Does he have a valid claim and can I claim on his behalf??

[claireb1983]

Hi all

 

PPI came into a conversation between my Dad and I last night and he mentioned that he has been paying it to MBNA for years. My dad is and always has been self employed as far as I can remember back.

 

He has given me all of his statements since 2002 and he has been paying between £10-£40 per month in PPi since and still is to date and has asked me to deal with his claim for him.

 

Will he hae a valid claim because he is self employed or is there a possibility that the policy may have covered him?

 

Am I able to claim on his behalf or will MBNA need to write to my dad directly?

 

Also I have sat this afternoon and have entered all of the figures from his statements onto one of the spreadsheets on here and it totals £5K but I am unsure about the interest calculations...what interest may he possible be due? Im confused about compound/8% interest etc?

 

Many Thanks

 

Claire

Edited June 3, 2012 by claireb1983

[citizenB]

You must down load the FOS complaint form from their website.

 

There is a space on there for someone to act as "agent" - your Father will need to sign the form to say he gives you the authority to act on his behalf

 

HTH

[ims21]

And this is the spreadsheet you should be using

 

FosRunningPPI v101.xls

[dx100uk]

Hi all

 

PPI came into a conversation between my Dad and I last night and he mentioned that he has been paying it to MBNA for years. My dad is and always has been self employed as far as I can remember back.

 

He has given me all of his statements since 2002 and he has been paying between £10-£40 per month in PPi since and still is to date and has asked me to deal with his claim for him.

 

Will he hae a valid claim because he is self employed or is there a possibility that the policy may have covered him?

 

Am I able to claim on his behalf or will MBNA need to write to my dad directly?

 

Also I have sat this afternoon and have entered all of the figures from his statements onto one of the spreadsheets on here and it totals £5K but I am unsure about the interest calculations...what interest may he possible be due? Im confused about compound/8% interest etc?

 

Many Thanks

 

Claire

 

 

third sheet here

 

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

 

You use THEIR purcHase int rATE.

 

dx

[claireb1983]

Many thanks for all the helpful replies, thats great that I can act as his 'agent'.

 

The spreadsheet I have used is the one that ims posted. Am I best sending the completed spreadsheet along with the fos form? Do I also send them a copy of all of the statements?

[dx100uk]

me and him posted the same one!

 

he beat me!

 

dx

[dx100uk]

Many thanks for all the helpful replies, thats great that I can act as his 'agent'.

 

The spreadsheet I have used is the one that ims posted. Am I best sending the completed spreadsheet along with the fos form? Do I also send them a copy of all of the statements?

 

FOS CQ + SOC + covering letter

 

to MBNA

 

dx

[claireb1983]

Great thanks

 

Would these figures be about right?

 

Monthly cost of PPI - £1886.14

Compound interest - £3058.11

8% simple interest - £963.43

Total - £5907.68

 

This is what I have on the spreadsheet

 

Thanks

 

Claire

[claireb1983]

Also am I correct in thinking that the policy may not have covered my Dad as he is self employed? Should I send proof of this with my correspondence? Thanks

[ims21]

Great thanks

 

Would these figures be about right?

 

Monthly cost of PPI - £1886.14

Compound interest - £3058.11

8% simple interest - £963.43

Total - £5907.68

 

This is what I have on the spreadsheet

 

Thanks

 

Claire

 

Can you post up the spreadsheet MINUS ALL PERSONAL INFORMATION

[dx100uk]

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

.

ENSURE: remove all pers info inc barcodes etc using paint program

but leave all figures and dates.

.

goto one of the many free online pdf converter websites

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

or if you have PDF as an installed printer drive use that

or use word and save as pdf

.

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

.

.

dx

[claireb1983]

[claireb1983]

Hope this works ok, thanks

[ims21]

Well its the right spreadsheet so provided you have entered the information correctly then its fine

[claireb1983]

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.

[claireb1983]

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

[ims21]

Interest rate?

 

Have you used an average of the purchase rate over the period?

 

You said that PPI has been paid right up to now and that the account is still live?

 

You can also ask them for a detailed breakdown of their calculations.

[claireb1983]

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

[ims21]

Hi

 

The 14.9%....how have you arrived at that? For example, if you have used the latest rate on the statements and in earlier years the interest rate was less then this would make a difference.

 

Sometimes you have to take a view on these things because when all is said and done it is what the claimant is happy with that counts.

 

If it were me I'd be interested to know where the differences are and would want to ask them for the detailed calculations.

 

However, this is your call.

[claireb1983]

I have just checked his statements and the card purchase rate is 1.2408% - I've probably calculated this wrong?

[ims21]

That monthly rate gives and APR of 15.9% but I would doubt that it has been the same for the lifetime of the card.

[PPI Rani]

well done and congrats xxx

[claireb1983]

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

[claireb1983]

well done and congrats xxx

 

Thankyou

[ims21]

Well that drop to .7935% would probably even it out so that your 14.9 is probably not far off when we weight the average for the periods of time involved.

 

I'm just a curious soul and hence my interest in the difference between your figure and theirs.