I print out the sheet and use it as evidence sent by post to Lender....

 

And how does this calculator differ from Blake Lapthorn where all you do is put in principal sum and start date and end date and then press claculate

 

Thanks dx

much appreciated for clarifications

[means2anend]

Hold on I thought that the appropriate spreadsheet for Credit Cards was the FosC1v101.xls sheet and NOT statint.xls as that is for single premium PPI policies at simple 8%...r u sure u r using right sheet clayts...

 

OR maybe I am getting it wrong:!:

[ims21]

Hold on I thought that the appropriate spreadsheet for Credit Cards was the FosC1v101.xls sheet and NOT statint.xls as that is for single premium PPI policies at simple 8%...r u sure u r using right sheet clayts...

 

OR maybe I am getting it wrong:!:

 

FosRunning sheet IF ALL statements are available and then StatIntSheet from the date of closure of the account.

 

FosCIsheet gives the best estimate where ALL statements are not available

[dx100uk]

because the account is CLOSED.

 

you can ony reclaim CI up until account closure date

[as they stopped charging it then!]

 

but you can claim 8% stat int from the closure date

till the date your claim is settled.

 

so that's why you use the statint sheet

AS WELL with the figure from the CI sheet!

 

dx

[means2anend]

Then can Fos be used for both Credit Card monthly ppi repayments as well as Single up fornt ppi policies provided that monthly statements are incomplete...because my friends MBNA account PPIi was added to Credit AGREEMENT account in Oct 2003 but SAR monthly statements ONLY go back to 05th July 2005..and anyway how does one know what premiums to put into the charge box for that period where statements are missing

[dx100uk]

average it out from known payments.

 

listen

 

 

not being funny...but

 

you REALLY need to stick to your OWN threads with questions.

even if it relates to another thread

just link to it in a msg on your thread

 

dx

[means2anend]

Yes thanks for that do not want to cause confusion on clayts thread very sorr:oops:y

[dx100uk]

posts moved to this thread

 

dx

[means2anend]

okay interesting....

 

I have calculated the figures from 05/07/2005-03/06/2010 and =TOTAL CHARGES £186.89

COMPOUND INTEREST £157.58

TOTAL £344.47

 

HOWEVER my friend has received a cheque for £330.01

 

I have not even factored in the missing months FROM OCT 6th 2003-05/07/2005 for which there are no monthly statements in the SAR package..but we have correspondence that evidences PPI being added to that accounton that specific date 06th October 2003

 

Also bear in mind that the last payment was on 03/06/2010 and the cheque was dated for 31st May 2012...we are looking at many months of STATUTORY INTEREST too...are we not?

 

Any advice please........dx100uk your initial instinct was bang on'....you said it 'seemed low'

 

Any input ims please:suspicious:

 

Thanks to you both

Edited June 5, 2012 by means2anend

[means2anend]

I am just popping out fro some fresh air and a break for a couple of hours..I think I need to just break the pattern abit...

 

But I hope that your advice will be both soon forthcoming..

 

thnks to you both once again

[ims21]

Ask them for a detailed breakdown of how their figure is calculated.

 

For a card that is paid off and settled, the regulatory award should consist of...

 

Refund of all premiums paid plus contractual interest charged as a result of those premiums. In addition, where the removal of the PPI results in the balance on the account moving into a credit balance for any period, an amount of 8% simple interest is awarded on that credit balance for that period.

 

Furthermore, the lender must reconstruct the account with the PPI and associated interest removed to the date of account closure. This will result in a difference between the card balance paid off and the actual balance which would have been on the account had the PPI not been there. 8% simple interest is paid on that difference running from the date of account closure to the date of settlement.

 

The overriding principle is that the claimant must be out back in the position they would have been in had the ppi not been applied in the first place.

Edited June 5, 2012 by ims21

[means2anend]

Thats great ims..I will definitely write to them on thi matter...

 

How would I take the above figures and apply them to the statin spreadsheet for period 03/06/2010 until 31/05/2012 when the cheque was written out (or rather the letter in which the final and full settlement was given)

 

Thanks

[ims21]

Take the total from the spreadsheet you have just done and make a note of it.

 

Open up the StatInt sheet. Change the "Claim To" date to 31/5/12.

 

Make a one line entry in the StatInt sheet with the date of 3/6/10 as the date of charge and the figure you made a note of as the amount. The sheet will work out the statutory 8% interest on that figure

[means2anend]

Thank you

 

Succinct and straight to the point...

 

I'l be back with final figure that I shall revise upwards as a minimal counter-offer and use the missing months as leverage to get them to full and final settlement

 

I shall be moving on to the HBOS PPI loans and conditional loans...in the meantime am reading up on Citizens explanation of Single PPi arrived via your link

 

Rgds:-D

[means2anend]

sorry ims..but is the claim from date the same...ie...05/07/2010 and goes into claim FROM box..

 

I appear to come at a total interest 8% simple of £55.17

 

could you give me a second opinion..and if it is correct...then that would be added to 344.47 and used as counter offer correct?

 

thnks

[means2anend]

Sorry the sheet has given me total of £399.64

 

I guess thats right...phew!!!

 

Thanks ims.AND dx100..I have really really enjoyed this journey of learning

 

:whoo:

 

Much rgds