MBNA - PPI reclaim from 1997 - thoughts welcome on where I stand

[bluebiro]

Hello good people of the CAG

 

My first post

 

I've spent a while in here looking through the numerous threads and articles.

I wish I had found you sooner. What a truly amazing community.

It's also good to know I'm not alone...

It's also great to see there really are some amazingly generous individuals giving their time and effort to resolve other peoples problems!

 

 

 

OVERVIEW

MBNA Credit card with PPI for many years from at least 1997 to 200x when the account was closed and paid off in full.

 

I had heard over the years about the mis selling of PPI, I knew I used to pay it, but was told "down the pub"a few years ago that if its more than 6 years its no good, so I put it down to experience, not so keen to dredge up the past and moved on with life. This was particularly galling, as when I actually tried to make a claim on the PPI policy some months after being made redundant in 2002, I was told that I had left it too late to make any claim. Looking back, I must have been in a pretty bad place. I would not normally have left something like that unresolved.

 

Back to the present

Several weeks ago, I read an article which said there was no time limit on reclaiming PPI, it was simply a question of getting the proof together and it could go back as far records allow. i decided to investigate, so, off to the attic I went, where amazingly I found evidence of previously paying PPI on an MBNA credit card.

 

I was none to keen to pass this over to a "no win, no fee" outfit to reclam the PPI on my behalf, so I (naively perhaps) simply wrote to MBNA on impulse.

 

I pointed out I believe I have a strong case for mis selling, highlighted their refusal to help when I was made redundant, provided evidence of losing my job, provided 2 monthly statements showing PPI paid, one statement from 1999 and another in 2002 and questioned if the salesperson was even qualified to give advice in the first place and certainly did not remember signing anything regarding PPI. - All before I found the CAG....

 

I have some but not all statements dating back from May 1998 to Dec 2002

The PPI amounts i can prove vary from £26.95 in Nov 1999 to £52.94 in Dec 2002

The ineterest rate applied appears to be 18.9%

If I use the spreadsheets on here, this equates to a tidy sum, especially if I extrapolate the missing months from the statements I do have.

Does

£52.92 paid in 4/10/02 @18.9% really = £235.61

.....

£26.95 paid in 04/11/99 @18.9% really = £216.55

?!

 

Having now found this group and having just recieved a letter saying MBNA will give me a "Final Response" in 28 days I wonder if I can do anything to strenghten my case with them and demonstrate my determination to take this further if need be, ideally forcing their hand without having to go through the need for SAR etc.

 

I'm inlcined to send off the following letter to supplement my initial letter in the hope that it makes them think I have no intention of fading away again and better to pay now and not drag it out.

 

Comments or thoughts welcome.

Thanks in advance.

Donation to follow - no question - others need the invaluable resource this site and its members provide.

 

 

 

DRAFT

 

 

 

Ref:Account Number:xxxxxxxxxxxxxx

Your Ref:xxxxx

 

2x July 2012

 

Dear X

 

Thank you for your letter of 1 July 2012.

 

Since sending you my initial claim for mis-sold PPI, I have been looking into the subject in greater detail. Having joined a number of consumer action groups, researched numerous threads and articles on the subject of mis-sold PPI and MBNAEurope in particular, I now feel much better placed to pursue this cliam to its conclusion and ensure i reclaim the full PPI amount due and look forward to receiving your "Final Response" within the 28 day timescale you refer to.

 

For the avoidance of doubt, my expectation is for your "Final Response" to include a cheque for the refund of the enitire amount of PPI I have paid, taking into account compound interest at the rate applied by MBNA on each monthly statement and relating to all PPI activity on the above account from its inception.

 

In addition to demanding full payment, I also expect full disclosure and a monthly breakdown of PPI amounts paid, the dates and the interest rate applied for any and all PPI activity on the above account. The enclosed spreadsheet highlights the formulae I expect to be used in calculating the total amount owed and the minimum 18.9% rate shown on my statements.

 

The Consumer Groups have proved a hugely informative resource with regards to mis-sold PPI and MBNA in particular. I believe it to be in your best interests to settle this immediately and in full. I am not going to go away or be fobbed off any more!

 

There is no time limitation to PPI claims. In that regard, if you decide to implement delaying tactics or decide to make an offer of payment that does not truly reflect the amounts due, I will have no hesitation in taking whatever steps are required to reach a satisactory conclusion - including looking to the courts if need be, where I may ask them to consider "restitution" adding perhaps a further 8% interest to the total amount owed.

 

Your records will show that I cleared my debt to you in full including interest accrued. I demand that you now do the same.

 

I look forward to your "Final Response".

 

Yours sincerely,

 

 

Further background for those interested

I had a good job and had a DD to make monthly payments - a then near perfect credit rating I would imagine.

In Mar 2002 I was made redundant. My then partner had an affair (not related to losing my job) but what with everything I kind of gave up on life for a while (a long while) and with no income, payments went unpaid and it all became a bit of a mess.

 

Long story short - I moved house and the MBNA debt spiralled but they couldnt get hold of me.

3 years or so later I looked to clean up the mess, made contact with MBNA and was immediately pounced on with some quite intimidating demands for payment. I did so, in full, nearly 7k from memory. I did owe them money after all. There is no longer any mark on my credit file to reflect this and life in general is much better. Took a while but its coming together.....

 

Thanks for reading.

[ims21]

Hi

 

There is indeed no time limit for PPI claims.

 

Did you complete a fos consumer questionnaire as part of your complaint?

 

As you have already put in a claim then I would wait until you get their response...you can always challenge it if it is not favourable.

 

You need to use the right spreadsheet or your calculations....in the absence of all statements then this would be the one.

 

FosCISheet v101.xls

 

The "claim to" date should be set to the date that you paid off the account.

 

You then put the resulting figure from that spreadsheet into this one as a one line entry to work out what the 8% interest is from the time of settlement of the account right up to today.

 

StatIntSheet v101.xls

[bluebiro]

Hello IMS21

 

Thanks for the quick response - yes, I believe I used a standard FOS questionnaire.

 

Having seen your name in lights and the advice you have given so many on here - I'm more than happy to do as you say wait and see.....

 

OK, understood regarding the spreadsheets and the order in which to use them going forward but I wonder why the "claim to date" should be for when the account was closed as opposed to today?

 

I've no doubt you are right, but they still have my money and that didn't stop when I cleared the account.

 

I'm fully expecting a "no" but you never know....

 

Updates to follow as and when.

 

Thanks

[ims21]

The reasons for the dates on the spreadsheets is that a regulatory award will consist of the return of the premiums actually paid plus any interest charged on them at the bank's rate.

 

The lender will also reconstruct the account without the ppi and that interest, and should the reconstructed account fall into a credit balance for any period then 8% simple is awarded on that credit balance for that period.

 

Where a card is paid off, the claimant would be awarded 8% simple on the difference between the balance paid off and the reconstructed balance running from the date the account was settled to the date the claim is settled.

 

To get interest in the fashion you have described is not recognised by the regulator but may be awarded by a court as there are different arguments which could be put to a court.

[bluebiro]

Update:

 

Wow.

 

Received a response from MBNA this weekend informing me the complaint IS BEING UPHELD. Advising it may be up to 12 weeks before "a payment will be sent yo you and this amount will be in full and final settlement of your complaint."

 

Question: From the experience of others, will this payment be accompanied with a breakdown of how they calculated the amount they believe to be owed or simply a cheque?

 

More as and when I next get something from MBNA...........

[ims21]

Sounds promising.

 

You should receive a letter of offer which will give a simple breakdown but it will not be a detailed breakdown premium by premium. If you want that you will need to press them on it.

 

When you get the offer make sure that any interest they are giving you is paid right up to the date of settlement.

[bluebiro]

I think I may need to do a SAR in order to ensure the payment is correct as I only have some but not all of my statements, including the the missing information as to when the account was finally closed. So it would all be best guess work on my part.

 

But I will hold off on doing anything and check in here with and update before I do anything.

 

Whilst the initial response is positive, I cant help thinking MBNA will cock it up and try and get out of some/most/all of it anyway.

 

Suffice to say, I won't now let that happen.

 

More when I get it......

[bluebiro]

Hi All,

 

Update as promised.

 

After a simply brilliant day at spent in the Olympic Stadium on Saturday we staggered back home very, very, very late, to find a letter from MBNA on the doormat.

 

Crikey! The letter only included a cheque for an amount quite a bit more than I calculated it to be!

 

Pretty damn good weekend all round!

 

Time now I think to go for #3 in the ims21 signature.

 

Donation once it has cleared!

 

For those following this thread - stick with it, follow the advice and stick with it and follow the advice, stick with it.....

 

More updates as and when.

 

Cheers all

 

 

 

.

[rebel11]

Thread has been moved to the correct forum.

[Gee007]

Hi all, I'm quite new to this forum but have spent lots of time reading and researching my PPI claim with MBNA.

 

I have had my card since 1996 and it has nearly always had a balance, two or three times in the first 10 years it stayed at approx 5k balance for a couple of years at a time.

 

Yesterday I received a letter from them advising that my claim was being upheld and that I would receive a cheque in the next 28 days. Great news, but I'm a little confused, my PPI premiums of £3k are being refunded in full, however the associated interested is only £200. Although I confess that I don't really understand how it is calculated it "feels" light. They have also added some 8% interest taking the total to £4.5k !!

 

Do people think it's worth investigating the associated interest payment or should I just be pleased with that I've got (I am!)? I looked into getting old statements online but at £4 a statement it would cost me a fortune.

 

Thanks in advance for any help or advice!

[ims21]

Hi all, I'm quite new to this forum but have spent lots of time reading and researching my PPI claim with MBNA.

 

I have had my card since 1996 and it has nearly always had a balance, two or three times in the first 10 years it stayed at approx 5k balance for a couple of years at a time.

 

Yesterday I received a letter from them advising that my claim was being upheld and that I would receive a cheque in the next 28 days. Great news, but I'm a little confused, my PPI premiums of £3k are being refunded in full, however the associated interested is only £200. Although I confess that I don't really understand how it is calculated it "feels" light. They have also added some 8% interest taking the total to £4.5k !!

 

Do people think it's worth investigating the associated interest payment or should I just be pleased with that I've got (I am!)? I looked into getting old statements online but at £4 a statement it would cost me a fortune.

 

Thanks in advance for any help or advice!

 

You could SAR them for all the data they hold on the account.

 

Also get them to supply a detailed breakdown of how their figure is calculated

[Gee007]

Thank you for your help. I guess it's worth asking. Do you know if there's history of their figures being wrong?

[ims21]

Do you know if there's history of their figures being wrong?

 

They may or may not be correct. Always worth checking if you unsure.