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Posts posted by makkapakka69

  1. There is certainly alot of info in the links you mentioned. Looks like I might have a long road ahead.


    So just to confirm, if claiming for restitution, I can claim at a higher rate than the purchase rate. I have worked out all the cash rates at each point of charge.



  2. The cash apr's ranged from 15.9% to 27.9% during the time the account was active.


    The purchase rate is harder to work out as the SAR only gives the rates as A B C D and indicates when an increase occurred. I am assuming that D is the cash rate as this is the highest at any one time. MBNA always had an urge to offer special discounted aprs from time to time, so the card balance was always made up of different transactions with different aprs charged.


    The statements are not printed as when they were orginally sent out. They are just one list, 8 pages long with all transactions dated and listed in order. I have been cross referencing them to the APR hikes listed in the comms log and applying the rate at that time.


    Highest APR issued just before the account went under was definately 27.9% though.



  3. Thanks for your reply.


    I'd like to go for full restitution on this I think. Dont like MBNA!


    Are there any success stories when doing this? Cant imagine they would give up their money easily, so are they likely to defend all the way?


    What is the higher APR you can use? Is it the cash APR?



  4. Hi all,


    I'm about to start a reclaim of credit card charges from an old defuct MBNA account. I've already sent a SAR request for copy statements etc and received these back, and I'm currently preparing a SOC. There are 19 charges for late payments/over limits ranging from £25 - £12 from between 2004 and 2007, totalling just under £500.


    I've had a good read through the forums for tips and advice, but I could do with some help to the following questions as some things seem to be contradicting themselves in different threads:


    1) When calculating the APR, do you use the purchase or cash rate? According to the statements, i've had up to 4 different rates at any one time due to various promotional rates, so choosing the right one is proving tricky.


    2) Do you use the APR at the time of the charge, or the final APR from your final statement/ closure of account?


    3) Is it wise to go for full restitution through the courts, or just simple interest throgh the FOS?


    4) Do you claim compound interest from the date of the charge to the present day, or only for when the account was in debit, and then simple interest when in credit?


    5) Do the FOS deal with non PPI complaints faster, or does everything go in one queue?



    This account was charged off in 2008, and sold to a DCA. Unluckily for them, they bought a turkey as there was no valid agreement or original t's and c's. When I challenged them, they put the account on hold and then later confirmed to me in writing that they would not be persuing the account any further. RESULT!!!


    These charges are the final piece of the jigsaw with this account and then it can be finished with for good.


    Thanks in advance for any replies.

  5. Royal Mail are worse than useless!


    A rather rude woman said that I should have sent it Special Delivery because for one, it was an important document, and for two, it contained a cheque which RM class as money!


    As normal recorded delivery is not tracked right through the delivery process, there is no way of checking where in the system the letter may be. So it seems normal post is a sub-standard service.


    She advised me to contact Lloyds to see if they had received it, and if not to re-send via Special Delivery! Joke!



  6. After sending Lloyds a Sar request back in December, have still not heard anything back. It was sent recorded, but the Royal Mail tracker is just syaing that it is being processed through our system. The cheque has not been cashed either. Could it have got lost in the post as it was sent in the busy run up to Christmas?


    Also, Wescott are also hounding me over this with calls and letters, despite me sending them a letter that the debt is disputed.



  7. Received letter confirming case finally passed to Ombudsman team for final decision, but depending on the complexities of the case, could take up to a year to reach a decision.


    Have been reading up on the rule or 78 regarding interest and settlement figures. If our loan was for an initial £57,000 and we now still owe £52,500 after nearly 6 and a half years worth of payments, is it plausible that FP have used the 78 rule to calculate the settlement figure.



  8. Update on this:


    This matter is now being investigated by the FOS - has been for months now.


    Current balance of loan now stands at £52,500, meaning that if FP figures are correct, we have only repaid £4,500 in over 6 years of repayments - with each monthly payment being at least £570!!!


    Work out what we have paid them in return!!!!!!!!!!!!!!

  9. Dug out the final FOS letter:


    Makkapakka69 says he thought he had to take the policy out to qualify for the credit card.


    He says while the application form he signed does allow for the PPI to be declined,

    the adviser said his status was such that he needed to take it out.


    Makkapakka69's explanation is plausible, so I have given it some weight.

    But I have also considered that these events took place over a decade ago and even the clearest memories can fade or become confused with time.

    I also note that the option to decline the policy, on the application which Makkapakka69 signed, was right beside the option to take it out (and just as prominent)

    and that this was under the heading "Optional Features".


    Taking all this into account I am not persuade I can safely conclude Makkapakka69 was told this policy was compulsory.

    I consider it more likely he was told he should have the insurance (by way of the adviser's recommendation) rather than he must have it.


    Given I consider the policy was suitable I do not think the adviser making such a comment would have been inappropriate.


    He believed the policy was suitable because I was not affected by any of the exclusions or limitations on the cover provided by the policy,

    and that the policy would have "provided a useful benefit to him in the event of accident, sickness or unemployment."

    Even though I had excellent cover through my employer for accident and sickness.


    Only the unemployment cover was extra.



  10. certainly yes worth it


    they'd be a good chunk left to go into your pocket for sure


    you might even get the defaults removed too


    however your choice


    it 'troubles' me that the fos have found with the OC


    i'm unsure how this would look to a judge?




    Yes, it worries me too!


    I haven't got the FOS letter to hand,

    but the jist of it was that the complaint was no upheld because the original application form had a tick box for ppi within the "Optional Features" section.

    The Ombudsman said that I should have realised that because of this, the policy wasn't compulsory.


    The thing is, the application form was filled out by the sales advisor.

    It is quite clearly not my handwriting.

    I was only shown where to sign the form,

    and this was after she had told me that I had to have it.


    There aren't even any ppi t's and c's to read on the form before signing and none were pointed out to me by the advisor.


    Strangely though, I've already claimed back two loan ppi policies from LTSB, both of these also said "optional" on the loan documents.


    Lloyds refunded one straight away, and the other was upheld through the FOS, so there are inconsistancies here.


    Both these loans were also sold in branch, the only difference being that they were both single premium policies.


    Dont know if this made any difference.





    theres another way to look at this

    in 2yrs it falls off your CRA file


    they will never go to court about he debt

    as it is subject to a PPI claim.

    ok it might not be water tight

    but enough doubt exists i'm sure


    as why pass it around DCA's if they were so confident you owe the OD bal.


    pers i'd just let it drop off.





    But that wont stop them chasing me for the money forever,

    or worse selling it on and then being chased by a DCA forever.


    We all know that people are chased for completely unenforceable debts for years and years.


    Thats why I really want to clear it this way, then I would be certain that the debt would never reappear!


    Would it be worth sending a SAR to work out exactly how much I would be due?

    As I said earlier, I think it would be easy a 5 figure sum with compound interest on top of the premiums!


    I hate LTSB with a passion, so the thought of them winning on this really hacks me off!



  12. Already went to an Ombudsman for final determination and he agreed with the adjudicator. he just went into a little bit more detail as to their reasons.


    I went back to LTSB after the FOS rejected as the initial complaint was sent well before the High Court ruling this year, (About 2 years ago in fact) as I thought that they hadn't covered every point of the complaint. Just received a letter yesterday from LTSB confirming that the case wont be reopened and if i want to take it to small claim court, then to do so!

    I dont know the exact amount to reclaim, as I no longer have all the previous statements. (I've got some, but none of the earlier ones from when I lived with my parents) But the card was opened in 1999, so I would expect it to be quite substancial with the interest added on top. Some of the monthly premiums were in excess of £50, so I believe it could run into 5 figures!


    I only want to clear the debt once and for all, so I was thinking of getting a claims management firm involved. Even with their fee, the debt would be cleared if i won. If I went it alone, would I be liable for all Lloyds costs if I lost?



  13. Thanks for getting back so quick.


    They said that on the application form, the tick box for ppi was clearly stated as an optional feature.

    They did give my complaint credibility, but said that it was more than likely that the sales advisor only advised it was taken out and did not say it was compulsory.


    The card and ppi were taken out during a financial review in branch.


    I was only told where to sign and wasn't given any info on the ppi policy, only that I had to take it out because of my limited credit history at that time as I was only 22.


    The Ombudsman said that even though I never received the t's and c's on the day,

    this wasn't enough to claim an unfair disadvantage.



  14. Hi,


    I've been trying to reclaim the PPI on an old Lloyds TSB Asset credit card from 1999,

    however both Lloyds and now the FOS have rejected the claim.


    The card itself defaulted 4 years ago and has been passed around several DCA's, both in house and external.


    I believe it to be unenforceable due to missing prescribed terms and no original terms and conditions.


    I'm a bit gutted as a successful claim should clear the balance of just over £6,000.


    The PPI was missold as I was told it was essential in order to get the card, despite having some cover through work.


    Also, the terms and conditions for the PPI policy were not sent out to me until 4 month after the card started.


    Is this worth persuing through the Court or should I just accept the defeat?





    Any other info, just ask!

  15. Thats the point. They haven't offset it against the debt. They have added it onto the debt!


    Quick example:


    Account balance before ppi reclaim = £67,000


    Original ppi amount @ £11,500 reclaimed and credited to account. Account balance now = £56,500


    Interest charged on mis-sold ppi @ £2,800 credited to account. Account balance now = £53,700


    Monthly repayments restructured and ppi element removed. Previous ppi overpayments already made @ £3,200 refunded to me by personal cheque.


    Same £3,200 charged back onto loan account. Account balance now = £56,900


    This was 2 years ago and only came to light through recent SAR request.


    Original loan for £57,000 taken out over 4 and a half years ago. Balance now = £54,000 with over £25,000 already paid back in monthly instalments!:-x


    1st Plus claim nothing wrong and all above board!:confused::confused:



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