Confused which route to take - PPI or Credit Card Charges

[Shains]

I need some help in understanding which route to take - PPI or Credit Card Charges. I requested data from MBNA by following the template letters on money saving expert site on making a claim for charges. When I received the documentation I noticed that there was PPC on the credit agreement and some payments made out for Card Protection and Posted Credit Insurance fees so that has left me a little baffled on which route to take. Also, an someone help me understand what is meant by charges? does this include interest payments also? Thank you.

[ims21]

Hi

 

Welcome to CAG.

 

Charges reclaims are to do with things like "Late Payment Fees", "Over Limit Fees", "Teleohone Calls", "Letter Charges" and the like.

 

PPI reclaims are specifically to do with ppi, the insurance that was provided, forced, hidden and just plain mis-sold to the unsuspecting customer.

 

When you say you are unclear which route to take, if you have charges as outlined above and ppi which was mis-sold, you can go for both.

 

They are two separate claims and the process for reclaiming is different for both.

 

Regards

 

ims

[Shains]

Hi

 

Welcome to CAG.

 

Charges reclaims are to do with things like "Late Payment Fees", "Over Limit Fees", "Teleohone Calls", "Letter Charges" and the like.

 

PPI reclaims are specifically to do with ppi, the insurance that was provided, forced, hidden and just plain mis-sold to the unsuspecting customer.

 

When you say you are unclear which route to take, if you have charges as outlined above and ppi which was mis-sold, you can go for both.

 

They are two separate claims and the process for reclaiming is different for both.

 

Regards

 

ims

 

Hi

 

Thank you for explaining the difference. However, the PPI taken was just small amounts in 2004 and 2005 and then after that I have been hit with so many charges and in most cases double entries taken on the same date. I am at present just about to send a letter to ask for the charges back and just needed to know whether I can claim back interest as there are two headings on the entries one for posted retail interest and the other for other interest. As well as finance charges I have overlimit fee on account alance and over limit fee on balance charges. I am very grateful for your help with this. Many thanks

[ims21]

Hi

 

Before submittingany claim I'd strongly recommend you do some reading in the MBNA forum and also the success strories in the Barclaycard forum....yu shoudl ideally follow a process with the claim.

 

Yes you can cliam interest but only the interest that will be attached to the charges, not the interest that features on your statements.

 

You should prepare a claim schedule and I've attached a spreadsheet that will calculate your claim for you. Amend your details in the blue section and change the APR to the rate that was being charged on your card. Then move to the white list section under the coloured bits and list each of the charges you have incurred which are desribed as late payment, over limit fee and the like. Give the date of the charge, the description and the amount. The rest of the calcs are done for you. Please note that the spreadsheet is protected in certain areas to prevent changes to the formuale. If you get a protection message it means that you are trying to change data in a protecetd cell.

 

When you have finished you will have a schedule of claim and it will show the total charges and the interest you are claiming on those charges.

 

You then send a prelimianry letter to the lender with a copy of the spreadsheet demanding a refund and you give them 14 days to pay up. There is a letter template in the library, the link to which is at the top of every CAG page in green.

 

If they don't you can send them a letter before action and if they still don't pay then you issue in court.

 

If it gets to that stage, only threaten court of you intend to go through with it.

 

Also have a look here to get information on the amount of interest you can seek.

 

http://www.consumerwiki.co.uk/index.php/Interest_Tutorial

 

Regards

 

ims

 

CISheet.xls

[Shains]

Wow so much information to look at. I have a full breakdown and will need to look at each entry level. If you can recommend someone or even yourself I can get some assistance to do this with then I would be grateful. Thank you.

[ims21]

Hi

 

As you may know, this is an open forum and you'll get input from a number of members.

 

First physical thing to do is get the spreadsheet completed as details above. That of course involved going through all of your statements, finding the type of charges I have mentioned and entering them into the spreadsheet as described above. If you come accross a charge that you don't understand, just ask.

 

Don't forget, there is a huge amount of information on this site...my advice would be not to rush the claim....make sure you are comfortable and confident with your claim because it unlikely that they will pay up without a fight.

 

Regards

 

ims

[Shains]

Hi Yes I undertstand and I am new to the forum. I just feel confused as to how to go about things but will try and go through the statement line by line. It is very difficult to understand what a certain amount of interest applies to and also the finance charges as I have not had the use of my card since last year but there are always double entry finance charges after I have paid an instalment. Thanks for giving me a direction though.

[ims21]

Hi

 

Yes it can be a bit daunting to start with but you'll get there I know.

 

When you are going through your statements, forget and ignore anything that has the word "interest" in it.....you're not needing those for your claim.

 

Regards

 

ims

[Shains]

hi there thank you so much for the tip, it helps a lot. I will get started. Kind regards

[ims21]

 

Shout when you need more help

 

Regards

 

ims

[dx100uk]

finance charges?

 

you dont mean over limit/late fees?

 

or have you two int rate

one for purchases and one for cash advance?

 

as for int on the charges

the spreadsheet words that out.

 

dx