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MBNA PPI Claim Response - Advice Needed ...
Hi all
Helping a friend with various financial issues, notably a PPI claim for an old credit card account held with MBNA. The attached letter below confirms that they are aware that the card was taken out in May 2003 and PPI was added at this inception. It also states the cardholder received at least three years credit card statements showing that PPI premiums were charged to the account.
It also states that the cardholder failed to make the complaint within the correct time limits as set out by the FCA and. as such, they are not required to consider a complaint if the sale took place over six years ago ( see that reference under 'Findings'.
The cardholder has managed to retain one statement that confirms a PPI premium was added to the account. He also states that the application was made on line and does not remember or agreeing to ticking a box requesting PPI cover. Also for the whole period that the card was held, he ran a business on a self employed basis in partnership with his wife, so the inclusion of PPI would probably not have covered self employed earnings.
As for the delay in finding a statement confirming a PPI premium payment, this has only just come to light, along with other 'chasing' correspondence, that has been returned to him following repossession of his property in the summer of 2008.
The other thorn in the equation that I see here is that the card balance, which was in excess of £10K, was subject to an IVA agreement that did not return 100% of the debt ( do they ever? ). My thinking is that any potential settlement may simply be 'evaporated' by the lender towards any losses incurred in the IVA. Does that make sense?
Appreciate any advice please on how to respond to this letter ( bearing in mind at least one statement has now come to light ), in particular the FCA time constraints that their decision appears to hinge on. All input thankfully received !
Helping a friend with various financial issues, notably a PPI claim for an old credit card account held with MBNA. The attached letter below confirms that they are aware that the card was taken out in May 2003 and PPI was added at this inception. It also states the cardholder received at least three years credit card statements showing that PPI premiums were charged to the account.
It also states that the cardholder failed to make the complaint within the correct time limits as set out by the FCA and. as such, they are not required to consider a complaint if the sale took place over six years ago ( see that reference under 'Findings'.
The cardholder has managed to retain one statement that confirms a PPI premium was added to the account. He also states that the application was made on line and does not remember or agreeing to ticking a box requesting PPI cover. Also for the whole period that the card was held, he ran a business on a self employed basis in partnership with his wife, so the inclusion of PPI would probably not have covered self employed earnings.
As for the delay in finding a statement confirming a PPI premium payment, this has only just come to light, along with other 'chasing' correspondence, that has been returned to him following repossession of his property in the summer of 2008.
The other thorn in the equation that I see here is that the card balance, which was in excess of £10K, was subject to an IVA agreement that did not return 100% of the debt ( do they ever? ). My thinking is that any potential settlement may simply be 'evaporated' by the lender towards any losses incurred in the IVA. Does that make sense?
Appreciate any advice please on how to respond to this letter ( bearing in mind at least one statement has now come to light ), in particular the FCA time constraints that their decision appears to hinge on. All input thankfully received !
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