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MBNA Offer for PPI Credit Card Claim - Advice needed please
I have today received a letter from the fos stating the following:
I am writing about the latest position on your complaint about your payment protection insurance (PPI) policy with MBNA.
MBNA have provided me with an offer prior to me completing my view of the case, they are prepared to make an offer to settle your complaint now but without admitting any liability.
This offer by MBNA is subject to you agreeing to the cancellation of the PPI policy - if still in force. This will mean that all insurance cover provided by the policy will be lost. I am afraid we cannot give you advice on alternative insurance arrangements, and you may wish to seek independent advice about the options available to you before deciding whether to accept the offer.
MBNA has confirmed its offer will be based on a full refund of premiums, along with associated interest, plus interest at 8% in Full and final settlement of your complaint. It has also confirmed that part of the refund will be placed against the outstanding debt on your account to reduce the palance to zero and compensation of 8% will be issued in the form of a cheque.
If you choose not to accept MBNA's offer, we will continue with our assessment of your complaint, which depending on the the outcome can be referred to an ombudsman for a final decision. If you have any new points that you think would make a difference to the outcome, please let me have them by 29 April 2009. If you are unable to reply fully by then, I would be grateful if you would let me know now.
Otherwise, please sign, date and return the attached settlement form - so it reaches me by 29 April 2009 - to confirm your acceptance of the offer in full and final settlement of your complaint. I will then pass the form to MBNA and ask it to pay you directly.
I look forward to hearing from you.
Jan Teal
Adjudicator
My questions are:
1. Should I accept the offer?
2. I do not have all my statements from 2000-2009 so how can I be sure that the amount paid is correct?
3. Do I have to accept the refund used to clear the debt on the card?
4. Are MBNA likely to then close my account due to the claim?
I am a complete newbie in this area - but really in need of the money so any advice offered would be gratefully received.
Re: MBNA Offer for PPI Credit Card Claim - Advice needed please
hello tracy,
I have already responded in your other thread which I believe is also linked to this new one.
My questions are:
1. Should I accept the offer? This is purely a decision for you to make. I would be out of line to try and make the decision for you.
2. I do not have all my statements from 2000-2009 so how can I be sure that the amount paid is correct? You probably will never be certain but see my comments in your other post.
3. Do I have to accept the refund used to clear the debt on the card? I believe the bank have the right to use any repayment to clear outstanding debts on the card and IMO you will be better off without MBNA.
4. Are MBNA likely to then close my account due to the claim? They may close your account once it is zero balance but as above you will be better off without mbna IMO
Sorry I am unable to give you positive answers but to try and second guess the bank could be misleading.
aa
I am a complete newbie in this area - but really in need of the money so any advice offered would be gratefully received.
Thanks in advance
Hope thinks work out for you.
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
MBNA Offer for PPI Credit Card Claim - Advice needed please
stating the following:
settlement of your complaint. It has also confirmed that part of the refund will be placed against the outstanding debt on your account to reduce the palance to zero and compensation of 8% will be issued in the form of a cheque.
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