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Everything posted by claireb1983

  1. Thanks Ims, I have already gone through all the statements and the interests rates were as follows; 15.95% from when the account was opened until July 2004 17.95% from August 2004 until May 2007 18.95% from June 2007 until March 2009 9.95% from April 2009 until September 2009 15.95% from October 2009 to date They mention a compounded interest rate of 9%?
  2. Hi Ims, I have now received the below response from MBNA regarding the spreadsheet that I used and the calculations; Fromthe information you have sent us, I also note your comments regarding thecalculated amount of redress provided in our previous response under referencenumber 8******. Our calculator works in accordance with FSA guidance andreconstructs the account on a month by month basis as if PPI had not beenpresent. As such, I must inform you that we are confident that the calculation,and redress provided, is correct. As requested, I have enclosed a copy of thiscalculation for you with this response. Pleasebe aware that we have fully checked our decision making process. I would liketo inform you that we have looked at your account and found evidence of PPIbeing taken out in July 2001, and have used this in our calculations. I mustinform you that the APR’s that you have quoted us are not the same as theamount that was actually charged, they reflect the annualised rate that isapplied to retail amounts borrowed when interest is charged. By way of example,if your father had used the card for cash transactions then a different ratewould have been applied to that element of the balance, or if he took advantageof the interest free retail grace days then no interest would have been chargedeven though the APR may have been 15.9%. Imust also inform you that the calculator you have used does not fully capturethe FSA guidance, and as such results in a significant over-estimate of theremediation due to an incorrect application of interest to the calculation. Itassumes a single interest rate for the entire period, wrongly calculatedinterest on PPI in the month it was charged, and incorrectly decompounds theAPR for use on a monthly basis. Weare obliged to remediate the interest that we have charged that is due to PPI.Within the spreadsheet you have provided, there is no account taken of theactual interest charged. Instead it assumes remediation is similar to a savingsaccount where there is a constant return on the balance owing. By way of anexample, in 2011 your fathers account was charged in total £86.75 of interestaccording to our records. The remediation spreadsheet you have provided isattempting to reclaim £623.27 for that same period. Please note that it is onlyfair and reasonable that we would not refund money we had not chargedoriginally. Throughreviewing the account, for the entire period, £3,478.20 of interest was chargedon an average balance of £2,060 for a period of 132 months. This gives anannual compounded interest rate of approximately 9% which is furthercorroboration of the amounts calculated. I trust that this explanation issatisfactory regarding the PPI redress that we previously supplied.
  3. Hi FrancisFamily, I have offered to help a family friend with his halifax mortgage PPI complaint (not that I feel im being much help) but it is also from the late 80's and his statements show the monthly payment broken down and included is a sum for what I believe to be the PPI.
  4. Hi Ims thanks for this. He genuinly didnt know he was paying PPI and what its purpose is, I thought the mis-sale would be on the grounds that he was SE at the time also but now it seems that he wasnt. Do you know what the monthly insurance may have been? Am I correct that the repayments insurance is the PPI? Thanks
  5. Hi, My Dads business partner has now given me the statements for his mortgage and Im really unsure whats what. The statements read Monthly Mortgage payment of £361.60 Monthly Insurance Instalment of £43.52 Monthly contents insurance premium of £31.79 Mortgage repayments insurance of £27.39 Is the 'mortgage repayment insurance' £27.39 the PPI??...what may the 'monthly insurance' be? There appears to be two seperate loan reference numbers one at a fixed rate and the other standard variable rate. Under the repayments type it states This is a combination repayment and interest-only mortgage. This mortgage includes £65K borrowed on interest-only terms. Your mortgage payments do not include the costs of any savings plan on other investment you may have arranged to build up a lump sum or to repay this amount. It is important to check regularly that your savings plan or other investment is on track to repay the interest-only part of your mortgage at the end of the term. We charge you interest on your mortgage using our Daily Interest method. You must keep payments up to date for any plans you use to support this loan. The details we hold are as follows; Investment plan Amount ISAs £38,500.00 Endowments £26,500.00 Im really unsure about this one as I dont understand it. Also he has not sent me all of the statements. Should I SAR the lender to get them all? Its a 25 year mortgage with 5 years left. The other thing is my Dads business partner is self employed but when the mortgage was taken out 20 years ago, he was not. He only became SE around 16 years ago so Im unsure what approach to take? Any advice would be much appreciated, Thanks Claire
  6. I have today received a standard acknowledgement letter quoting a new complaint reference number. This is so frustrating...why would they log as a new complaint when all I want is a breakdown of figures. I have just sent an email to Ian Odoherty.
  7. Thanks for that info Ims - much appreciate as I wasnt sure where I stood with this. I thought I was facing the choice of A. accept what they have offered or B. wait around a year for FOS to take a look at it. I couldnt praise MBNA highly enough when they dealt with the claim so swiftly but my experience on the phone today was absolutely dreadful. I was on the phone for over an hour and passed from pillar to post. I think i will stick with writing to them.
  8. So still havent received a response to my follow up letter to MBNA - checked the Royal Mail tracking site today and it doesnt confirm delivery of my letter so called MBNA to question whether they received it. MBNA have said that as far as they are concerned, they send a cheque and thats their final decision on the matter. Any appeals on figures must go to the FOS?!....great !
  9. Cheque arrived on Friday although I also posted my letter of to them on Friday requestng their calculations so have asked my Dad not to cash it for now. He's over the moon though. Thanks again for all your help
  10. wow that was quick Your a star Ims - thanks! Ill ask him for the statements and get started!!
  11. Hi there, Having just succesfully reclaimed credit card PPI for my dad who is self employed his business partner has asked if I will try and reclaim PPI for him. He says that he has PPI on his Halifax mortgage statements and has paid a total of £8K in PPI over the life of his mortgage? Is the process for reclaiming mortgage PPI the same?? What questions should I be asking him and is the fact that he is self employed grounds for mis-sale? Many Thanks
  12. Hi Shelley, I claimed on behalf of my Dad who is self employed - I just got a letter upholding the claim from MBNA
  13. Thanks citizenB - I was extremely lucky - posted the claim on 6th June and final response received dated 22nd June upholding the claim. Well done MBNA
  14. I've been playing around with my spreadsheet and it looks like MBNA have used around an average of 9.02% interest based on the PPi premiums paid as this calculates their interest within a few pence The APR on the credit card was 15.95% from when the account was opened in 2002 until July 2004 17.95% from August 2004 until May 2007 18.95% from June 2007 until March 2009 9.95% from April 2009 until September 2009 15.95% from October 2009 to date I am defintely baffled.
  15. Thanks ims, ill get that sent off tomorrow then and will keep you updated!
  16. should I give them a buzz to find out? Am I best querying the interest rate they have based their calculations on? Thanks again ims
  17. I have just looked back thorugh his statements.... The interest rate was 1.2408% from 2002 to 2005 2006 it changed to 1.3852% 2007 it changed to 1.4566% 2009 it changed to 0.7935% (this was because he called them to cancel the PPI and they persuaded him to keep it by reducing the interest rate. 2010 it changed to 1.2408% and this is the current interest rate What rate should I have used for my calculations? Thanks again Claire
  18. I have just checked his statements and the card purchase rate is 1.2408% - I've probably calculated this wrong?
  19. Hi ims, thanks for such a quick reply. I have used the interest rate 14.90% Yes the account is still live and the PPI has always been paid, the final response I have received confirms that they have cancelled the PPI cover for my dad on the back of my claim. Should I trust that their calculations are correct? My dad will still be over the moon with the figure they have suggested. Thanks Claire
  20. Hi I have just got home to a letter from MBNA upholding my claim for my Dad - he is going to be so pleased But....the figures differ alot to what I had worked out using the spreadsheet. Using the spreadsheet I got the following Monthly cost of PPI - £1886.14 Compound interest - £3058.11 8% simple interest - £963.43 Total - £5907.68 MBNA's figures are as follows; PPI premiums charged - £2077.42 Interest - £1449.72 8% simple interest - £853.66 Total - £4,380.80 The PPI premiums will have been out a little as the first few statements were missing so this seems correct. Why would my compound interest calculation be so out?? Thanks Claire
  21. Thanks, posted everything off on 6th June and received an acknowldegement letter yesterday dated 14th June advising of a 28 day timescale for the next update/response.
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