MattyA's Masterplan....

[MattyA]

Re: MattyA's Masterplan....

Thanks AC.

What would you think be a realistic likely outcome.

Refund of PPI premiums + associated interest charged(not compounded) + 8% Stat.

I have a spreadsheet form Bill / Turboman which calculates the apportioned interest,which makes quite a difference to the claim - Is this a realistic aim or likely to get rejected by the banks.

I am now in the 3rd round of negotiations with HSBC and amount has gone up from £5K to almost £15K(without the consideration of apportioned or compounded interest) but I now feel that I am getting out of my depth regarding the interest argument,as quite simply I dont know enough about what I am talking about / can legitimatley expect (there is much debate / are many conflicting views on this on the various forums).


Matty

[Angry Cat]

Re: MattyA's Masterplan....

Thanks AC.
I have just written back telling them I want the redress re-calculating to include the interest applied to the charges at contract rate and compounded as they applied to my account + satutory interest @ 8%.
This would add £10K to the settlement figure - so will not hold my breath.
Matty

That should give them something to think about.

But, they will most certainly baulk at the 8% stat. interest on top of the compounded rate.

Hey Ho, what's good for the goose is good for the gander

[MattyA]

Re: MattyA's Masterplan....

Members must negotiate and not just accept the first settlement offer.
It is all about getting the account back to the status quo:
how the account would have been if one had not taken out the PPI.

Thanks AC.
I have just written back telling them I want the redress re-calculating to include the interest applied to the charges at contract rate and compounded as they applied to my account + satutory interest @ 8%.
This would add £10K to the settlement figure - so will not hold my breath.
Matty

[Angry Cat]

Re: MattyA's Masterplan....

Indeed, that is what I did in the end negotiated them into the corner of there office with there back up against the wall.

Members must negotiate and not just accept the first settlement offer.
It is all about getting the account back to the status quo:
how the account would have been if one had not taken out the PPI.

[pompeyfaith]

Re: MattyA's Masterplan....

why would you cash the cheque if you disagree the settlement figure?

It is not unusual for parties to negotiate.

Indeed, that is what I did in the end negotiated them into the corner of there office with there back up against the wall.

[Angry Cat]

Re: MattyA's Masterplan....

Both MBNA offers say that a cheque will be with me within the next 28days.

It does not say that it is full and final anywhere in the letter.

It does say that it is their final response and that I have 6 months to take it to the FOS if I am not happy.

I am thinking of getting the money in(before challenging them),as partial settlement,and then pursuing them for the remainder.

Question is - If I cash the cheques will this be deemed as agreeing to a 'full & final ' settlement?

Thoughts anyone?

Matty,
why would you cash the cheque if you disagree the settlement figure?

It is not unusual for parties to negotiate.

[Hector]

Re: MattyA's Masterplan....

I hope that Matty is be claiming back the accrued interest on the PPI premiums, as well as the 8%?

I thought we could only get the 8% interest? Or is that just on Financial Omudsman adjudicated disputes?

[pompeyfaith]

Re: MattyA's Masterplan....

TDS,

In my claim I had three offers in total and I refused all three, this is not written in stone but like Di says I did not want the babk saying well you cashed the chq so that is final.

In my case I had those three offers in writing so it would be hard for them to withdraw the offers completely.

In the end I sent a final letter to the bank requesting that they stop messing around as I knew what the right offer was and if that was not forthcoming a court claim would be issued.

They backed down knowing the evidence I had and agreed to settle in full.

Regards

[di30]

Re: MattyA's Masterplan....

Hi Matty

I think once the cheque's cashed in, then that's final, but that is what I am aware of, PF may be along soon and may know for sure, but if your unsure on this, contact the FOS general query line and query this with them to be sure on this.
Good luck and again well done!

[MattyA]

Re: MattyA's Masterplan....

Both MBNA offers say that a cheque will be with me within the next 28days.

It does not say that it is full and final anywhere in the letter.

It does say that it is their final response and that I have 6 months to take it to the FOS if I am not happy.

I am thinking of getting the money in(before challenging them),as partial settlement,and then pursuing them for the remainder.

Question is - If I cash the cheques will this be deemed as agreeing to a 'full & final ' settlement?

Thoughts anyone?

[MattyA]

Re: MattyA's Masterplan....

Update on my claims.

Not a bad few days to be honest.

HSBC - revised offer received.
However as stated above this includes a paltry amount of accrued interest so further discussions req.

MBNA - two offers received both include accrued interest but little in the way of 8% .
One of them includes just £400 on £13K - further discussions als req.

Will have to ask them for a copy of their calculations.

Whilst the offers are substantial - they fall somewhat short of what I have calculated them to be.
As these feckers have given me such a hard time I want every penny that is due to me / claimable - hope this is not considered gready.

To me it is payback.

Matty

[MattyA]

Re: MattyA's Masterplan....

I hope that Matty is be claiming back the accrued interest on the PPI premiums, as well as the 8%?

I am attempting to AC.
There is reluctance from some of the lenders though.
With Amex I have had to go to FOS with this argument and it now awaits Ombudsman.
HSBC Im in discussions with,but to date they have offered £150 on a £14K claim going back to 1990.....obviously no where near.
Mbna - had 2 offers this week - both including some accrued interest but not the full amount I believe,so I will ask for a breakdown of how they have worked out the interest.

Thanks for dropping by.

Matty

[Angry Cat]

Re: MattyA's Masterplan....

I hope that Matty is be claiming back the accrued interest on the PPI premiums, as well as the 8%?

[di30]

Re: MattyA's Masterplan....

Well done Matty.

And I agree with our PF here "that's the spirit" you will get there.

Isn't it just great to see Pompey here?

[pompeyfaith]

Re: MattyA's Masterplan....

I too am going to keep on fighting no matter how long it takes.

Thats the spirit to have.

Regards