Thread: Have I messed up

After 2 goodwill payments I telephoned MBNA when lba had a couple of more days before proceeding to MCOL and was refunded the rest which was the contractual interest on the charges already refunded. However when I calculated the contractual interest I made a mistake and calculated it at 18.7%. When I received the letter back from MBNA they included my LBA letter and a statement of contractual interest that they had calculated at 27.9% which would have made a difference to my claim of around £900. I had to telephone them because they had refunded £100 short of what they said but when I raised the issue of my calculations regarding contractual interest being wrong, I was told that it had only been 27.9% since October. When I asked what it was previously she said it was 23.9% I think! I have heard that people have been claiming contractual interest at the highest rate that has been charged. She said if I wanted to query I would have to write it again. Do I now have to go through the whole proceedure again - I would appreciate any views on this - should I pursue even though it was my mistake or write it off to experience and concentrate on the next claim. Thanks

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they paid 18.7% which is what mistakenly asked for.

When anyone received a settlement from MBNA did you receive your lba letter to them back and a copy of their calculations of contractual interest or have they sent this to me by mistake?

I never received my lba back from them just the remainder of what they owed me but no contractual interest. Think im going to ask for it though.

UPDATE:

I won - settled in full - whoopee - NEXT.....

well done tink...

im just starting with my MBNA claim and im going for contractual interest right from day one.
A little confused at the minute though at which rate to charge the interest at. 19% 23% 24% 27% everyones saying something different

anyway Congratualtions mate !

Thanks progenic7 - it seems to be the case that basically first they will offer you the amount you are claiming less the difference between the £12 that the OFT states as being more reasonable. When you reject this they will then offer the full amount less compound contractual interest, and lastly they will pay the full amount. All this happened for me before the end of the lba stage so it was a doddle really. They even sent me back a copy of their calculations of interest at a higher rate than I had asked for so I wrote asking for that as well. And hey presto it is now all done and dusted, so good luck but unless they change their tactics I dont think you will have much of a problem. Probably they are the easiest ones to deal with. I wish they were all this easy, Barclays are certainly not that easy.

Thanks tink, i have made mental note to self, ha you mention Barclays well im at SAR stage with too, also Halifax, RBS cards, and online finance lol. more to come after those are out the way ! Im going for the higher rate of interest myself as you might of guessed.
BTW what was that rate again 27% i forget what you said ? im also struggling to find a suitable spreadsheet that does this higher rate of interest. Chorlton sent me one that covers 19.1% which was handy, but it would be even better to find onee with the higher rate.

Anyway well done once again and i hope all the rest are a doddle for you too.

Reclaim the Right !

Thanks,
I went to Vampiresses chambers and used spreadsheet no. 13 I think (the one that calculates when you dont have a balance) and just changed the interest rate to suit.
Hope this helps.
(Just had another result today with Mint card - paid in full after lba)
I havent actually had to go as far as MCOL with any of my claims yet - I think I will with Barclays though.