People been a while since last updates so ill give you all todays latest from the FOS I have 2 suspect redress offers one from MBNA and one from Halifax I have had an interesting conversation with a gentleman in the FOS redress department and I have been told that the FOS have raised issues with both MBNA and Halifax over their concerns as to how the redress is being worked out in particular the interest offered this is a quote from the FOS. we may be winning the slow battle of attrition. Matt

Guys, not MBNA but got this from the Halifax via the FOS can anyone have a digest and see if you can figure out how the figures are worked out?

hello all this is my first post back in a while, and I still haven't heard anything back from MBNA. its in the hands of the FOS. I have a complaint with HBOS as well and I think they have short changed me by about £15,000 as well. this is in the hands of the FOS as well. HBOS seem to be even more abrupt than MBNA (if this is actually possible) I have sent registered letters etc. and have had zero response. I currently have FOS on their case though after explaining that I don't think the amount is correct and I want a re working of the redress. I mean surly I cant be wrong about £15,000 (HOBS) or £7,000 (MBNA). not when I have categorically agreed one amount of redress. something still smells a little funny. its good to see that the transparency of the situation is clear to all (NOT). I live in hope that this will be sorted not just for me but to everyone on here that sees that there is something all a little odd about it all. IF we don't get what we all think is owed back to us then at least we know where the bankers bonus' are coming from. Merry Christmas to you Ken and AfterMidnight et al. If I hear anything I will keep you all posted and suvin50 this is good news lets us know the update situation and how long has your complaint been with the FOS for a recalculation?

Ken thats mine redress complaint gone to the FOS, i managed to speak with a guy from MBNA regarding the letter that i posted and he gave me a f*** off tablet go complain to the FOS. So i have Thats where i am in the hands of the FOS. lets see what happens now, if would be good if these complaints manage to go to the same person and see if alarm bells start ringing, but that would be wishful thinking Matthew

[ATTACH=CONFIG]42549[/ATTACH] Ken/aftermidnight please see attached respose from MBNA, your comments would be greatly welcomed Matthew

Ken/Aftermidnight[ATTACH]42548[/ATTACH] please see respose from MBNA regarding the queries of redress your comments would be most welcome Matthew

afternidnight/ ken et al please see my email to the FSA and the MBNA advocate this is the FSA reply to my email to both MBNA and the FSA Dear Mr Taylor Thank you for your email of 29 January 2013. I understand from your correspondence that you wish to bring to the attention of the Financial Services Authority (FSA) your concerns regarding MBNA. I have noted your comments and have passed copies of your correspondence to the relevant department within the FSA for their consideration. We do not give feedback on how we have followed up the information you have given us. This is because the Financial Services and Markets Act 2000 imposes restrictions on how we can deal with the confidential information we receive. We realise this can be frustrating but please be assured that all information is carefully considered before we decide what action, if any, we take. If you have any future questions on financial services and products, you may find it quicker and easier to call our Consumer Helpline on 0845 606 1234 (call rates may vary). I would like to thank you again for taking the time to bring this matter to our attention Yours sincerely Consumer Helpline: 0845 606 1234 (call rates may vary) 　 　 　 -----Original Message----- Date Sent: 29/01/2013 15:54:15 Subject: RE: ISS10734713 FW: redress calculations reference numbers 787137 and 775661 　 From: Matthew Taylor Sent: 29 January 2013 10:27 To: Subject: redress calculations reference numbers 787137 and 775661 Dear sirs, I have finally received the Redress calculation sheets and I feel that they need further explaining. I have had 2 complaints with yourselves Reference numbers 787137 and 775661 I have run the transactions on a spreadsheet that I have located and have typed all the information that you have sent. In my eyes the redress calculation certainly doesn't follow the guidelines set of from the FSA. In particular how you have calculated the associated interest on the PPI premium. I also note that the calculations have been carried out using two different builds of software V20C_B031 and V20_B022 I would like to know which is correct as the redress carried out on V20_B022 Complaint 775661 is broadly in line with the correct amount I make a shortfall of £800 However, the redress using V20C_B031 really doesn't follow the guidelines at all, it has moments and when the associated interest has built up you seem to throw it off to simple interest and following the guidelines when associated interest is incurred again the running total should carry on totting up, this build doesn't do this. It seems that you are saving the associated interest at the rate of the credit card and using the simple interest. I make a shortfall of approximately £7,000 I would also like to know what the reconstructed payment type letters mean. I have seen an F and a M randomly placed across the redress. I have also copied this email to the FSA to see if they can shed any light on the situation. I have seen many articles on the internet where MBNA do seem to be shortchanging people with their own interpretation of the rules. I look forward to hearing from you. As to how you are calculating the redress. If you do not follow the guidelines I will raise a complaint with FOS as it may appear that you are in breech of the full and final settlement as the guidelines have not been followed. Regards Matthew Taylor

ken i spoke to MBNA this morning after doing the calculations last night. the numpty i spoke to said the method is a FSA approved method i told him i doubted it. then i challenged him on why the software builds were different after i introduced the second claim. He did try to reassure me that they were the same i pressed him as to why the software build is different!!! again its not sir. i them pulled the FSA/FOS card and said i will start a complain which will incur them costs. he told me to write to the advocates office and gave me an email address direct to them asking for clarifications. I would like to know what the random F's and M's mean on he reconstructed balance. any ideas? i fired MBNA an email and copied the 2 address at the FSA that you gave. that should put the cat among the pigeons. one thing i have learnt with these people and corporate man in general in my profession. they have no staying power and will eventually trip themselves up by holding common man in contempt of having any ability. they still think they are the master of the universe. they are the destructors of the universe. anyhows, for 7 grand i will not leave it alone until i am told to and i think that every avenue has been exhausted. im contemplating contacting the national press or anyone who might just listen to the small man. ill keep everyone posted Matthew

Gentlemen Please see the attachments for your perusal and let me know what you think as you can see the build V20_B022 is not a million miles out i still think it has errors mind you just not as many i lookforward to your comments Matthew

hello i have an update, its only taken a month but its a update i have today, received the redress calculation results from MBNA and firstly there are a couple of interesting notes, one was carried out on the 8th december when it should have been and the other was carried out on the 8th July when i made my complaint to MBNA. which they rejected. They have used 2 different builds to calculate one is V20_B022 and one is V20C_B031. i am going to post onto here tomorrow once i have PDF'd the two documents. both sheets have errors in but one the associated interest is deffinitely building up and one keeps getting knocked down. Ken do you have a contact at the FSA who you complained to and ill send the same complaint to the same person, failing that what was the address that you used to lodge a complaint to. I some one can go through the figures as well and advise ill keep you all posted Matthew

Ken I am still waiting for the full break down of the calculation to arrive, i have telephoned them and sent letters that have been signed for to show that they are in receipt on them but still nothing is forthcoming. I have following the spreadsheet and on 1 card i am in the region of £7,000 shy of what should have been returned to me. I have just requested that they email me them. i have called the FOS and apparently i have to wait 10 weeks from the point that the FOS said that they should pay up until i can lodge another complaint. may i ask if the FSA were interested or the FOS in your dealings. as soon as i have the spread sheets im gonna post on here to see what everyone thinks but im guessing that they have been calculated just some kind of voodoo magic. Matthew

ken, i spoke to a firm today and basically i was advised to do the following as these guys have got a full redress back of MBNA. I spoke to the PPI department requesting the calculations and an explanation as to their workings I have also written a letter, recorded post, stating that the settlement is accepted in part payment until the final workings are agreed. i have also included the 2 pages from the FSA guideline stating that i assume the redress is carried out in exactly the same way they have been told to. i have also stated that if the workings are deemed to be incorrect i will hold them in breech of their contractual settlement and chase the extra through the FOS and FSA. the firm i spoke to said it can take a while but they usually pay up. its about time this was mentioned to the national press. once i have my redress statements i will post up and see where i go to from there. i also want to see the calculation sheet so i can run it through the FOS spreadsheet. if anyone else has any further news i would be good to be kept upto date Matt

ims21 thanks, what do i do with the cheques just hold them or write back that i accept them but not as full and final. i have a accountant that says he will look into it as well

hi all got 2 cheques back today from MBNA and following this thread the amounts are lower than the FOSspreadsheet. How do i ask for the statements from MBNA to see how they calculate the amounts. Matthew

Hello, this is my first post on here and i have read the post with interest as MBNA have agreed to settle my credit card PPI, although this way they acknolweged that this is a gesture of goodwill with no admission of liability. They have to settle the card redress in the same way as the spredsheets above. A very good job and informative piece of work who ever created them i have a question the 8% simple interest from the sheet has to be extrapolated down as the result is just shows for a months worth? is this correct? The cards are currently running so i have a credit balance and am still paying ppi as MBNA still havnt removed the cover. where does this come in with the simple interest column and the compond column? the FSA example doesnt adress this? does anyone have any ideas? As with My interpretation i could be owed a very very substantial amount of money, beats a low interest savings account. matthew